What this tool does
A loan calculator turns three simple numbers — how much you borrow, the interest rate, and how long you take to repay — into the figures that actually matter: your monthly payment and the total interest you will pay over the life of the loan. Whether you are weighing up a car loan, a personal loan or financing for your business, seeing the real monthly cost before you sign helps you borrow an amount you can comfortably afford.
How to use this tool
- Enter the total amount you want to borrow.
- Type the annual interest rate your bank or lender quoted you.
- Enter the loan term in years.
- Read your monthly payment, total interest and total repayment instantly.
Why it matters
Even a small difference in interest rate or term can change your total cost by thousands. Running the numbers first lets you compare offers fairly, choose a term that balances monthly affordability against total interest, and avoid borrowing more than your budget can handle.