Loan Repayment Calculator
Calculate your monthly loan repayment, total interest, and full repayment schedule for any personal or car loan.
Loan Repayment Calculator
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The loan repayment calculator works out your monthly payment, total interest, and full repayment cost for any personal loan, car loan, or fixed-rate borrowing. Enter the loan amount, annual interest rate, and term — results appear in seconds, including a year-by-year amortization summary showing how your balance falls over time. Understanding your monthly repayment before you sign is essential. The headline loan amount tells you little about what you will actually pay — a $20,000 loan at 12% over 5 years costs $4,244 in interest; the same loan over 7 years costs $5,979. A higher rate of 18% over 5 years costs $6,720 in interest. These differences are significant, and the calculator makes them visible before you commit. This tool covers standard fixed-rate instalment loans: personal loans, car loans, and any other product where you borrow a lump sum and repay in equal monthly instalments over a fixed term. It does not cover variable-rate loans, offset mortgages, or revolving credit. Results are for informational purposes only and do not constitute financial advice.
How to Use the Loan Repayment Calculator
The Loan Repayment Calculator is designed to give you an accurate answer in seconds. Follow these steps:
- Step 1: Enter your loan amount — the total amount you are borrowing, not including any fees.
- Step 2: Enter the annual interest rate as a percentage. Check your loan agreement or lender quote for this figure.
- Step 3: Select your loan term — the number of years (or months) over which the loan is repaid.
- Step 4: Click Calculate. Your monthly repayment, total amount paid, and total interest appear instantly. Scroll down to see the year-by-year balance breakdown.
No account or sign-up required. All calculations run locally in your browser — nothing is stored or transmitted to any server.
How It Works
M = P × [r(1+r)^n] ÷ [(1+r)^n − 1] where r = annual rate ÷ 12 ÷ 100, n = months
The monthly payment formula is the standard loan amortization equation used by every bank and lender: Formula: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1] Where: - M = monthly payment - P = principal (loan amount) - r = monthly interest rate (annual rate ÷ 12 ÷ 100) - n = total number of months (years × 12) Example: $15,000 loan at 7.5% annual interest over 4 years. r = 7.5 ÷ 12 ÷ 100 = 0.00625 n = 4 × 12 = 48 M = 15,000 × [0.00625 × (1.00625)^48] ÷ [(1.00625)^48 − 1] M = 15,000 × [0.00625 × 1.3489] ÷ [1.3489 − 1] M = 15,000 × 0.008431 ÷ 0.3489 = $362.58/month Total paid = $362.58 × 48 = $17,403.84 Total interest = $17,403.84 − $15,000 = $2,403.84 Each monthly payment covers accrued interest first, then reduces the principal. Early payments are mostly interest; later payments are mostly principal. The amortization table shows this balance shift year by year.
Frequently Asked Questions
How do I calculate my monthly loan repayment?
Use the formula M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. For a $10,000 loan at 8% over 3 years, the monthly payment works out to $313.36. Enter your figures above for an instant result.
How much interest will I pay on a personal loan?
Total interest depends on the loan amount, rate, and term. A $10,000 loan at 8% over 3 years costs $1,281 in interest. The same loan over 5 years costs $2,166 — 69% more interest, though the monthly payment falls from $313 to $203. Shorter terms mean higher payments but significantly less total interest. Use the calculator to compare scenarios.
What is an amortization schedule?
An amortization schedule shows how each loan payment is split between interest and principal over the life of the loan. In early months, most of each payment goes to interest because the balance is highest. As the balance falls, more of each payment reduces the principal. By the final year, nearly all of each payment is principal reduction.
Does paying off a loan early save money?
Yes — paying extra reduces your principal faster, which reduces the interest that accrues each month. On a $15,000 loan at 7.5% over 5 years, adding $100/month extra saves roughly $800 in interest and cuts 10 months from the term. Check your loan agreement for early repayment fees, which some lenders charge to recover lost interest income.
Is the loan repayment calculator free?
Yes — free with no sign-up required. All calculations run in your browser and no data is stored. Adjust the loan amount, rate, or term to compare repayment scenarios side by side. For personalised financial advice, consult a qualified financial adviser.