ScanSpotLoan Calculator
See the monthly payment and the real total interest before you sign anything.
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🏦 Loan Calculator
Monthly payment, total interest and a year-by-year repayment schedule.
Work out what a loan really costs before you sign it. Enter the amount, the annual interest rate and the term, and the calculator returns the monthly payment, the total interest over the life of the loan and the amount you will repay in total. The arithmetic is the standard amortisation formula every lender uses: each payment covers that month's interest first and reduces the principal with whatever is left, so the interest share shrinks and the principal share grows month by month.
How to use the Loan Calculator
- Enter the amount you are borrowing, before fees and before any deposit.
- Enter the annual interest rate as a percentage — 6.5, not 0.065.
- Set the term in years. Thirty is standard for a mortgage, five for a car loan.
- Read the monthly payment first, then look at total interest. That second number is the real price of borrowing.
Why people use it
- Comparing offers: two loans at the same rate with different terms have very different total costs.
- Budgeting: the monthly payment is the number that has to fit, not the headline amount.
- Planning overpayments: seeing the interest total is what makes paying early feel urgent.
- Privacy: enter your real income and debts without sending them to a lead-generation form.
Frequently asked questions
Does this include fees, insurance or taxes?
No — it models principal and interest only. Arrangement fees, mortgage insurance and property taxes are charged separately by the lender and can change the effective cost noticeably, so add them to the total before you compare two offers.
Why is so much of my early payment interest?
Because interest is charged on the outstanding balance. In month one the balance is at its largest, so most of the payment is interest. As the balance falls, the interest portion falls with it and the principal portion grows. On a long loan the two do not cross over for years.
What is the difference between a 15-year and a 30-year mortgage?
The 15-year loan has a higher monthly payment but far less total interest, because you borrow for half as long and pay the balance down faster. The 30-year loan is easier on cash flow but costs more overall. Put both terms in and compare the two totals directly.