Loan Payment Calculator

Loan payment calculator to estimate monthly repayments and interest costs

This loan payment calculator helps you estimate how much you will pay on a regular basis for a loan, based on the loan amount, interest rate, term, and payment frequency. It uses the standard amortising loan formula that most banks and finance providers follow.

Enter your loan amount, the annual interest rate, and the number of years you plan to repay the loan. Choose whether you want to see payments on a monthly, fortnightly, or weekly basis. The calculator will show your regular payment, how many payments there are in total, the total amount repaid, and the total interest charged over the life of the loan.

Use these numbers to compare offers from different lenders, test how shorter terms affect the payment, and see how interest rate changes affect the overall cost of borrowing.

Assumptions and how to use this calculator

• The interest rate you enter is a fixed annual rate for the full term of the loan.
• Repayments are calculated on a standard amortising schedule with equal payments for each period.
• No extra fees, charges, or insurance costs are included in the calculations.
• Payments are assumed to be made on time and in full for every period.
• Choose the payment frequency (monthly, fortnightly, or weekly) that matches your real loan agreement.

Common questions

What does the loan payment calculator show me?

The calculator gives you an estimated payment per period, the total number of payments, the total amount you will repay, and the total interest over the full term. This lets you see both the monthly cash flow impact and the long term cost of the loan.

How accurate are these loan payment results?

The payment formula is the same one most lenders use for fixed rate amortising loans, so the payment amount should be close to what a bank quotes. Real offers can differ because of admin fees, compulsory insurance, rate changes, or rounding rules used by the lender.

Can I use this calculator for any type of loan?

You can use this tool for personal loans, car finance, small business loans, and other fixed rate term loans. It is not suited to interest only loans, revolving credit, or credit cards, because those products work differently and often do not have a fixed term with equal repayments.

Why does a shorter term increase my monthly payment but reduce total interest?

When you shorten the term, the bank has less time to recover the same loan amount, so each payment has to be higher. At the same time, you pay interest for fewer periods, which means the total interest over the life of the loan is usually much lower.

What payment frequency should I choose?

Pick the payment frequency that matches your income and your lender agreement. Monthly is the most common for salaried workers. Weekly or fortnightly can make it easier to line payments up with wages and can help some borrowers stay disciplined, but the main factor is the total payment amount and whether it fits your budget.