Loan Calculator
Estimate the monthly payment, total interest and daily interest on a loan.
Lending Parameters
This calculator gives you a quick estimate of what a loan will cost: the total to repay, the monthly payment, the total interest, and even the interest that accrues each day. Enter the amount you're borrowing, the annual interest rate, and the term in months. The figures update as you type, and everything is worked out in your browser so nothing you enter is sent anywhere.
How this calculator works
This tool uses a straight simple-interest model rather than a reducing-balance amortisation. It charges interest on the full amount borrowed across the whole term:
Total interest = P × R × (months ÷ 12) ÷ 100
It then adds that interest to the principal for the total repayable, divides by the number of months for the monthly payment, and divides the interest across the term (using an average month of 30.44 days) for the daily interest figure. For $10,000 at 8% over 24 months, that's $1,600 in interest, a $11,600 total, and about $483 a month. This is a useful ballpark, but note it isn't how most banks structure instalment loans.
Simple interest versus amortised loans
Most real instalment loans use amortisation, where interest is charged only on the balance that remains — so as you pay down the principal, the interest portion shrinks. That usually makes the true cost of an amortised loan lower than this simple-interest estimate at the same headline rate. Treat the output here as a fast approximation for comparing loan sizes and terms, and rely on a lender's official amortisation schedule for the exact monthly payment and total interest.
Frequently Asked Questions
Is the term entered in months or years?
Months. Enter 24 for a two-year loan, 36 for three years, and so on. The rate is treated as an annual percentage.
Why might my lender quote a lower total?
This tool uses a simple-interest model that charges interest on the full amount for the whole term. Most lenders amortise, charging interest only on the shrinking balance, which typically costs less at the same rate.
Is this financial advice?
No. It is an information and planning estimate, not financial advice. Confirm the exact payment, rate, and any fees with your lender before borrowing.
Do you store what I enter?
No. The calculation runs entirely in your browser and nothing is uploaded or saved.