Repayment Calculator
Calculate payments and terms for mortgages, auto loans, credit cards, and personal loans
Plan Your Debt Repayment
Our repayment calculator helps you understand the cost of borrowing and create a plan to pay off debts faster. Calculate monthly payments or see how extra payments can shorten your loan term.
Loan Information
Repayment Options
Repayment Summary
Monthly Payment
Total Interest
Payoff Time
Total Cost
Amortization Schedule
| Year | Interest Paid | Principal Paid | Balance |
|---|---|---|---|
| 2023 | $1,375.00 | $4,362.32 | $20,637.68 |
| 2024 | $1,136.57 | $4,600.75 | $16,036.93 |
| 2025 | $882.03 | $4,855.29 | $11,181.64 |
| 2026 | $614.99 | $5,122.33 | $6,059.31 |
| 2027 | $338.01 | $5,399.31 | $0.00 |
Note: This calculation assumes a fixed interest rate and regular monthly payments. Your actual repayment may vary based on lender terms and conditions. Extra payments are applied directly to the principal balance.
Understanding Loan Repayment
How Repayment Calculators Work
Repayment calculators use mathematical formulas to determine how long it will take to pay off a loan and how much interest you’ll pay over the life of the loan. The calculations are based on:
- Principal amount: The original loan amount you borrow
- Interest rate: The annual percentage rate (APR) charged by the lender
- Loan term: The length of time you have to repay the loan
- Payment frequency: How often you make payments (monthly is most common)
Types of Loans You Can Calculate
- Mortgages: Calculate monthly payments for different loan terms and interest rates
- Auto Loans: Determine affordable car payments based on loan amount and term
- Credit Cards: See how long it will take to pay off your balance with different payment amounts
- Personal Loans: Calculate fixed monthly payments for unsecured loans
- Student Loans: Estimate repayment amounts for federal and private student loans
Benefits of Extra Payments
Making extra payments toward your principal balance can significantly reduce the total interest paid and shorten your loan term:
- An extra $50/month on a $25,000 loan at 5% could save $1,500 in interest
- A single extra payment each year can reduce a 30-year mortgage by 4-8 years
- Extra payments early in the loan term provide the greatest interest savings
- Even small additional amounts can make a substantial difference over time