Savings and loan tools
Loan Calculator
Estimate monthly loan repayments and total interest. Compare extra repayments, see payoff time and interest saved, and download a full amortisation schedule.
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How to use this tool
1. Enter the amount borrowed, fixed nominal annual interest rate and original loan term. Choose years or months. Do not enter a comparison rate that includes fees.
2. Enter an extra amount to pay every month from month 1, or leave it at 0 for the standard repayment schedule.
3. Calculate to see the monthly repayment, payoff time, final payment, total interest and savings against the same loan without extras. Expand the yearly table or download the full monthly CSV.
How the repayment is calculated
Interest is the opening monthly balance multiplied by the nominal annual percentage divided by 1,200, rounded to the nearest cent. The base payment is the smallest whole-cent amount that pays off that rounded balance within your term. Each payment first covers interest and then reduces principal. A smaller final payment clears the remaining balance.
Worked example
For a 1,200 loan over 12 months at 0% interest, the base payment is 100 each month. Paying an extra 20 each month clears it in 10 payments of 120. This saves two months but no interest because the rate is zero.
Questions and assumptions
What does paying extra change?
Extra payments start with the first repayment and reduce the principal sooner. The displayed savings compare against this tool’s base schedule at the same rate and term. There are no early repayment fees in the model. Check whether your lender allows extras and how it applies them.
Which loans does this model cover?
It models a fully amortising loan with monthly principal-and-interest payments, a fixed rate and no fees. It does not model interest-only periods, balloon payments, offsets, redraws, variable rates, insurance, taxes or a mortgage’s total ownership cost. It is not a borrowing-capacity or approval assessment.
Rounding and schedule limits
Loan amounts range from 0.01 to 10 million and extra payments from 0 to 1 million per month. Interest and payments use cent rounding each month. A very small loan can finish before the chosen term due to whole-cent payments. The final payment may be lower than the displayed regular payment; the schedule records the actual amount.
What does this estimate leave out?
This is an illustration, not a quote or financial advice. It assumes a fixed nominal annual rate divided by 12 and monthly compounding. It excludes fees, tax, inflation, rate changes and currency conversion. Actual products can use daily interest, different rounding and eligibility conditions. Check the terms of your account or loan; the tool does not assess affordability or recommend a product.
Supported inputs
Choose AUD, USD, GBP, EUR, CAD or NZD as a display label; this does not convert values. Enter amounts without commas or currency signs, with up to two decimal places. Use a rate from 0% to 60% and a term of 1–600 whole months or 1–50 whole years. Negative rates and withdrawals are outside this model.
Sources and further reading
- ASIC Moneysmart: personal loan calculator and scope ↗
- CFPB: amortisation and principal versus interest ↗
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