Calculate your exact monthly repayment, total interest cost, and see a full month-by-month amortization schedule — instantly and for free.
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The formula used is the standard loan amortization formula: M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1] — where M is your monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments (years × 12).
In the early months of a loan, most of your payment goes toward interest rather than reducing the principal. As the balance reduces over time, more of each payment goes toward the principal — this is the amortization effect.
Use the sliders or type directly into the fields to compare different loan amounts, rates, and terms. A longer term reduces your monthly payment but increases the total interest you pay. A higher interest rate significantly increases the total cost of borrowing over the life of the loan.