Loan calculator for monthly payments and interest
Type the amount, the term and the yearly rate to see what you pay each month, how much interest the loan costs, and what you still owe month by month.
How the loan is repaid
Your monthly payment
₪1,521
The same payment every month for 36 months.
- Loan amount₪50,000
- Total interest₪4,759
- Total paid back₪54,759
- Interest as a share of the loan9.5%
Each month the interest is 6% divided by 12, which is 0.5%, of what you still owe, and the rest of the payment repays the loan.
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This table shows what you pay and what you still owe after each month.
| Month | Payment | Interest | Loan repaid | Still owed |
|---|---|---|---|---|
| 1 | ₪1,521 | ₪250 | ₪1,271 | ₪48,729 |
| 2 | ₪1,521 | ₪244 | ₪1,277 | ₪47,451 |
| 3 | ₪1,521 | ₪237 | ₪1,284 | ₪46,168 |
| 4 | ₪1,521 | ₪231 | ₪1,290 | ₪44,877 |
| 5 | ₪1,521 | ₪224 | ₪1,297 | ₪43,581 |
| 6 | ₪1,521 | ₪218 | ₪1,303 | ₪42,277 |
| 7 | ₪1,521 | ₪211 | ₪1,310 | ₪40,968 |
| 8 | ₪1,521 | ₪205 | ₪1,316 | ₪39,651 |
| 9 | ₪1,521 | ₪198 | ₪1,323 | ₪38,329 |
| 10 | ₪1,521 | ₪192 | ₪1,329 | ₪36,999 |
| 11 | ₪1,521 | ₪185 | ₪1,336 | ₪35,663 |
| 12 | ₪1,521 | ₪178 | ₪1,343 | ₪34,320 |
| 13 | ₪1,521 | ₪172 | ₪1,349 | ₪32,971 |
| 14 | ₪1,521 | ₪165 | ₪1,356 | ₪31,615 |
| 15 | ₪1,521 | ₪158 | ₪1,363 | ₪30,252 |
| 16 | ₪1,521 | ₪151 | ₪1,370 | ₪28,882 |
| 17 | ₪1,521 | ₪144 | ₪1,377 | ₪27,505 |
| 18 | ₪1,521 | ₪138 | ₪1,384 | ₪26,121 |
| 19 | ₪1,521 | ₪131 | ₪1,390 | ₪24,731 |
| 20 | ₪1,521 | ₪124 | ₪1,397 | ₪23,334 |
| 21 | ₪1,521 | ₪117 | ₪1,404 | ₪21,929 |
| 22 | ₪1,521 | ₪110 | ₪1,411 | ₪20,518 |
| 23 | ₪1,521 | ₪103 | ₪1,419 | ₪19,099 |
| 24 | ₪1,521 | ₪95 | ₪1,426 | ₪17,674 |
| 25 | ₪1,521 | ₪88 | ₪1,433 | ₪16,241 |
| 26 | ₪1,521 | ₪81 | ₪1,440 | ₪14,801 |
| 27 | ₪1,521 | ₪74 | ₪1,447 | ₪13,354 |
| 28 | ₪1,521 | ₪67 | ₪1,454 | ₪11,899 |
| 29 | ₪1,521 | ₪59 | ₪1,462 | ₪10,438 |
| 30 | ₪1,521 | ₪52 | ₪1,469 | ₪8,969 |
| 31 | ₪1,521 | ₪45 | ₪1,476 | ₪7,493 |
| 32 | ₪1,521 | ₪37 | ₪1,484 | ₪6,009 |
| 33 | ₪1,521 | ₪30 | ₪1,491 | ₪4,518 |
| 34 | ₪1,521 | ₪23 | ₪1,499 | ₪3,020 |
| 35 | ₪1,521 | ₪15 | ₪1,506 | ₪1,514 |
| 36 | ₪1,521 | ₪8 | ₪1,514 | ₪0 |
These common cases show what a loan costs each month at 6% a year.
| Loan amount | 12 months | 36 months | 60 months |
|---|---|---|---|
| ₪20,000 | ₪1,721 | ₪608 | ₪387 |
| ₪50,000 | ₪4,303 | ₪1,521 | ₪967 |
| ₪100,000 | ₪8,607 | ₪3,042 | ₪1,933 |
Each case is an equal-payments loan at 6% a year. For example, ₪100,000 over 60 months costs ₪1,933 a month, and in all you pay back ₪115,997, of which ₪15,997 is interest.
The payment comes from one formula, and the interest is worked out month by month.
- The yearly rate divided by 12 is the monthly rate. At 6% a year that is 0.5% a month.
- Each month the interest is the monthly rate times what you still owe, and the rest of the payment repays the loan.
- With equal payments (Spitzer) the payment is the same every month, so at first most of it is interest and each year more of it repays the loan. In the formula below, L is the loan, r is the monthly rate and n is the number of months.L × r ÷ (1 − (1 + r)−n)
- With equal principal each month repays the same slice of the loan, the loan divided by n, plus the interest on what is left, so the payment falls every month.
For example, a loan of ₪50,000 over 36 months at 6%: r is 0.5%, n is 36, and the payment is ₪1,521 a month. In the first month ₪250 of it is interest.
These three pages answer what people ask next about money in Israel.
Cost of Living in Israel
Rent, groceries and salaries in real numbers.
Shekel to Dollar
Today's rate, converted both ways.
Aliyah Guide
The whole move, step by step.
People ask these questions about loans.
How is a loan payment worked out?+
The payment is set so that the same amount every month pays off the loan and its interest exactly. Each month the interest is the yearly rate divided by 12, times what you still owe, and the rest of the payment repays the loan. For ₪50,000 over 36 months at 6%, that is ₪1,521 a month: in the first month ₪250 of it is interest, and in the last month only ₪8 is.
What is the real cost of a loan?+
The cost of a loan is the interest you pay on top of what you borrowed, and any fees on top of that. On ₪50,000 over 36 months at 6% you pay back ₪54,759 in all, so the loan costs ₪4,759, which is 9.5% of the amount. At 10% the same loan costs ₪8,081. The total paid back is the clearest way to compare two offers.
How much is a ₪50,000 loan over 36 months a month?+
At 6% a year, ₪50,000 over 36 months costs ₪1,521 a month with equal payments, and ₪54,759 in all. At 4% the payment is ₪1,476, at 8% it is ₪1,567, and at 10% it is ₪1,613.
Should I choose Spitzer or equal principal?+
Equal principal costs less in total but starts higher. On ₪50,000 over 36 months at 6%, equal principal costs ₪4,625 in interest against ₪4,759 with Spitzer, but its first payment is ₪1,639 against ₪1,521 and it falls to ₪1,396 in the last month. On a short loan the difference is small, so pick the payment you can carry from the first month.
An estimate with one fixed rate and no fees; a bank's offer can differ.
Borrowing to buy a home? The mortgage calculator starts from the price and your down payment, and shows the Bank of Israel's limits on the loan. To see what savings grow to instead, use the compound interest calculator.