Repayment CalculatorFree online financial calculator — instant results, no sign-up
Payment needed to repay a loan in a set time.
Estimates only, based on the inputs and assumptions shown. This is not financial, investment, tax, or legal advice. Prices, rates and local rules may change; crypto scenarios do not predict returns. Confirm important decisions with a qualified professional.
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About the Repayment Calculator
This calculator determines the fixed monthly payment required to fully pay off a loan over a specified number of years. It helps borrowers plan personal, auto, or consolidation loan payoffs by projecting periodic payments and total financing costs.
- Loan balance
- The total amount borrowed or current outstanding principal, entered in dollars (typically $1,000 to $1,000,000).
- Rate
- The annual interest rate on the loan as a percentage (typically 1% to 35%).
- Years
- The duration of the repayment period in full or fractional years (typically 1 to 30 years).
Formula and method
M = P × [r(1 + r)^n] / [(1 + r)^n − 1] Total Payments = M × n Total Interest = Total Payments − P
- MFixed monthly repayment amount
- PLoan balance (principal)
- rMonthly interest rate, calculated as (Rate / 100) / 12
- nTotal number of monthly payments, calculated as Years × 12
The annual interest rate is divided by 12 to establish a monthly compounding rate, and the repayment term is multiplied by 12 to find the total number of periods. Standard fixed-rate amortization formulas compute the monthly installment, and total interest is derived by subtracting the principal from the sum of all scheduled payments.
Worked example
These are the calculator's starting values and the results it actually produces for them.
Inputs
- Loan balance10000 $
- Rate8 %
- Years3
Results
- Monthly payment$313.36
- Total of payments$11,281.09
- Total interest$1,281.09
How to use the Repayment Calculator
- 1Convert the loan term into months (Years × 12) and the annual rate into a decimal monthly rate (Rate ÷ 1,200).
- 2Calculate the monthly payment using the standard fixed-rate amortization formula.
- 3Multiply the monthly payment by the total number of months to calculate the total amount repaid.
- 4Subtract the original loan balance from the total amount repaid to determine cumulative interest.
Reading your result
The 'Monthly payment' represents the regular installment due each month to retire the debt on schedule. The 'Total of payments' shows the complete cash outflow over the entire term, while 'Total interest' reveals the borrowing surcharge beyond the original loan balance.
Limitations
The calculation assumes a constant interest rate and strictly on-time monthly payments throughout the term. It does not account for upfront origination fees, variable rates, late penalties, payment holidays, or accelerated principal prepayments.
Common questions
How does extending the repayment term affect total costs?+
Increasing the number of years lowers your required monthly payment because the principal is spread over more periods, but it increases the total interest paid over the life of the loan.
Can I pay off my loan faster than the schedule shows?+
Yes, making extra payments reduces the principal faster and cuts total interest, provided your lender does not charge a prepayment penalty.
Does this calculation include loan fees or insurance?+
No, it accounts only for the principal balance and the stated interest rate. Any administrative fees, closing costs, or mandatory insurance must be added separately.
Does the calculator save my information?+
Calculations run in your browser. While signed in, inputs and results are automatically recorded in account history; saving a result creates a separate saved record.
Further reading
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Results are estimates for informational purposes and are not financial, medical or legal advice.