Loan & Mortgage Calculator
Estimate your monthly repayment, total cost, and interest paid over the life of a loan.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | £3,834 | £10,904 | £196,166 |
| 2 | £4,050 | £10,688 | £192,116 |
| 3 | £4,278 | £10,460 | £187,838 |
| 4 | £4,520 | £10,218 | £183,318 |
| 5 | £4,775 | £9,963 | £178,543 |
| 6 | £5,044 | £9,694 | £173,499 |
| 7 | £5,329 | £9,409 | £168,170 |
| 8 | £5,629 | £9,109 | £162,541 |
| 9 | £5,947 | £8,791 | £156,594 |
| 10 | £6,282 | £8,456 | £150,312 |
| 11 | £6,637 | £8,102 | £143,675 |
| 12 | £7,011 | £7,727 | £136,665 |
| 13 | £7,406 | £7,332 | £129,258 |
| 14 | £7,824 | £6,914 | £121,434 |
| 15 | £8,266 | £6,473 | £113,168 |
| 16 | £8,732 | £6,006 | £104,437 |
| 17 | £9,224 | £5,514 | £95,212 |
| 18 | £9,745 | £4,993 | £85,468 |
| 19 | £10,294 | £4,444 | £75,173 |
| 20 | £10,875 | £3,863 | £64,298 |
| 21 | £11,488 | £3,250 | £52,810 |
| 22 | £12,136 | £2,602 | £40,674 |
| 23 | £12,821 | £1,917 | £27,853 |
| 24 | £13,544 | £1,194 | £14,308 |
| 25 | £14,308 | £430 | £0 |
How to Use This Calculator
Enter your loan amount, annual interest rate, and loan term in years to instantly calculate your monthly payment, total amount paid, and total interest charged over the life of the loan. This calculator uses the standard amortization formula to provide accurate results for mortgages, car loans, personal loans, and any other fixed-rate installment loans.
The monthly payment remains constant throughout the loan term, though the proportion of principal vs interest changes over time—early payments go mostly toward interest, while later payments pay down more principal.
Common Use Cases
- Mortgage affordability: Check if a house purchase fits your budget before making an offer
- Refinancing decisions: Compare your current mortgage payment to potential refinance rates
- Car loan planning: Calculate monthly payments for different loan terms and down payments
- Personal loan comparison: Compare offers from different lenders side-by-side
- Budget planning: Understand total interest costs to decide between loan options
- Overpayment impact: See how shortening your loan term reduces total interest
Tips & Tricks
Compare loan terms: A 15-year mortgage has higher monthly payments than a 30-year, but you'll pay significantly less interest overall. Try both in the calculator to see the trade-off.
Factor in other costs: Remember that mortgages include property tax, insurance, and potentially PMI. This calculator shows only the loan payment itself.
Rate shopping matters: Even a 0.5% difference in interest rate can save thousands over a mortgage's lifetime. Always get quotes from multiple lenders.
Frequently Asked Questions
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