// CREDIT & LOANS

Loan Repayment Calculator

Use this free loan repayment calculator to see your monthly payment, total interest, and how extra payments can cut months off your loan.

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    How to use this loan repayment calculator

    Enter the amount you borrowed, the interest rate (APR) and the loan term in years. Add an extra monthly payment to see how much interest you save and how much sooner you become debt-free.

    The loan repayment calculator uses the standard amortization formula lenders use, so results should be close to your lender's figures, although fees and rate changes can make them differ. Before taking a new loan, compare offers by APR and total cost. The Consumer Financial Protection Bureau has free guides to borrowing safely.

    Frequently Asked Questions

    How is the monthly payment calculated?
    This calculator uses the standard amortization formula used by banks: each payment covers that month's interest first, and the rest reduces your balance. Early payments are mostly interest; later payments are mostly principal.
    Do extra payments really make a difference?
    Yes. Every extra dollar goes straight to the principal, which reduces the interest charged every month after. On most loans, a small extra payment cuts months or years off the term.
    What is the difference between APR and interest rate?
    The interest rate is the cost of borrowing the money. APR also includes fees, so it is the better number for comparing loans. If you only know one, enter that.

    For educational purposes only — not financial, tax or legal advice. Results are estimates; check with a qualified professional before making major decisions.