Loan Calculator

The same loan can amortise two ways, and the difference compounds:

• Equal instalment (annuity): every payment identical — interest-heavy early, easy budgeting, more total interest.
• Equal principal: a fixed principal slice plus shrinking interest — heavier first years, clearly less total interest.
• Switching method mid-loan usually triggers repricing — compare totals before committing.

A loan calculator reveals the true cost of borrowing before you commit: given the amount borrowed, the interest rate charged per year, and the repayment period, it works out the monthly payment, the interest paid in total, and the full sum handed back to the lender. This version is built around personal, auto, and consumer loans — installment borrowing that is not secured against property — and it backs every headline figure with a complete amortization schedule, month by month, showing the principal and interest contained in each payment and the balance still owed. Anyone weighing financing options will find it a useful budgeting aid.

What this tool can do

• 🚗 A single form covering personal, auto, and consumer loans.
• 💵 Monthly payment computed with the standard amortization formula.
• 🧾 Total interest and total repayment cost across the whole term.
• 📋 A full schedule: payment, principal, interest, and what is left to repay each month.
• 🔢 Zero-rate loans handled cleanly with a simple equal-principal schedule.
• ⚖️ Instant recalculation, making side-by-side comparisons of lender offers effortless.

When would you use it

• 🚙 Checking whether a dealership’s financing plan costs more than a bank loan.
• 💳 Estimating the monthly cost of consolidating credit-card balances.
• 📝 Budgeting a personal loan for a wedding, renovation, or medical expense before applying.
• 📊 Comparing a short term with high payments against a long term with low ones.

Everything is computed locally in the browser — the figures you enter are never uploaded or stored. Two caveats: the calculator assumes a fixed interest rate for the whole term, and fees, insurance, or prepayment penalties are not part of the model. The result is a planning estimate, not a lender’s quotation.