Loan Calculator
Compare loan payments, total interest and payoff timelines.
Repayment per month
500.95
60 payments over 5 years
Total interest
5,056.92
Total repayment
30,056.92
Interest per year (average)
1,011.38
Cost per unit borrowed
1.202
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), with r and n matched to the chosen frequency.
| Frequency | Payment | Payments | Total interest | Total repaid |
|---|---|---|---|---|
| Weekly | 115.38 | 260 | 4,997.60 | 29,997.60 |
| Fortnightly | 230.89 | 130 | 5,015.41 | 30,015.41 |
| Monthly | 500.95 | 60 | 5,056.92 | 30,056.92 |
| Quarterly | 1,510.54 | 20 | 5,210.74 | 30,210.74 |
What does Loan Calculator do?
A flexible loan calculator that solves for the payment, and lets you compare weekly, fortnightly and monthly repayment frequencies. It shows how much interest each option costs over the life of the loan.
How to Use Loan Calculator
- 1Enter the amount and rateThe principal and the annual interest rate.
- 2Set the termHow long you have to repay, in years or months.
- 3Choose a frequencyCompare paying weekly, fortnightly or monthly.
- 4Review the totalsLook at total interest, not just the repayment amount.
Key Features
- Weekly, fortnightly, monthly and quarterly repayment frequencies
- Side-by-side comparison of what each frequency costs in total interest
- Full repayment schedule with running balance
- Handles a zero-interest loan without dividing by zero
Frequently Asked Questions
Does paying fortnightly really save money?
It can. Twenty-six fortnightly payments of half the monthly amount equals thirteen monthly payments a year rather than twelve, so you clear the principal faster. The comparison table shows exactly how much that saves on your numbers.
What is the difference between the interest rate and the APR?
The interest rate covers only interest. The APR also folds in fees, so it is the fairer number for comparing lenders. This calculator uses the plain interest rate you enter.
Can I model extra repayments?
Shorten the term to see the effect. Reducing a 5-year term to 4 shows both the higher payment required and the interest you avoid, which is the same trade-off an extra repayment makes.
Is a fixed or variable rate assumed?
Fixed. The calculation assumes the rate you enter applies for the whole term. If your rate can change, run the calculation again at a higher rate to see how exposed you are.
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