Payment, term and the cost of borrowing
A fixed-rate loan is repaid in equal monthly instalments. Stretching the term lowers each payment but raises the total interest you pay. The calculator shows both, so you can weigh affordability today against the overall cost.
Common questions
Any fixed-rate loan with equal monthly payments — car loans, personal loans, renovation loans. For a home loan, use the mortgage calculator.
Banks often quote a flat (add-on) rate, which makes the true effective rate roughly double. This calculator uses a standard amortised rate, so compare carefully.
No. Processing fees can raise the real cost, so your effective rate may be higher than the rate entered.