Loan Calculator

Calculate monthly payments for personal loans, car loans, and other general loans. Compare annuity vs series loans and see the impact of fees on your total cost. Free, accurate, and supports multiple currencies.

Annuity: Fixed monthly payment. Most common for personal and car loans.

Amount you want to borrow

Annual interest rate (nominal)

One-time establishment/origination fee

Recurring monthly account/service fee

How It Works

1. Enter Loan Details

Input the loan amount you need to borrow, the annual interest rate offered by the lender, and the loan term in years.

2. Add Fees (Optional)

Include any setup fees (one-time establishment fees) and monthly account fees to get the true total cost of the loan.

3. Choose Loan Type

Select between Annuity (fixed monthly payment) or Series (decreasing payment) loan type based on your preference and what the lender offers.

4. View Complete Breakdown

See your monthly payment, total interest, total fees, and total cost. The effective interest rate shows the true cost including fees.

Examples

Example 1: Personal Loan with Fees

Loan Amount: $10,000 Interest Rate: 8.5% per year Loan Term: 5 years Setup Fee: $200 Monthly Fee: $5 Monthly Payment: $210.42 (includes $5 fee) Total Interest: $2,450.32 Total Fees: $500 ($200 setup + $300 monthly fees over 5 years) Total Cost: $12,950.32 Effective Interest Rate: 11.90% per year Including fees significantly increases the effective cost of the loan.

Example 2: Car Loan - Annuity vs Series

Loan Amount: $25,000 Interest Rate: 4.5% per year Loan Term: 5 years No Fees Annuity Loan: Monthly Payment: $466.08 (same every month) Total Interest: $2,964.80 Series Loan: First Month: $510.42 Last Month: $418.75 Total Interest: $2,812.50 Series loans save $152.30 in interest but have higher initial payments.

Frequently Asked Questions

What is the difference between annuity and series loans?

Annuity loans have fixed monthly payments throughout the loan period. Each payment includes both principal and interest, with the interest portion decreasing over time. Series loans (also called linear amortization) have a fixed principal payment each month, with interest calculated on the remaining balance. This means total payments decrease over time with series loans.

What fees should I include in the calculation?

Common loan fees include setup/establishment fees (one-time charges when opening the loan), monthly account fees, early repayment fees, and processing charges. Including these fees gives you the true total cost of the loan and helps you compare offers accurately.

What is the effective interest rate?

The effective interest rate (also called APR - Annual Percentage Rate) represents the true annual cost of a loan including fees. It is higher than the nominal interest rate when fees are included, giving you a more accurate picture of what you will actually pay.

Which loan type is better - annuity or series?

Series loans typically result in less total interest paid because you pay down the principal faster. However, they have higher initial payments. Annuity loans have consistent payments that are easier to budget for. Choose based on your cash flow situation and whether you prefer stable payments or lower total cost.

How accurate is this calculator?

This calculator provides accurate estimates for standard loan calculations. However, actual loan payments may vary slightly due to factors like payment timing, rounding practices, insurance requirements, or additional fees not included in the calculation. Always verify the exact terms with your lender.