Loan Calculator

Enter a loan and see the monthly payment, total interest, and total repaid.

"In arrears" models a standard reducing-balance loan: interest each period is calculated on the outstanding balance, as with almost all mortgages and personal loans. "In advance" models a flat-rate / add-on loan: total interest is calculated once on the original principal for the full term and spread evenly across payments — interest doesn't reduce as the balance is paid down, so for the same nominal rate an add-on loan costs more than a reducing-balance one. Compounding only applies to the reducing-balance calculation; "daily" compounds at 365 days/year to an equivalent monthly rate rather than using actual calendar days. Figures assume every payment is made on time and in full, with no fees.