Hire Purchase Calculator
Calculate your monthly HP payments and total cost
HP Details
Your HP Payment Summary
Monthly Payment
$7,086
Total Paid
$200,064
Down Payment$30,000
Amount Financed$120,000
Total of 24 Payments$170,064
Interest Rate36% per year
Total Interest Cost
$50,064
33.4% of item price
Cost Breakdown
Principal
Interest
Deposit
Principal
$120,000
Interest
$50,064
Down Payment
$30,000
Money-Saving Tips
- Increase your down payment to reduce interest costs
- Choose a shorter term if you can afford higher payments
- Compare with bank personal loan rates (typically 12-24%)
About Hire Purchase
With HP, you don't own the item until all payments are made. The seller can repossess if you default.
Learn moreCompare Options
Personal loans often have lower rates (12-24%) than HP (24-45%). Check if you qualify!
Personal Loan CalculatorImportant Disclaimer
The calculations and information provided on this website are for educational and informational purposes only and do not constitute financial, legal, or professional advice.
- Results are estimates based on the information you provide
- Actual loan terms may vary based on your credit profile and bank policies
- Interest rates are subject to change without notice
- Always consult with a licensed financial advisor before making financial decisions