What a loan really costs
Before you sign for a car, a renovation or a mortgage, the number that matters is not the monthly payment but the total you hand back. Enter the amount, the yearly interest rate and the term, and this calculator shows the payment, the interest over the whole life of the loan and the month-by-month table behind them.
Run the numbers in four steps
- Type the loan amount and pick your currency.
- Enter the interest rate per year, for example
4.5, and the term in years or months. - Read the tiles: monthly payment, total interest, total paid and time to pay off.
- Open the payment schedule to see how each payment splits into principal and interest.
- Optionally add an extra monthly amount and compare: the tiles then show the interest you save and how many months earlier you finish.
How the payment is calculated
This is a standard annuity loan. The rate is divided by twelve, interest is charged on the balance still owed, and the payment stays level. Early on most of it is interest; with every month a little more goes to principal. At a rate of 0 % the amount is simply divided by the number of months. Payments are rounded to cents and the last one is adjusted so the balance ends at exactly zero.
Why an extra payment helps so much
Every extra euro goes straight to the principal, so the next month’s interest is lower and the effect compounds. On a 25-year loan, adding even a small amount can cut years from the term. Check your contract first: some lenders limit or charge for early repayment.
What is not in the result
Origination fees, insurance, property tax and a rate that changes over time are not modelled. The yearly rate is the nominal rate, not the effective annual rate (APR) that lenders must also state, so a quote can look higher. Use the figures to compare options and ask the lender for the binding offer.
Your figures stay on this page
The calculation happens in your browser. The amounts you try are not sent anywhere or stored.