About the Loan Calculator
This loan calculator works out the regular repayment for an amortizing loan, along with the total interest and total amount repaid. Choose monthly, fortnightly or weekly repayments to see how frequency affects the cost of borrowing.
How to use it
- Enter the loan amount.
- Enter the annual interest rate and the loan term.
- Pick a repayment frequency.
- Review the repayment, total interest and schedule.
Formula & method
Payment = P × r ÷ (1 − (1 + r)^−n)
r = annual rate ÷ payments per year, n = years × payments per yearFrequently asked questions
What is an EMI?
EMI (equated monthly instalment) is the fixed monthly payment that repays a loan’s interest and principal over its term — exactly what this calculator returns for monthly repayments.
Do fortnightly payments save interest?
Paying fortnightly at half the monthly amount results in 26 half-payments (13 full payments) a year, which reduces interest. This calculator shows the true fortnightly amount for the same term.
Results are estimates for general information only and are not financial, tax, legal or medical advice. Please confirm important decisions with a qualified professional.