Calculate total interest, monthly payment & full loan summary
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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.