Loan Repayment Calculator
Calculate monthly payments, total interest, and create a detailed amortization schedule for any loan
The Loan Repayment Calculator helps you understand the full cost of borrowing money. Calculate monthly payments, see how much interest you'll pay over the life of the loan, and view a detailed payment schedule.
Loan Details
Additional Options
Quick Scenarios
Repayment Summary
Enter loan details to calculate repayment information
How Loan Repayment Works
Payment Calculation Formula
Monthly payment is calculated using the standard loan payment formula:
Where:
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments
Amortization Process
Each payment is split between principal and interest:
- Interest = Current balance × monthly rate
- Principal = Payment amount - Interest
- New balance = Previous balance - Principal
Early payments have more interest, later payments have more principal.
Payment Frequency Impact
Monthly Payments
Frequency: 12 payments/year
Pros: Standard option, predictable
Cons: Highest total interest
Best for: Most borrowers
Bi-weekly Payments
Frequency: 26 payments/year
Pros: Pay off faster, less interest
Cons: More frequent payments
Best for: Paid bi-weekly
Weekly Payments
Frequency: 52 payments/year
Pros: Fastest payoff, least interest
Cons: Very frequent payments
Best for: Paid weekly
Example: $20,000 Personal Loan
Loan Terms: $20,000 at 8.5% for 5 years
Loan Details
Total Cost
Frequently Asked Questions
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal amount. APR (Annual Percentage Rate) includes the interest rate plus additional fees and costs, giving you the true cost of the loan.
Should I make extra payments toward my loan?
Extra payments can significantly reduce the total interest paid and shorten the loan term. However, consider your other financial goals and whether you have higher-interest debt to pay off first.
How does payment frequency affect my loan?
More frequent payments (bi-weekly or weekly) result in making more payments per year, which reduces the principal faster and saves on interest. Bi-weekly payments can save years off your loan term.
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