CyberCodeLoan Calculator
Free online loan calculator. Enter loan amount, interest rate and term to see your monthly payment, total repayment and total interest for a fixed-rate amortised loan.
How is a loan payment calculated?
Fixed-rate loans use the amortisation formula: payment = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount borrowed, r the monthly rate (annual ÷ 12) and n the number of months. Each payment covers that month's interest first; the remainder reduces the balance.
Early payments are mostly interest, late ones mostly principal — which is why extra payments early in a long loan save disproportionate interest, and why a 30-year mortgage can cost more in interest than the house price itself.
How to use
- 01Enter the loan amount you plan to borrow.
- 02Enter the annual interest rate and term in years.
- 03Click Calculate.
- 04See your monthly payment, total repayment and total interest.
Frequently asked questions
- How is the monthly payment calculated?
- It uses the standard amortisation formula: P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r the monthly interest rate and n the number of monthly payments.
- Why is the total interest so high on long loans?
- Interest accrues on the outstanding balance every month. Longer terms mean more months of interest — a 30-year loan can cost more in interest than the amount borrowed.
- Does this include taxes and fees?
- No. It models principal and interest only. Real offers may add processing fees, insurance and taxes — check the lender's APR for the true cost.