Loan Calculator
Calculate loan payments, interest, and totals in seconds
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Two lenders quote you the same rate on the same amount and the totals come out different. Why? Term length, fees and how the interest is applied. The Loan Calculator lays all of it out, so you compare offers on what they cost rather than what they advertise.
Short answer: The Loan Calculator is a free EizTools tool that works out repayments, interest and total cost on any loan. Enter the amount, rate and term, and it returns the numbers with the formula shown.
What is Loan Calculator?
It turns three figures into the ones that matter. Type the loan details in plain English and the Loan Calculator gives you the regular payment, the interest paid across the term and the total you hand over by the end.
Payment, Interest And Total Cost
Three numbers, one run
Payment, total interest and total repayment come back together, which is how offers should be compared.
Formula on request
Show Formula puts the equation beside the answer so the method is visible rather than assumed.
Comparison table
Set Format to Table and ask for two terms at once to see the trade in a single view.
Show Formula And Output Style
Output Style set to Detailed is worth the extra reading on a loan. It explains what the interest is doing across the term rather than handing over a payment figure, and paired with Show Formula it gives you something you can check against a lender's own quote.
| Setting | What changes | Suggested start |
|---|---|---|
| Output Style | Answer Only, Steps + Answer, Explanation, Detailed | Detailed when the loan is a real decision |
| Show Formula | Adds the equation to the answer | On, so the method is checkable |
| Detail Level | How much explanation accompanies the result | Middle, then raise it if the answer feels bare |
How Does Loan Calculator Work?
A small shop is financing an espresso machine and a fit out.
- Type the situation: "borrowing 15,000 for equipment at 9.2% a year over 4 years, monthly payments, 250 arrangement fee."
- Pick a model from the selector at the top.
- Choose Finance, ask for the Detailed output style, and set precision to 2 Decimals.
- Switch on Show Formula, and Explain with it.
- Generate, and check that the fee was treated the way you meant.
- Run it again at 3 years to see what the shorter term costs each month.
Both runs stay in the activity history, so the four year and three year versions sit together while you decide what the business can carry monthly. Custom Instructions is where to note anything unusual, such as a payment holiday at the start.
Note Say whether the rate you have is annual or monthly. A yearly rate entered as monthly produces an answer that looks plausible and is wildly wrong, and it is the most common error in a loan calculation.
Who It Helps
- Small businesses financing equipment, where the payment has to fit monthly cash flow
- Anyone comparing two lender quotes that use different terms
- Freelancers deciding whether to buy outright or spread the cost
- Households checking a quote before they sit down with a lender
EizTools is free with no account, and each tool carries its own controls alongside a choice of AI model families. A loan for equipment usually sits alongside invoicing and cash flow work, so the Invoice Generator is a practical next stop once the repayment figure is set. The rest is in the tool library.
Frequently Asked Questions
Does the Loan Calculator include fees?
Only if you mention them. Add the arrangement fee to your prompt and say whether it is paid upfront or added to the balance, since the two produce different totals.
Can it compare different terms?
Yes. Ask for two or three terms in one prompt and set Format to Table. Seeing the monthly payment and total interest side by side is what makes the trade obvious.
Will it work for business borrowing?
The arithmetic is the same for business and personal loans. Set Calculation Type to Finance and describe the loan as it is quoted, including any interest only period at the start.
Should I check the numbers with my lender?
Always. Lenders apply day counts and fees in their own way, so treat these figures as a way to compare offers rather than as the final contractual amount.
What if my rate is variable?
Run the calculation at the current rate, then again a couple of points higher. The second answer tells you whether the payment still works if rates move against you.
Borrowing decisions get made on the monthly figure and regretted on the total. Put in the real rate, add the fees, and compare offers on what leaves your account across the whole term.
Sabir Bepari
Founder of EizTools and a passionate AI enthusiast dedicated to building practical, user-friendly AI tools that simplify everyday tasks.
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