# Loan & Leasing Calculator - EMI, Schedule and Real Rate

Page: https://hirantha.me/tools/loan-calculator
Part of: Hirantha Sandaruwan Lakshan free tools (https://hirantha.me/tools)
Updated: 2026-10-13

Monthly payment, full repayment schedule, and the real interest rate hidden in a flat-rate quote.

This is a free tool that runs in the browser: open the page to use it. File tools process files on the visitor's own device; files are never uploaded or stored. No account, sign-up, payment or watermark.

Work out the monthly payment on a loan or lease, see every month's interest and principal, or enter a quoted instalment to find the real interest rate behind it. Flat-rate quotes look cheaper than they are, and this shows by how much. Nothing you type is sent anywhere.

On a reducing-balance loan, each month's interest is charged on what you still owe, and the payment is the same every month. The payment is the amount that exactly repays the loan over the term at the monthly rate, which is the yearly rate divided by twelve.

A flat rate works differently. Interest is charged on the original amount for the whole term, as if you still owed all of it, even though you repay a part each month. A 10 per cent flat rate over three years costs about as much as a reducing-balance rate near 18 per cent.

To find the real rate behind a quote, the calculator takes the amount financed, the monthly instalment and the number of months, and solves for the monthly rate at which those payments are worth exactly the amount financed. That rate is shown as a yearly rate, both nominal (monthly rate times twelve) and effective (with monthly compounding), so it can be set beside a bank's reducing-balance quote.

Some leases leave a lump sum to pay with the last instalment. Enter it in the optional box and the payment and the rate allow for it.

Q: What is the difference between a flat and a reducing-balance rate?
A: A flat rate charges interest on the full original amount for the whole term. A reducing-balance rate charges interest only on what you still owe. For the same quoted percentage, the flat rate costs much more.

Q: Are fees included?
A: No. The calculator counts interest only. Processing fees, insurance, documentation charges and early-settlement penalties raise the real cost, so ask for the total amount payable.

Q: How do I compare a lease with a bank loan?
A: Use the real-rate mode on the lease's amount financed, instalment and months, and compare the result with the bank's yearly rate on a reducing balance.

Q: What is the effective yearly rate?
A: The yearly rate once monthly compounding is counted. It is a little higher than the nominal rate, which is simply the monthly rate times twelve.

Q: Can I see the repayment schedule?
A: Yes, for reducing-balance loans: open the month-by-month schedule under the result, and copy it as CSV for a spreadsheet.

Sources: Amortization calculator - Wikipedia (https://en.wikipedia.org/wiki/Amortization_calculator); Annual percentage rate - Wikipedia (https://en.wikipedia.org/wiki/Annual_percentage_rate)

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