Loan calculator

Work out the monthly payment on a loan, the rate behind a payment, or the deposit that gets the payment you want.

Work out a loan Our payment estimate

Work out a loan

Choose what to find. Enter the rest, and the answer and every payment follow.

Find the

Payment Rate Deposit

Price

The full amount, before any deposit.

Deposit

Paid at the start. Enter 0 for none.

Interest rate

Effective APR

15% effective a year is 14.06% APR.

Term

years months

60 monthly payments.

Monthly payment

The monthly payment you were quoted.

$1,584.28

a month for 60 months, to repay a $68,000 loan at an effective 15% a year.

28% of what you repay is interest

Loan amount: $68,000
Total interest: $27,057.06
Total of 60 payments: $95,057.06
Total cost, with the deposit: $112,057.06

Each payment is rounded to the cent, so the last one, $1,584.54, settles the difference.

Apply for financing See every payment

Worked out from the figures entered, with interest charged each month on what is still owed. Not an offer of credit: Rock Solid’s rates and terms depend on review and a signed agreement.

Every payment, mapped

How the balance falls, and how much of what you pay goes to interest, payment by payment.

After payment 60 of 60

Balance owed: $0.00
Paid so far: $95,057.06
Interest so far: $27,057.06

Drag across the chart, or use the arrow keys, to read any month.

Every payment appears here once the figures above work out.

Amortization schedule

Show the schedule

By year By month

Payments, year by year
Year	Paid	Principal	Interest	Balance
1	$19,011.36	$10,085.42	$8,925.94	$57,914.58
2	$19,011.36	$11,598.23	$7,413.13	$46,316.35
3	$19,011.36	$13,337.98	$5,673.38	$32,978.37
4	$19,011.36	$15,338.65	$3,672.71	$17,639.72
5	$19,011.62	$17,639.72	$1,371.90	$0.00
Total	$95,057.06	$68,000.00	$27,057.06

How a loan is worked out

The calculator works from the figures you enter. A Rock Solid offer is worked out the same way, and every figure in it is in writing before you sign.

A finished kitchen with a marble waterfall island

Every payment is the same. Each month, interest is charged on what is still owed, and the rest of the payment comes off the balance.

Early on the balance is large, so more of each payment goes to interest. As the balance falls, so does the interest, and more of the same payment goes to the loan itself. The chart above shows the turn.

Every payment is rounded to the cent. Because of that rounding the last payment is a few cents different, so that the balance ends at exactly nothing.

APR and the effective rate

An APR is split into twelve equal monthly rates. An effective rate is what those monthly rates compound to over a full year, so the same loan always shows a slightly lower APR: Rock Solid’s illustrative 15% effective rate is 14.06% APR. Choose the one your quote uses.

Finding the rate behind a payment

A quote often gives the payment and the term but not the rate. Choose Rate, enter the price, the deposit, the term and the payment, and the calculator finds the rate at which those payments repay the loan exactly.

Finding the deposit for a payment

Choose Deposit and enter the most you want to pay each month. The calculator finds the smallest deposit, to the dollar, that brings the payment to that figure or below.

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