Plan your loan payments with a modern calculator console
Enter your loan amount, term and monthly interest rate to estimate monthly payments, total interest, total repayment and a detailed amortization schedule.
Loan Calculator Tool
Loan Details
Advanced (Fees & Taxes)
These percentage taxes are added on top of your interest rate if applicable in your region.
Calculation Results
* This tool provides an estimate. Lender fees, insurance, taxes, campaign terms and local regulations may vary. Results are not an official loan offer.
Amortization Schedule
| Month | Payment | Interest | Principal | Remaining Balance |
|---|---|---|---|---|
| Fill out the loan details form to view the schedule. | ||||
How It Works
Create an estimated loan payment plan in a few steps by entering loan amount, term, monthly rate and optional fee/tax values.
Enter the loan amount
Type the principal amount as a plain number without commas or dots.
Set term and monthly rate
Choose months or years and enter the monthly interest rate as a percentage.
Add fees and taxes if needed
Manually adjust optional tax, fee or processing cost fields in advanced options.
Review the schedule
Check monthly payment, total repayment, total interest and remaining balance table.
About the Loan Calculator
The Covrixa Loan Calculator is a free financial utility designed to help you estimate your personal, auto, or mortgage loan payments. By entering your loan amount, term, and monthly interest rate, you can quickly generate a detailed amortization schedule and see exactly how much you'll pay in interest. Whether you are a first-time homebuyer comparing mortgage options or a small business owner evaluating equipment financing, this tool helps you make informed decisions before committing to any loan agreement.
This tool runs entirely in your browser using JavaScript. It also supports adding local taxes or fees directly to your calculation via the "Advanced Options", so you can find the true effective rate and total cost including any initial processing fees. By adjusting the term length and interest rate, you can instantly see how each variable affects your monthly payment and total interest — allowing you to choose the most cost-effective option for your budget.
Privacy Notice: Your financial inputs such as loan amounts and interest rates are never sent to Covrixa servers. The calculation runs locally on your device. We use standard services like Google Analytics to measure site performance. This local computation approach eliminates the risk of your sensitive financial data being intercepted or stored by third parties. You can even use the calculator offline by disconnecting from the internet, as all logic is embedded directly in the page.
What does this tool show?
It shows monthly payment, total repayment, total interest, total cost with fees and payment/principal ratio.
What is effective monthly rate?
It is the approximate monthly rate after optional tax or fee percentages are included.
Why is it an estimate?
Lender fees, insurance, campaigns, taxes and local rules may vary, so results are not an official offer.
Loan Calculation Formula
The core formula used in loan calculation is based on the equal installment (annuity) repayment method. This is the most common repayment model used by banks worldwide.
Monthly Payment Formula:
Monthly Payment = Principal × [r(1+r)^n] / [(1+r)^n - 1]
Where r is the monthly effective interest rate (including taxes and fees), and n is the total number of months. The effective monthly rate is calculated by adding tax rates like BSMV (15%) and KKDF (15%) to your entered interest rate.
Total Repayment is the sum of all installments. Total Interest is found by subtracting the principal from total repayment. In the amortization schedule, each month's interest portion is calculated on the remaining principal, and the interest portion decreases while the principal portion increases toward the end of the term.
Example Calculation Scenario
Let's say you want to take out a loan of 100,000 TRY. The bank offers 12 months term and 2.50% monthly interest. Additionally, there is a 500 TRY processing fee, 15% BSMV, and 15% KKDF applied.
Step 1: Calculate the effective monthly interest rate. BSMV (15%) + KKDF (15%) = 30% additional burden. Effective rate = 2.50% × 1.30 = 3.25%.
Step 2: Plug into the formula: Monthly Payment = 100,000 × [0.0325(1+0.0325)^12] / [(1+0.0325)^12 - 1] ≈ 10,185 TRY.
Step 3: Total repayment = 12 × 10,185 = 122,220 TRY. Total interest = 122,220 - 100,000 = 22,220 TRY. Total cost including fees = 122,220 + 500 = 122,720 TRY.
In this example, a 100,000 TRY loan costs an additional 22,720 TRY over 12 months. Use the calculator with different terms and rates to evaluate your own situation.
Frequently Asked Questions
What does the loan calculator do?
Are the results an official lender offer?
Should I enter monthly or annual interest?
What are Tax/Fee fields used for?
Are my inputs sent to a server?
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