Free online loan and mortgage calculator using equal monthly payments. Enter loan amount, annual rate, term and household income to see monthly payment, total interest, payment-to-income ratio, rate stress tests and the first-payment split.
Equal-payment, fixed-rate estimate. Excludes grace periods, setup fees, account fees, lock-in terms and early repayment limits — actual terms are set by your bank.
Mortgages, car loans and personal loans mostly use equal-payment amortisation: a fixed amount each month, part interest and part principal — and early on it's mostly interest. Work out the monthly payment, total interest and total repaid before you borrow, so you know it's manageable.
A higher rate raises both the monthly payment and total interest; a longer term lowers the monthly payment but increases total interest (you borrow for longer). Run both your real rate and one 0.5% higher to see how sensitive your budget is, and leave a buffer.
A standard calculator assumes a fixed rate and excludes grace periods, fees, insurance and rate changes, so treat it as planning; the bank's approved figure governs. Keep the payment to a sensible share of income. For ratios, pair it with the percentage calculator.
The monthly payment is only the first layer; you also need to test higher rates, total interest and monthly cash flow.
This calculator uses equal monthly payments. The payment stays steady, but early payments contain more interest and reduce principal slowly. If you plan to refinance or repay early, compare total interest and any penalties too.
Do not plan only with today's rate. Add 0.5% and 1% to the annual rate and check whether the payment still leaves enough room for living costs, emergency savings and other debts.
Use monthly payment divided by household monthly income as a quick pressure check. Above 30% deserves a careful expense review; above 40% usually makes cash flow tight.
Real offers may include setup fees, account fees, grace periods, tiered rates, lock-in terms and early repayment limits. Before signing, compare against the bank's full amortization table.
Equal monthly payments (amortization), the most common method. Payment = principal × monthly rate ÷ (1 −(1+monthly rate)^-months).
It's a fixed-rate estimate excluding grace periods, fees and rate changes. Use it for planning; your bank's approved figure is final.
Yes — any amortized loan works. Just enter the matching amount, rate and term.