Calculate total interest, monthly payment & full loan summary
| Rate | Monthly Payment | Total Interest | Total Cost |
|---|
Enter your loan amount, interest rate, and tenure to instantly see your monthly payment, total interest, and total cost. Our comparison table also shows you how different interest rates would affect your total payment — helping you negotiate better.
In a reducing balance loan, interest is calculated on the outstanding principal each month — so as you repay, you pay less interest. In a flat rate loan, interest is charged on the original principal throughout the tenure, making it more expensive overall.
You can lower your monthly payment by increasing the loan tenure (though this increases total interest), making a larger down payment to reduce the principal, or finding a lender with a lower interest rate.
Yes — making extra payments reduces your outstanding principal, which reduces the interest charged in subsequent months. Even small prepayments can save significant money over the life of a long-term loan.
Monthly payment formula: EMI = [P × r × (1+r)^n] / [(1+r)^n − 1] where P = loan amount, r = monthly interest rate (annual rate ÷ 12), n = total months. Our calculator does this instantly for any values.
| Loan Amount | Rate | 5 Years | 10 Years | 20 Years |
|---|---|---|---|---|
| $10,000 | 7% | $198/mo | $116/mo | $78/mo |
| $25,000 | 7% | $495/mo | $290/mo | $194/mo |
| $50,000 | 8% | $1,014/mo | $607/mo | $418/mo |
| $100,000 | 6.5% | $1,957/mo | $1,135/mo | $746/mo |
A $100,000 loan at 6.5% over 30 years costs $127,545 in interest — more than the original loan. The same loan over 15 years costs only $59,000 in interest. Choosing the shorter term saves $68,000. Use the amortization schedule tab to see exactly where your money goes each month.
For mortgage-specific calculations including taxes and insurance, use our mortgage calculator. For loan repayment strategies, read our loan repayment guide.
Longer term = lower monthly payment but much higher total interest. A $100,000 loan at 6.5%: 15yr costs $59K interest, 30yr costs $128K interest. The extra 15 years costs $69,000 more.
A month-by-month breakdown showing how much of each payment goes to principal vs interest. Early payments are mostly interest; later payments are mostly principal. Use the schedule tab above to see your full breakdown.
On a $200,000 30-year loan at 6.5%, paying $100 extra per month saves approximately $47,000 in interest and pays off the loan 5 years early.