Calculate monthly loan payments, total interest, and total cost instantly. Enter the loan amount, annual interest rate, and term — results update live as you adjust the values.
Uses standard amortisation formula. Results are estimates — consult a financial advisor for exact figures.
Frequently Asked Questions
How is the monthly payment calculated?
The calculator uses the standard amortisation formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Does this include taxes or insurance?
No. The result is the principal and interest payment only. Property taxes, insurance, and fees are not included.
What if the interest rate is 0%?
At 0% interest the monthly payment is simply the loan amount divided by the number of months.
Can I calculate salary or discounts?
Yes. Use the Salary Calculator for income conversions or the Discount Calculator for sale prices.
Is this tool free and does it work on mobile?
Yes on both counts. The Loan Calculator on draft21 is completely free with no sign-up required and works on all devices.