Loan Calculator

This calculator is developed to help you calculate your loan repayments and the interest payments on your loans.

Loan Calculations and Personal Loan Considerations

When you first consider taking out a personal loan, whether or not it is secured or unsecured, it's important that you:

  1. Use the interest calculator that we offer to provide you with a breakdown of your monthly loan repayments for a variety of different terms and interest rates.
  2. Review all the considerations of personal loan borrowing before you commit to a contracted loan agreement.
  3. Take some time to think over whether or not committing to a loan that would require a monthly interest repayment plan before you commit to a loan.

By using our Online Loan Calculator you are able to calculate and find out what your monthly interest repayments would turn out to be. Our calculator will provide you with a monthly interest repayment plan over a variety of years and compare each year to the monthly repayment period which you have chosen.

Loan Repayment Calculator


  Loan Repayment Term
1 Year
12 months
3 Years
36 months
5 Year
60 months
10 Years
120 months

Loan Debt Over Time

The Loan Repayment Formula

The Loan Repayment Calculator uses the following basic formula:

Monthly Loan Payment = { Rate + Rate / [(1 + Rate) months -1] } x Principal Loan Amount


Rate (Monthly Interest Rate) = Decimal Rate / 12 , or Rate = (Annual Interest Rate / 100) / 12

Things to Consider When Taking Out a Personal Loan

  • Affordable: Make sure that you are able to afford the repayments that are going to come on your personal loan. You are the only one who really knows whether or not you can take out a personal loan, and whether or not taking out loans will only cause more financial struggles in the future. Take time to think about whether or not you will be able to afford a loan in the long run.
  • Loan Security: When taking out a loan, make sure you take the time to read into the fine details of your contract agreement. Failure to make repayments could end with you having massive debt and losing your home.
  • Research: It's important to research on better deals. Some banks run promotions at certain times of the year, so never presume that one bank is better than the other. Banks are a lot cheaper when it comes to interest than loan specific companies.
  • Interest Rates: Make sure you fully read into the interest rates applied to a personal loan. You may think that you are getting an incredibly deal with a low-interest rate, but on the other hand you may have to pay that loan off for another couple of years meaning you are paying a noticeably larger amount.
  • Borrow Little, Repay Quickly: It's important that you don't get out of your depths with your loan. Borrow the minimum amount you need to take out the loan, and repay it as soon as you can.
  • Pay Day Loans: Never use a Pay Day lender, this is a fantastic way to completely destroy your financial credibility. These lenders have no consideration of your well-being and will help destroy your financial situation as long as it benefits them. Avoid them at all costs.
  • Don't Lend at All: Although it may be difficult in the current day and age, try to avoid taking out a loan all together. It may be tempting to get that little extra money to buy something you'd like, but it will feel a lot better if you earn the money yourself.
  • Choose Between a Personal Loan or a Car Loan: Again, do your research. Although personal loans usually offer far better interest rates than car loans. Car dealerships are known to push you towards taking out loans which have a ridiculous APR rate. When you're looking to invest in buying a new car, be patient and look at different lenders.

With all of this in mind, the bottom line is to make sure that you are able to cope with the loan not only in the present, but also the future. When you are taking out a loan, it is to ensure you are able to pay something in the future. Whether it be a mortgage or a car loan, make sure you put time aside and think deep into all of the points above, and make sure that you are able to take on the pressure that comes with repaying a loan.

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