Loan Calculator
Calculates repayments for an amortising loan.
Result
- Monthly payment
- S$386.66
- Total interest
- S$3,199.36
How to use the loan calculator
- Enter the loan amount (S$).
- Enter the interest rate (% a year).
- Enter the term (years).
- The results update as you type, or press Calculate.
- Read the monthly payment first, then the supporting figures below it.
Formula
PMT = P × r ÷ (1 − (1 + r)^−n).
Worked example
For example, with these inputs:
- Loan amount (S$): 20,000
- Interest rate (% a year): 6
- Term (years): 5
the calculator returns:
- Monthly payment: S$386.66
- Total interest: S$3,199.36
Background
Calculators make it easy to compare scenarios side by side: a shorter tenure versus a lower instalment, a higher deposit versus more cash in hand, or paying down debt versus investing. Seeing the total cost, not just the monthly figure, usually makes the better choice obvious.
Inflation erodes buying power, so a savings goal set in today's dollars needs to be adjusted upwards for the years it will take to reach it. Singapore's core inflation has varied widely over the past decade, so it is worth testing a range of rates.
Frequently asked questions
How does the loan calculator work?
It applies this formula: PMT = P × r ÷ (1 − (1 + r)^−n).
Is this financial advice?
No. It is a calculation tool. For decisions about loans or investments, compare official offer documents and consider speaking to a licensed adviser.