Tool
Loan calculator – estimate the monthly payment and total loan costs
Enter the loan amount, repayment period, interest rate and loan costs – you will instantly see the estimated monthly payment, effective annual rate and total loan costs.
Lainan ja lainakustannusten yhteismäärä
The calculation is indicative and based on a fixed annuity loan. The final interest rate, costs and effective annual rate are determined by the lender based on an individual credit decision.
How to use the loan calculator – 5 steps
- Set the loan amount: Enter your desired loan amount in euros. You can use the slider or type the amount directly into the field.
- Choose the repayment period: Enter the loan period in months. A longer period reduces the monthly payment but increases the total interest cost.
- Enter the nominal interest rate: The nominal interest rate is the loan's base rate without other costs. If you do not know the exact rate, use 7–12 % as an estimate.
- Add the loan costs: The opening fee is a one-time cost when the loan is drawn. The account maintenance fee is a monthly processing fee. Other costs include e.g. withdrawal or collateral evaluation fees.
- Read the results: The table shows the monthly payment, the effective annual rate (including all costs) and the total loan costs. Use the effective annual rate when comparing different lenders.
What does the effective annual rate mean?
The effective annual rate includes the loan's nominal interest rate plus all costs (opening fee, account maintenance fees and other costs) spread across the loan period. It is the only figure you can use to reliably compare offers from different lenders.
Example: two loans may both have a nominal rate of 8 %, but one has a 100 € opening fee and a 5 €/month account maintenance fee — the other has no extra costs. The effective annual rate reveals which is cheaper.
Examples with different loan amounts
Here are example calculations with typical consumer loan terms (nominal rate 8 %, opening fee 100 €, account maintenance fee 5 €/month):
| Loan amount | Period | Monthly payment | Effective annual rate | Total cost |
|---|---|---|---|---|
| 5 000 € | 36 kk | n. 162 €/kk | n. 12,2 % | n. 5 836 € |
| 10 000 € | 60 kk | n. 208 €/kk | n. 10,1 % | n. 12 500 € |
| 20 000 € | 84 kk | n. 317 €/kk | n. 9,4 % | n. 26 600 € |
| 30 000 € | 120 kk | n. 369 €/kk | n. 9,0 % | n. 44 300 € |
| 50 000 € | 180 kk | n. 489 €/kk | n. 8,9 % | n. 87 900 € |
Calculations are indicative and based on a fixed annuity loan. Final terms vary by lender.
Tips for comparing loans
- Compare the effective annual rate: The nominal rate does not tell the whole price. The effective annual rate is the only figure for reliable comparison.
- Do not pick the longest loan period: A longer loan period reduces the monthly payment but increases interest costs. Choose the shortest period your budget allows.
- Check early repayment terms: A loan can usually be repaid early free of charge. This saves interest costs.
- Do not borrow more than you need: Take only the amount you need and avoid piling up unnecessary loans.
FAQ about the loan calculator
Is the calculation binding?
No. The loan calculator gives an indicative estimate of the monthly payment and total costs. Final terms are always determined by the lender's individual credit decision.
What is the effective annual rate?
The effective annual rate includes the nominal rate plus all loan costs (opening fee, account maintenance fee, other costs) spread over the loan period. It is the only figure you can use to reliably compare loans.
Is the opening fee included in the monthly payment?
No. The opening fee is a one-time cost at loan withdrawal, typically deducted from the loan amount (so the net principal is smaller). The account maintenance fee, on the other hand, is paid with every monthly payment.
What is an annuity loan?
In an annuity loan, the monthly payment stays the same throughout the loan period. At the start a larger portion of the payment goes to interest, and toward the end more goes to principal. Most Finnish consumer loans are annuity loans.
How do costs affect the effective annual rate?
On a short loan, even small costs raise the effective annual rate significantly, because costs are spread over a shorter period. On longer loans the same costs have less impact on the effective annual rate.
Can I repay the loan early?
Yes, all consumer loans under Finnish consumer protection law can be repaid early without extra charges. This saves you the remaining interest costs.
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