Loan Payment Table

Reading the Table

Each row is an interest rate. Each column is a loan term in years. The value in each cell is the monthly payment (or total interest/cost) for a loan of the amount you entered at that rate and term combination.

Hover any cell to see a full breakdown: monthly payment, total interest paid, and total amount repaid.

Colour Heat-Map

Cells are shaded from green (lowest payment) to red (highest payment).

Global colours the entire table relative to itself. By Row highlights the cheapest/most expensive term for each rate. By Column highlights the cheapest/most expensive rate for each term.

The Formula

Monthly payment is calculated using the standard amortization formula:
M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)
where P = principal, r = monthly rate, n = total months. At 0% rate: M = P ÷ n.

Tips

Use By Row colouring when you have a fixed rate and want to choose a term. Use By Column when you have a fixed term and are shopping for the best rate. Switch to Total Interest mode to see the real long-term cost of a lower monthly payment. For a specific mortgage, the mortgage calculator gives a full payment breakdown.

Worked example

A £150,000 loan at rates from 3% to 6% in 0.5% steps, compared across 15, 20, and 25-year terms: at 4.5% over 20 years the monthly payment is £949 and total interest is £77,800. Drop to 4.0% and the monthly falls to £909, saving £9,600 over the full term. The table makes these trade-offs visible at a glance.

Related calculations

For a single loan rather than a comparison, the amortization schedule shows every payment in turn, and the interest rate calculator works backwards from a payment you have been quoted to the rate you are actually being charged.

How do I use the loan payment comparison table?

Enter a loan amount and click Generate. Each row is a different interest rate; each column is a different loan term. The value in each cell is the monthly payment for that rate-and-term combination. Hover any cell to see the full breakdown: monthly payment, total interest, and total repaid.

What do the colours in the table mean?

The heat-map shades cells from green (lowest payment) to red (highest). 'Global' colours the entire table. 'By Row' highlights the cheapest/most expensive term for each rate. 'By Column' highlights the cheapest/most expensive rate for each term — useful when you have a fixed repayment period and are comparing lenders.

Should I choose a lower monthly payment or minimise total interest?

A lower monthly payment (longer term) means more interest paid overall. Switch to 'Total Interest' mode to see the real long-term cost. A 7-year loan at 7% on £20,000 costs nearly twice the interest of a 3-year loan at the same rate — despite looking affordable month-to-month. The amortisation schedule calculator breaks down every payment month by month.

What formula does the table use?

Monthly payment uses the standard amortisation formula: M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly rate (annual rate ÷ 12), and n is total monthly payments. At 0% interest, the formula simplifies to M = P ÷ n.