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Loan calculator

Monthly payment, total cost and APR of a loan, with a schedule.

How much you want to borrow.

One-off, taken from the amount paid out.

Monthly payment

$0

60 payments in total.

Cost of the credit

$5

Interest $5.

Total you will pay

$25

Over 5 years of repayments.

APR

10.4 %

Without fees the APR is just the interest rate compounded.

Before you sign

  • Compare offers by the APR, not the interest rate. A low rate with a fat arrangement fee costs more than a higher rate without one.
  • Ask what early repayment costs. In many countries the lender may only charge its actual costs, capped by law, but the rules differ — check yours before you sign.
  • Payment protection insurance is often presented as compulsory when it is not. Judge it on price; it only counts towards the APR when the loan depends on it.

Repayment schedule by year

More about Loan calculator

What a loan really costs

Enter the amount, the rate and the term, and you get the monthly payment, the total cost of the credit and the APR. It works the other way round too: type the payment you can afford and the calculator says how much that borrows.

The payment comes from the annuity formula, the one every lender uses: equal payments where the interest share falls month by month and the principal share grows. The yearly schedule shows exactly that.

Fees matter as much as the rate. Enter an arrangement fee and a monthly servicing fee and they flow into the APR, which is the only number that makes two offers comparable.

Frequently asked questions

Why compare by APR and not the interest rate?

Because the rate ignores fees. A loan at 7 % with a hefty arrangement fee can cost more than one at 9 % without any, and the APR is what makes that visible in a single figure.

How does the term change the payment?

A longer term lowers the payment but raises the total interest, often steeply. Try the same amount over three, five and seven years and compare the total — the difference is usually larger than people expect.

What does early repayment cost?

It depends on your jurisdiction. Many countries cap what a lender may charge for early repayment of a consumer loan, some allow more, so check the rules and the contract before you sign.

Is payment protection insurance compulsory?

Usually not, however it is presented. Judge it on price and cover; it only counts towards the APR when the loan is conditional on it.

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