Loan Interest Calculator
Compare equal-payment and equal-principal repayment to see the monthly payment and total interest.
Loan interest: equal payment vs. equal principal
Compare the monthly payment and total interest under each repayment method in one screen.
Two repayment methods
Equal payments keep the monthly amount the same. Equal principal splits the principal evenly, so the first payments are higher. Total interest is usually lower with equal principal.
How rate and term change the cost
A longer term raises the total interest a lot, even with the same loan amount. Compare a rate about half a point lower to see the difference.
What is not included
Early repayment fees, stamp duty, guarantee fees and rate changes are not calculated. Confirm the actual terms with your lender.
Frequently asked questions
- Does it work for variable-rate loans?
- It assumes the rate you enter stays the same until the end. If the rate changes, the payments change too.
- Which method is better?
- Equal principal usually costs less interest in total, while equal payments keep each month the same. Choose the one that fits your cash flow.