Loan calculator – find out the actual loan costs

Use the loan calculator to easily find out all your costs and fees, number of instalments and the annual percentage rate. You can also see how the costs are divided depending on changes in the number of instalments, the interest rate and the loan period.

Loan calculator reveals the costs

Choose loan amount


Choose loan period

8 years

Interest rate

4 %

Loan establishment costs


Monthly account management fee

4 €/month

Total cost of the loan

Monthly installment
247,79 €/month
Number of installments
96 Installments
Nominal interest rate
4 %
Annual interest rate
4,55 %
Amount of interest expenses
Amount of loan management costs
Total cost of the loan
Total costs€23,812
Loan amount
Amount of interest and cost

Compare loan offers easily with Sortter

The loan calculator will help you to see how the loan fees and interest will affect the overall costs. Enter the information you want in the loan calculator and we will calculate the annual percentage rate and the actual loans costs. Use it to calculate the costs of consumer credit, flexible credit, credit cards and instalments.

If the costs of your existing loan are high, you can always refinance your existing loan in Sortter’s comparison service and get a better offer for free.

A fair loan comparison
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    A Fair loan comparison
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How to use the loan calculator

The loan calculator helps to you to determine the interest, costs and a suitable monthly instalment. Find out with the calculator how the loan sum and loan period affect the monthly instalment and loan costs.

The share of the costs for a loan, credit card or instalment are sometimes difficult to figure out without a loan calculator. The calculator shows what the loan or credit costs are composed of and how much of the loan they account for. We will also calculate the number of instalments for you. This way you get better control over your finances and will know how much you pay in interest expenses and loan servicing costs.

Remember too that you can control your finances better by putting your existing credit card and instalment debt into one combination loan. This way you can get your finances back on track.

The calculator will help you to get an idea of effect the loan period has

The loan period affect the costs. Use the calculator to see how changing the loan period by just a few years changes the loan costs significantly.

A long loan period reduces the monthly repayment sum, but you will accrue interest over a longer period, even if the interest rate on the loan is low.

However, you should not put your finances under too much strain by paying excessive monthly instalments in the hope of lower interest costs. A suitable monthly repayment is scaled to suit your finances so that it is easy for you to pay, even if you need to spend a little extra on surprising outgoings in some months.

If you wish, you can always repay your loan in larger instalments than originally agreed – this will reduce the amount of interest you pay to the bank.

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Send an application easily online

Send an application easily online

Compare loan offers

Compare loan offers

Choose the best loan from the comparison

Choose the best loan from the comparison

You will receive the money

You will receive the money

The loan period affects the costs – three examples

The loan period has a big effect on both the monthly instalment and loan costs. Although it may be tempting to stretch the loan period, you should also bear in mind the higher interest costs that come with it. 

See below the monthly instalments and estimated overall costs for three different loan sums and different loan periods. Submit an application to Sortter and you will find out, free of charge, the interest rates charged by banks, and the exact monthly instalment you have to pay.

Example 1: €5,000 loan with an interest of 9%     
Loan period2 years4 years6 years8 years10 years
Monthly instalment€228.42€124.43€90.13€73.25€63.34
Interest amount€482.08€972.64€1,489.36€2,032.00€2,600.80
Example 2: €10,000 loan with an interest of 8%     
Loan period2 years4 years6 years8 years10 years
Monthly instalment€452.27€244.13€175.33€141.37€121.33
Interest amount€854.48€1,718.24€2,623.76€3,571.52€4,559.60
Example 3: €20,000 loan with an interest of 6.5%     
Loan period2 years4 years6 years8 years10 years
Monthly instalment€890.93€474.30€336.20€267.72€227.10
Interest amount€1,382.32€2,766.40€4,206.40€5,701.12€7,252.00

As the calculations show you, the loan period is important both in terms of the monthly instalment and the loan costs.

This is how the costs of mortgages, credit cards, car loans and consumer credit increase as the loan period becomes longer.

This is why you should keep the loan period as short as possible. Requesting tenders for loans becomes more and more important when the loan sum is higher or the loan period longer.

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How is the loan interest calculated?

The interest on consumer credit and the and other costs vary according to the loan sum and the bank’s credit assessment. The interest rate on consumer credit generally decreases as the loan sum rises.

Due to the risk-based pricing strategy used by banks, the interest rates on offer may vary depending on the applicant. Fill in the application with care in order to obtain the most affordable consumer credit. The better the bank understands your financial situation, the better your chances of getting credit at a lower interest rate.

The annual interest rates on consumer credit start at 4% and can vary depending on the bank and the applicant, going as high as 20%.

Most of the lender’s earnings come from the interest charged on credit, so the interest rate varies according to the loan sum. Despite the higher interest rates charged for smaller amounts of general-purpose credit, the customer does not accrue as much total interest as they do with larger amounts of credit.

For example, borrowing €1,000 with a 12-month repayment period at an interest rate of 20%, which is the highest possible rate, will accrue charges of €111.56. Correspondingly, a 10% rate of interest will lead to €55.04 in charges.

On the other hand, the interest rate has a more significant impact on larger amounts of consumer credit, so the savings that can be gained by getting competitive offers may reach thousands of euros over the entire loan period.

Cheaper loan with a co-applicant

If possible, submit an application with a co-applicant. The co-applicant could be your spouse or cohabitant partner, for example.

From the bank’s perspective, it is safer to grant consumer credit to two applicants, because the loan will be paid back by two persons. Applications submitted by co-applicants will often receive consumer and general-purpose credit at better loan terms. 

When applying for a loan, remember to take into account all other loan costs

The loan interest is not the only cost you should look out for. Other costs may be opening fees, handling fees, monthly fees, account management fees and invoicing fees.

Low interest rate does not always mean the cheapest loan, because various expenses are embedded in loan costs. These other costs may increase your loan costs considerably, so what appeared to be a cheap loan actually isn’t. This is why comparing loans solely on the basis of interest rate can be misleading.

When comparing loan offers, it is important to compare their overall costs. To do this, you should look at the annual percentage rate, which is always included by Sortter in its loan comparisons.

Loan calculator always shows annual percentage rate

The annual percentage rate means the overall costs of the loan or credit. The account management fee includes interest and costs, such as nominal interest rate, opening fees, handling fees, monthly fees, account management fees and invoicing fees.

Annual percentage rate is used for loans and credit cards, among others. The annual percentage rate is a good indicator for comparing loans, because it include the overall loan costs. Sortter’s loan comparison always compares loans on the basis of annual percentage rate – this way you can be user that what appears to be a cheap loan offer actually is so.

 The annual percentage rate contains all loan costs.

 These costs may be, for example

  • Interest rate
  • Opening fees 
  • Handling fees 
  • Monthly fees
  • Account management fees
  • Invoicing fees

An EU directive and the Consumer Protection Act require that banks indicate the annual percentage rate clearly in their loan advertisements. If the annual percentage rate is in small print or expressed unclearly, you may not notice it.

You can also check your annual percentage rate with the Sortter loan calculator by entering your loan details, such as loan period, loan sum, nominal interest rate and any monthly fees and account opening fees.

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Did you know that you can repay consumer credit prematurely?

In Finland, the law is on the consumer’s side also in terms of loan payment periods. As a consumer, you can repay your loan prematurely or pay larger monthly instalments that originally agreed.

Loan interest is calculated only on the remaining loan amount, meaning that a loan paid back earlier will be cheaper in real terms. 

FAQ loan comparison

  • Through our service, you can apply for and compare loans between 1,000 and 60,000 euros.

  • Using the calculator is easy – just select a loan sum, loan period, interest rate and other costs, and the calculator will show you the monthly instalment, overall costs and annual percentage rate. We will also calculate for you the number of instalments, and itemise the euro costs of interest and loan servicing costs.

  • You can use the loan calculator according to your need, to learn about the actual costs of consumer credit, hire purchase agreement and card credit.

  • When choosing a loan period, you should pay attention to the amount of the monthly instalment. You can pay back the loan between 1 and 15 years, but you can increase the monthly instalments or pay back the entirely loan prematurely, too. If you can, paying higher instalments is worth it, because this way the interest costs will be lower.

Comparing unsecured loans is sound financial management

It is always a good idea to compare the interest rates on unsecured forms of credit before you take out a new loan. It does not take much effort to compare the interest charged for credit, and you can avoid paying unnecessary credit fees and find loan conditions that suit you.

It is also wise to obtain regular competitive offers for the interest on your existing debts, part-payment agreements or credit cards. Old credit agreements can be paid off with a more affordable loan, leading to lower credit costs and more money in your pocket.

The loan with the lowest interest rate may not necessarily be the best value overall. For this reason, it is worth comparing the annual percentage rates of interest, which indicate the total costs of each loan. At Sortter, we always compare loans according to the annual percentage rate.

How to find loan with best interest rate?

We are a fully Finnish banking and finance comparison platform. We are always on the side of consumers – comparing prices, but we do not actually grant any loans. You can submit a loan application through us, after which banks and financial institutions will make loan offers to you.

We can help you identify the most competitive consumer credit offered by banks and financial institutions free of charge.

  • Apply for consumer credit, we will compare offers for you for free
  • You can reach dozens of banks and financial institutions with a single application
  • You can apply for consumer credit without collateral or guarantors

Loans compared

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This much we have compared loans during the past 30 days.

The loan calculator shows your loan costs regardless of what the money will be used for

You can apply for a long between 1,000 and 60,000 euros for a variety of uses and life situations. The most common loans are renovation loancar loan, wedding loan and combination loan.

Taking a loan can be a less expensive way of financing a car than a financing agreement with a car dealership or your own bank. With a can loan, you are considered a cash buyer, meaning that you do not have to worry about the last, higher instalment, called residual payment.

Renovations make for a more comfortable home and boost the value of your home. Take out a renovation loan when you hire someone to do the renovation for you.

Consumer credit or flexible credit is good for financing a variety of purchases and needs. The loan period is flexible: 1 to 15 years.

Get loan offers and compared them with Sortter’s help

The loan calculator helps you to see expenses of an existing loan, but also to check the costs of a new loan very accurately. The calculator can also perform a loan stress test.

Applying for a loan and getting competitive tenders from banks is safe and easy through Sortter – and it’s always free for consumers. 

The loan comparison works as follows

  1. Submit a loan application on the Sortter website
  2. Compare the loan offers
  3. Select the loan that suits you best
  4. Submit the attachments requested by the loan provider (such as income certificate)
  5. Sign the loan agreement with the loan provider using your banking credentials or mobile certificate
  6. The money will be paid into your account very quickly – sometimes even on the same day