How to calculate your loan repayment
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1. Enter the loan
Type the amount, the yearly interest rate (0 for an interest-free loan) and how long you will take to repay.
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2. Choose how interest works
Pick reducing balance (the usual way) or flat rate, which many lenders quote. Add an extra monthly payment if you want to clear it faster.
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3. Read the schedule
See your monthly payment, total interest and a month-by-month table. Download it as a CSV file.
Why use this loan calculator?
Good for student loans
Works for interest-free student loans as well as salary advances, bank loans and app loans.
Flat or reducing
Compare the two methods. A flat rate looks cheaper than it is, so check the real cost.
Full schedule
Every month shows payment, interest, principal and balance left.
Frequently asked questions
What is the difference between flat rate and reducing balance?
With a flat rate, interest is charged on the full amount for the whole period. With reducing balance, interest is charged only on what you still owe, so it falls as you pay. The same percentage costs more as a flat rate.
What if the loan has no interest?
Enter 0 as the rate. Your payment is the loan amount divided by the number of months.
Do extra payments help?
On a reducing balance loan, yes. Extra money goes straight to the amount owed, so you pay less interest and finish earlier. Check your lender allows early repayment without a fee.
Does this include fees?
No. Add management fees, insurance or other charges yourself when you compare loans.
Is Loan Repayment Calculator really free to use?
Yes. It is completely free, with no sign-up, no watermark and no daily limit.
Is my information safe?
Yes. This tool works entirely inside your browser, so what you type is never sent to our servers. Anything saved for next time stays in your own browser only.
Do I need to install any software?
No. EduJobs Toolkit works in any modern browser on your phone, tablet or computer. Nothing to download or install.
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