Loan payment calculator
Instantly estimate the monthly payment, total cost and interest of your loan.
- Instant
- Free
- Private (processed locally)
- No sign-up
What is the loan payment calculator for?
Before signing a mortgage, car or personal loan, the first question is always the same: “how much will I repay each month?”. This simulator answers instantly by calculating your monthly payment, as well as the total cost of the loan and the amount of interest you will pay over its lifetime.
It helps you check that the payment fits your budget (the well-known 35% debt-to-income limit used by banks) and compare several scenarios in seconds.
How to use the loan simulator
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Enter the amount borrowed
Indicate the sum you wish to borrow, excluding your down payment.
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Enter the rate and term
Type the annual interest rate (excluding insurance) and the repayment term.
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Read your monthly payment
The payment, total loan cost and total interest appear instantly.
The formula, made clear
An “amortizing” loan is repaid in constant monthly payments. At the start, you mostly pay interest; as the remaining principal falls, the interest share decreases and the principal share grows. The breakdown bar above shows the proportion of principal and interest over the whole loan.
Tips for borrowing wisely
- Compare the APR, not just the nominal rate: it is the only figure that includes all fees.
- Anticipate borrower insurance, which can represent up to a third of the total cost of a mortgage.
- Keep an emergency fund: don’t put your entire savings into the down payment.
- Simulate several terms: a longer term lowers the payment but sharply raises the total cost.
This simulator provides an estimate for information only and is not a credit offer. A loan commits you and must be repaid. Check your repayment capacity before committing.
Frequently asked questions
How is a loan payment calculated?
The payment on an amortizing loan is calculated with the formula M = P × r / (1 − (1 + r)^−n), where P is the principal borrowed, r the monthly interest rate (annual rate ÷ 12) and n the number of payments (years × 12). Our tool applies this formula automatically.
Is loan insurance included in the calculation?
No. The calculator estimates the payment excluding insurance. Borrower insurance (often between 0.10% and 0.40% of the principal per year) is added on top. Factor it in to know your real monthly payment.
What is the difference between the nominal rate and the APR?
The nominal rate is used to compute interest. The APR (annual percentage rate) also includes application fees, guarantee costs and insurance: it is the most reliable figure to compare two credit offers.
How can I reduce the total cost of my loan?
Three main levers: shorten the term (less total interest, but higher payments), negotiate a better rate, or increase your down payment to borrow less. Change the fields to see the impact of each.
Is my data saved?
No. All calculations run directly in your browser. No information is sent to or stored on a server.