Loan Calculator
See the monthly repayment, the interest, and the total you'll pay on a fixed loan.
A standard fixed repayment. The rate is nominal, compounded monthly.
Each month
A $20,000.00 loan at 6.5% for 5 years is $391.32 a month. Interest $3,479.38, total repaid $23,479.38.
$20,000.00 at 6.5% over 5 years.
Interest
$3,479.38
Total repaid
$23,479.38
Calculations happen in your browser.
Worked example
Say you borrow $20,000 at 6.5% a year for 5 years. The monthly repayment is about $391, interest over the term is about $13,480, and you'll repay about $33,480 in total.
FAQ
- How is the monthly repayment worked out?
- It uses the standard amortising formula: the annual rate is divided by 12, then applied over the number of months. A 0% rate simply divides the amount by the months.
- Does this include fees or a balloon payment?
- No. It assumes a fixed rate, a fixed term, and a balance that's paid down to zero.
- Is the rate nominal or comparison?
- Enter the nominal annual rate. The calculator compounds it monthly, which is how most personal loans are quoted.