# Loan Calculator

URL: https://tools.otaku-dojo.com/en/loan-calculator
Updated: 2026-10-04

The Loan Calculator works out the monthly payment, total interest and total repaid for a loan from its amount, annual interest rate and term. Choose level payments (the same amount every month) or equal principal (fixed principal with falling interest), add an interest-only period, and see a year-by-year amortization table with a downloadable monthly CSV.

## How to use the Loan Calculator

1. Enter the loan amount, annual interest rate (%) and term in years.
2. Choose level payments or equal principal repayment.
3. Add an interest-only period if your loan has one.
4. The monthly payment, total interest and yearly schedule appear instantly; press "Download" for the monthly CSV.

## Specs & key facts

- **Repayment types**: Level payments, equal principal
- **Interest**: Monthly rate (annual rate ÷ 12), compounded monthly
- **Interest-only period**: 0–10 years
- **Output**: Monthly payment, total interest, total cost, yearly schedule, monthly CSV
- **Use for**: Mortgages, personal loans, car loans with a fixed rate
- **Note**: Estimates only; lenders may calculate interest daily or add fees

## Examples: $300,000 mortgage at 6.5% for 30 years

```text
300,000 | 6.5% | 30 years | level payments
```

→

```text
Monthly payment: 1,896
Total interest: 382,633
```

## Examples: Same loan with equal principal repayment

```text
300,000 | 6.5% | 30 years | equal principal
```

→

```text
First payment: 2,458
Total interest: 293,313
```

## FAQ

### My mortgage rate is variable. Is this still useful?

The calculator assumes a fixed rate. When your rate changes, enter the remaining balance and remaining term to estimate the new payment.

### Does an interest-only period save money?

No. It lowers early payments, but the balance does not fall during that time, so total interest increases.

### How much do extra payments save?

Principal you repay early stops accruing interest, so earlier is better. Enter the remaining balance and term to compare total interest before and after.

### Why is my lender's figure slightly different?

Lenders may use daily interest, different rounding, or include insurance and fees. Use their official figures for decisions.