The free loan calculator app that shows what borrowing actually costs
Enter an amount, a rate, and a term. See your monthly payment, your total interest, and exactly where every dollar goes. No signup, no subscription, no ads.
Free. Not free-with-a-catch. Actually free.
I built LoanWise while I was apartment hunting. I kept re-typing the same numbers into calculators that reset every time I changed a tab, couldn't show me two options next to each other, and couldn't model an index-linked loan at all. I wanted something where I could move one slider and see what actually changed. That's the app.
Most loan calculators want something from you
A paywall after three uses. An ad on every screen. A "Pro" tier to unlock the number you actually came for. You wanted to know what a loan costs, and now you're the product.
LoanWise doesn't do that. Every feature is free, there are no ads, and you never make an account. Type in your numbers, get your answer. That's the whole deal.
See the full picture, not just the monthly payment
The monthly payment is the number every calculator gives you. Alone, it's also the least useful one, because what separates a good loan from an expensive one is the total interest, and most tools bury it.
LoanWise shows both, plus how each payment splits between principal and interest across the life of the loan. Move a slider and every number updates. Change the rate, stretch the term, drop the amount, and see instantly what it does to what you'll pay.
Model the whole loan, component by component
Real borrowing often isn't one clean loan. A mortgage might be part fixed-rate, part variable, part index-linked, each piece on its own terms. Most calculators can't handle that, so people end up running three separate calculations and adding them up by hand.
LoanWise treats a loan as a set of components (usually two to four), each with its own amount, rate, term, and repayment structure. It calculates them together and shows you the combined monthly payment and total cost. When you want to test an alternative, adjust the components and recalculate.
Built for real loans, not just the simple ones
Each component can use any of three repayment structures: standard equal payments, equal-principal (payments start higher and decline), or balloon (a lump sum at the end), with fixed, variable, or index-linked rates. Simple loan? You'll never touch the extra capability. Complicated one? You finally have a calculator that can model it.
What LoanWise is, and what it isn't
LoanWise is a calculator, not a lender, a broker, or financial advice. I'm a developer who got tired of loan calculators that were slow, ad-cluttered, or locked behind a subscription, so I built one that isn't.
It's honest about its limits, too. Your lender's quote includes things a calculator can't know (taxes, insurance, fees, PMI), so treat LoanWise's numbers as the principal-and-interest core, not the final figure on your closing documents. For variable and index-linked loans, projections are estimates based on assumptions you set, not predictions. No calculator knows where rates are going.
Common questions
Is LoanWise really free?
Yes. No ads, no subscription, no premium tier. Every feature is available the moment you install it.
Do I need an account?
No signup, no login. Open it and start calculating.
What kinds of loans can I calculate?
Mortgages, car loans, personal loans, student loans: anything with an amount, a rate, and a term. Multi-component loans, three repayment structures, and fixed, variable, or index-linked rates.
Does it work offline?
No. LoanWise runs its calculations on the server, so it needs a connection.
Know what your loan costs before you sign for it
Free. No ads. No signup.