Calculate the monthly payment and total interest paid for a consumer, retail or other short-term loan.
| Step | Formula |
|---|---|
| Monthly interest rate | annual rate ÷ 12 |
| Annuity payment | P × r × (1+r)^n ÷ ((1+r)^n − 1) |
| Total interest | (payment × term) − loan amount |
Standard annuity repayment — the payment stays the same throughout the term. The calculator does not account for insurance or other additional fees unless entered separately.
A consumer loan is usually unsecured, has a shorter term (up to 5-7 years) and a higher interest rate. For a mortgage, use our mortgage calculator with an amortization table.
Not quite — the annual percentage rate of charge (APRC) additionally accounts for all fees related to the loan. This calculation shows only the nominal interest rate.
Most lenders allow early repayment with no fee or a small fee — this reduces the total amount of interest paid.
e-Buhalteris helps you track loans, payments and interest.
Start for free →