Loan Interest Calculator
Free online loan interest calculator to calculate monthly payments, total interest, and repayment schedule. Plan your loans for UK, India, Canada, Australia with SBI bank presets. Export to Excel and view detailed amortization schedules.
Bank Preset
Region
Loan Details
Enter the loan amount
Annual interest rate percentage
Loan term in years (1-50)
Used for amortization schedule dates
Results
Monthly Payment
$10,258.27
Total Interest
$115,495.94
Total Payment
$615,495.94
Loan Amount
$500,000
Payment Schedule
| Month | Date | Beginning Balance | Principal | Interest | Prepayment | Total Payment | Ending Balance |
|---|---|---|---|---|---|---|---|
| 1 | January 1, 2025 | $500,000.00 | $6,716.60 | $3,541.67 | $0.00 | $10,258.27 | $493,283.40 |
| 2 | February 1, 2025 | $493,283.40 | $6,764.17 | $3,494.09 | $0.00 | $10,258.27 | $486,519.23 |
| 3 | March 1, 2025 | $486,519.23 | $6,812.09 | $3,446.18 | $0.00 | $10,258.27 | $479,707.14 |
| 4 | April 1, 2025 | $479,707.14 | $6,860.34 | $3,397.93 | $0.00 | $10,258.27 | $472,846.80 |
| 5 | May 1, 2025 | $472,846.80 | $6,908.93 | $3,349.33 | $0.00 | $10,258.27 | $465,937.86 |
| 6 | June 1, 2025 | $465,937.86 | $6,957.87 | $3,300.39 | $0.00 | $10,258.27 | $458,979.99 |
| 7 | July 1, 2025 | $458,979.99 | $7,007.16 | $3,251.11 | $0.00 | $10,258.27 | $451,972.83 |
| 8 | August 1, 2025 | $451,972.83 | $7,056.79 | $3,201.47 | $0.00 | $10,258.27 | $444,916.04 |
| 9 | September 1, 2025 | $444,916.04 | $7,106.78 | $3,151.49 | $0.00 | $10,258.27 | $437,809.27 |
| 10 | October 1, 2025 | $437,809.27 | $7,157.12 | $3,101.15 | $0.00 | $10,258.27 | $430,652.15 |
| 11 | November 1, 2025 | $430,652.15 | $7,207.81 | $3,050.45 | $0.00 | $10,258.27 | $423,444.34 |
| 12 | December 1, 2025 | $423,444.34 | $7,258.87 | $2,999.40 | $0.00 | $10,258.27 | $416,185.47 |
| 13 | January 1, 2026 | $416,185.47 | $7,310.29 | $2,947.98 | $0.00 | $10,258.27 | $408,875.18 |
| 14 | February 1, 2026 | $408,875.18 | $7,362.07 | $2,896.20 | $0.00 | $10,258.27 | $401,513.12 |
| 15 | March 1, 2026 | $401,513.12 | $7,414.21 | $2,844.05 | $0.00 | $10,258.27 | $394,098.90 |
| 16 | April 1, 2026 | $394,098.90 | $7,466.73 | $2,791.53 | $0.00 | $10,258.27 | $386,632.17 |
| 17 | May 1, 2026 | $386,632.17 | $7,519.62 | $2,738.64 | $0.00 | $10,258.27 | $379,112.55 |
| 18 | June 1, 2026 | $379,112.55 | $7,572.89 | $2,685.38 | $0.00 | $10,258.27 | $371,539.66 |
| 19 | July 1, 2026 | $371,539.66 | $7,626.53 | $2,631.74 | $0.00 | $10,258.27 | $363,913.14 |
| 20 | August 1, 2026 | $363,913.14 | $7,680.55 | $2,577.72 | $0.00 | $10,258.27 | $356,232.59 |
| 21 | September 1, 2026 | $356,232.59 | $7,734.95 | $2,523.31 | $0.00 | $10,258.27 | $348,497.64 |
| 22 | October 1, 2026 | $348,497.64 | $7,789.74 | $2,468.52 | $0.00 | $10,258.27 | $340,707.90 |
| 23 | November 1, 2026 | $340,707.90 | $7,844.92 | $2,413.35 | $0.00 | $10,258.27 | $332,862.98 |
| 24 | December 1, 2026 | $332,862.98 | $7,900.49 | $2,357.78 | $0.00 | $10,258.27 | $324,962.49 |
| 25 | January 1, 2027 | $324,962.49 | $7,956.45 | $2,301.82 | $0.00 | $10,258.27 | $317,006.05 |
| 26 | February 1, 2027 | $317,006.05 | $8,012.81 | $2,245.46 | $0.00 | $10,258.27 | $308,993.24 |
| 27 | March 1, 2027 | $308,993.24 | $8,069.56 | $2,188.70 | $0.00 | $10,258.27 | $300,923.68 |
| 28 | April 1, 2027 | $300,923.68 | $8,126.72 | $2,131.54 | $0.00 | $10,258.27 | $292,796.95 |
| 29 | May 1, 2027 | $292,796.95 | $8,184.29 | $2,073.98 | $0.00 | $10,258.27 | $284,612.67 |
| 30 | June 1, 2027 | $284,612.67 | $8,242.26 | $2,016.01 | $0.00 | $10,258.27 | $276,370.41 |
| 31 | July 1, 2027 | $276,370.41 | $8,300.64 | $1,957.62 | $0.00 | $10,258.27 | $268,069.76 |
| 32 | August 1, 2027 | $268,069.76 | $8,359.44 | $1,898.83 | $0.00 | $10,258.27 | $259,710.33 |
| 33 | September 1, 2027 | $259,710.33 | $8,418.65 | $1,839.61 | $0.00 | $10,258.27 | $251,291.67 |
| 34 | October 1, 2027 | $251,291.67 | $8,478.28 | $1,779.98 | $0.00 | $10,258.27 | $242,813.39 |
| 35 | November 1, 2027 | $242,813.39 | $8,538.34 | $1,719.93 | $0.00 | $10,258.27 | $234,275.05 |
| 36 | December 1, 2027 | $234,275.05 | $8,598.82 | $1,659.45 | $0.00 | $10,258.27 | $225,676.24 |
| 37 | January 1, 2028 | $225,676.24 | $8,659.73 | $1,598.54 | $0.00 | $10,258.27 | $217,016.51 |
| 38 | February 1, 2028 | $217,016.51 | $8,721.07 | $1,537.20 | $0.00 | $10,258.27 | $208,295.45 |
| 39 | March 1, 2028 | $208,295.45 | $8,782.84 | $1,475.43 | $0.00 | $10,258.27 | $199,512.61 |
| 40 | April 1, 2028 | $199,512.61 | $8,845.05 | $1,413.21 | $0.00 | $10,258.27 | $190,667.56 |
| 41 | May 1, 2028 | $190,667.56 | $8,907.70 | $1,350.56 | $0.00 | $10,258.27 | $181,759.85 |
| 42 | June 1, 2028 | $181,759.85 | $8,970.80 | $1,287.47 | $0.00 | $10,258.27 | $172,789.05 |
| 43 | July 1, 2028 | $172,789.05 | $9,034.34 | $1,223.92 | $0.00 | $10,258.27 | $163,754.71 |
| 44 | August 1, 2028 | $163,754.71 | $9,098.34 | $1,159.93 | $0.00 | $10,258.27 | $154,656.37 |
| 45 | September 1, 2028 | $154,656.37 | $9,162.78 | $1,095.48 | $0.00 | $10,258.27 | $145,493.59 |
| 46 | October 1, 2028 | $145,493.59 | $9,227.69 | $1,030.58 | $0.00 | $10,258.27 | $136,265.90 |
| 47 | November 1, 2028 | $136,265.90 | $9,293.05 | $965.22 | $0.00 | $10,258.27 | $126,972.85 |
| 48 | December 1, 2028 | $126,972.85 | $9,358.87 | $899.39 | $0.00 | $10,258.27 | $117,613.98 |
| 49 | January 1, 2029 | $117,613.98 | $9,425.17 | $833.10 | $0.00 | $10,258.27 | $108,188.81 |
| 50 | February 1, 2029 | $108,188.81 | $9,491.93 | $766.34 | $0.00 | $10,258.27 | $98,696.88 |
| 51 | March 1, 2029 | $98,696.88 | $9,559.16 | $699.10 | $0.00 | $10,258.27 | $89,137.72 |
| 52 | April 1, 2029 | $89,137.72 | $9,626.87 | $631.39 | $0.00 | $10,258.27 | $79,510.85 |
| 53 | May 1, 2029 | $79,510.85 | $9,695.06 | $563.20 | $0.00 | $10,258.27 | $69,815.78 |
| 54 | June 1, 2029 | $69,815.78 | $9,763.74 | $494.53 | $0.00 | $10,258.27 | $60,052.05 |
| 55 | July 1, 2029 | $60,052.05 | $9,832.90 | $425.37 | $0.00 | $10,258.27 | $50,219.15 |
| 56 | August 1, 2029 | $50,219.15 | $9,902.55 | $355.72 | $0.00 | $10,258.27 | $40,316.60 |
| 57 | September 1, 2029 | $40,316.60 | $9,972.69 | $285.58 | $0.00 | $10,258.27 | $30,343.91 |
| 58 | October 1, 2029 | $30,343.91 | $10,043.33 | $214.94 | $0.00 | $10,258.27 | $20,300.58 |
| 59 | November 1, 2029 | $20,300.58 | $10,114.47 | $143.80 | $0.00 | $10,258.27 | $10,186.11 |
| 60 | December 1, 2029 | $10,186.11 | $10,186.11 | $72.15 | $0.00 | $10,258.27 | $0.00 |
About Loan Interest Calculator
The Loan Interest Calculator is a comprehensive online tool designed to help you understand and plan your loan repayment strategy. Whether you're considering a personal loan, car loan, home loan, or any other type of loan, this calculator provides detailed insights into your loan structure and helps you make informed financial decisions.
This free loan interest calculator helps you calculate your monthly payment, total interest payable over the loan tenure, and the complete amortization schedule. It's particularly useful for loan interest calculations across different regions including the UK, India, Canada, and Australia. The calculator supports various bank presets, including SBI (State Bank of India), making it easy to get started with current market rates.
One of the key features is the prepayment calculator functionality. You can simulate different prepayment scenarios - whether it's a one-time prepayment, yearly prepayments, or monthly prepayments. This helps you understand how prepayments can reduce your total interest burden and shorten your loan tenure. The calculator shows you exactly how much interest you'll save and how many months you'll save by making prepayments.
The monthly payment calculation uses the standard loan amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate, and n is the total number of payments. This formula ensures accurate calculations for any loan type.
The year-wise view feature allows you to see your loan breakdown by year, making it easier to understand your payment pattern over time. This is especially helpful for long-term financial planning. You can see how much principal and interest you pay each year, and track your loan balance reduction.
For those who prefer working with spreadsheets, the calculator includes an Excel export feature. You can download your complete payment schedule as a CSV file that can be opened in Excel, Google Sheets, or any spreadsheet application. This makes it easy to perform further analysis or share with financial advisors.
The calculator supports different regions including UK, India, Canada, and Australia, with appropriate currency formatting and default interest rates. Bank presets for SBI make it quick to get started with current market rates. However, you can always customize the interest rate to match your specific loan offer.
Whether you're planning to take a new loan, considering refinancing, or exploring prepayment options, this loan interest calculator provides all the information you need to make informed decisions. It's an essential tool for anyone dealing with loans, mortgages, or any form of borrowing in the UK, India, Canada, Australia, or any other region.