Loan Calculator
Monthly payment, total interest, and full repayment table. Suitable for personal loans, car loans, or any fixed-rate loan.
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Repayment Table — First 36 Months
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | 1,521 | 1,271 | 250 | 48,729 |
| 2 | 1,521 | 1,277 | 244 | 47,451 |
| 3 | 1,521 | 1,284 | 237 | 46,168 |
| 4 | 1,521 | 1,290 | 231 | 44,877 |
| 5 | 1,521 | 1,297 | 224 | 43,581 |
| 6 | 1,521 | 1,303 | 218 | 42,277 |
| 7 | 1,521 | 1,310 | 211 | 40,968 |
| 8 | 1,521 | 1,316 | 205 | 39,651 |
| 9 | 1,521 | 1,323 | 198 | 38,329 |
| 10 | 1,521 | 1,329 | 192 | 36,999 |
| 11 | 1,521 | 1,336 | 185 | 35,663 |
| 12 | 1,521 | 1,343 | 178 | 34,320 |
| 13 | 1,521 | 1,349 | 172 | 32,971 |
| 19 | 1,521 | 1,390 | 131 | 24,731 |
| 25 | 1,521 | 1,433 | 88 | 16,241 |
| 31 | 1,521 | 1,476 | 45 | 7,493 |
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How this calculator works
The calculator uses the Spitzer (annuity / equal-payment) formula, the default repayment method in Israeli banks for personal and consumer loans. The monthly payment is fixed for the life of the loan; what changes month by month is the split between interest and principal. Early payments are mostly interest; later payments are mostly principal. The math: monthly payment = P × (r × (1+r)^n) / ((1+r)^n − 1), where P is principal, r is monthly rate (annual ÷ 12), and n is the number of months.
The amortization table shows the first 60 months in detail. Each row recomputes: interest = balance × r, principal = payment − interest, new balance = old balance − principal. Equal-principal loans (Keren Shava) work differently — they pay the same chunk of principal every month and a declining interest, so payments start higher and drop. This calculator implements Spitzer; for equal-principal scenarios use the dedicated mortgage tool.
2026 context:Israeli prime rate is set as Bank of Israel base + 1.5%. A "Prime"-linked loan floats with that rate; a fixed-rate loan locks in today's number. Personal-loan rates for high-credit borrowers in 2026 sit roughly 5-9% APR; auto and credit-card loans run higher. The displayed APR (ribit moutzeget) is what to compare across offers — it includes fees and compounding effects beyond the headline rate.
What it does NOT calculate
- Early-repayment penalties (amalat priah mukdemet) — capped by Bank of Israel regulation but still a real cost on fixed-rate loans.
- Variable-rate trajectories — this assumes the rate stays constant for the entire term.
- Origination or insurance fees that are sometimes folded into the loan principal.
- Tax effects (consumer-loan interest is not tax-deductible in Israel).
- Late-payment penalties or grace periods.
Worked examples
Example 1 — ₪50,000 personal loan, 6% APR, 36 months. Monthly payment ₪1,521. Total paid ₪54,773. Interest ₪4,773 (9.5% of principal). Reasonable for a high-credit consumer loan in 2026.
Example 2 — ₪120,000 car loan, 8% APR, 60 months. Monthly ₪2,433. Total ₪145,989. Interest ₪25,989 (21.7% of principal). The 5-year horizon plus a higher rate doubles the interest cost vs the personal loan above.
Example 3 — ₪30,000 credit-card "splits", 14% APR, 24 months. Monthly ₪1,440. Total ₪34,562. Interest ₪4,562 (15.2%). High rates on short loans still compound — credit-card splits often disguise the true APR.
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FAQ
Spitzer vs equal-principal — which is cheaper?
Equal-principal pays less total interest because principal is reduced faster. Spitzer has a fixed monthly payment which is easier to budget. For the same loan amount and rate, equal-principal saves around 5-10% in total interest on a 5-7 year term.
Fixed vs prime-linked — which is safer?
Fixed protects against rate increases; prime-linked is cheaper when central-bank rates fall. In 2026, with rates in the middle of the long-run range, neither dominates. For loans under 3 years the difference is usually small.
What is APR (ribit moutzeget)?
The effective annual rate including fees and compounding. Always compare APR, not the headline rate. A loan with a low headline rate plus origination fees can have a higher APR than a higher-headline, no-fee competitor.
Can I repay early?
Yes. Israeli law allows early repayment on all consumer loans. A penalty (amalat priah mukdemet) applies on fixed-rate loans — typically capped at about 2% of the prepaid amount, decreasing with time remaining. Variable-rate loans have lower or no penalties.
How does loan length affect interest?
Longer terms reduce the monthly payment but increase total interest substantially. Doubling the term often more than doubles the interest paid. Shorter is cheaper if the payment fits the budget.
What if I miss a payment?
Late-payment interest (ribit pigurim) is added — set by regulation. After ~3 missed payments the loan can be declared in default. Banks usually contact borrowers before escalating; talking to the bank early is far better than waiting.
Sources & last updated
Spitzer formula from standard financial mathematics. Israeli prime-rate definition from Bank of Israel; early-repayment penalty caps from the Israeli Banking (Service to Customers) regulations. Updated for 2026 by the Yesh Cash Editor.