Loan Repayment Calculator
Plan your loan repayment with detailed payment breakdowns and see how your balance declines over time.
Loan Details
The total amount you are borrowing.
The length of the loan in years. Determines how long you’ll make payments.
Annual interest rate (APR) for the loan. Used to calculate interest charged each month.
The clearest loan decisions come from seeing the full cost over time.
About this calculator
This Loan Repayment Calculator shows how a loan is repaid over time using fixed monthly payments.
It helps you understand your monthly payment, total interest paid, and how much of each payment goes toward principal versus interest as the loan balance decreases.
Use this calculator to better understand the long-term cost of a loan before committing to it.
What each input means
- Loan amount is the total amount borrowed.
- Loan term is how long you have to repay the loan.
- Interest rate is the annual percentage rate (APR) used to calculate interest.
- Monthly payment is the fixed amount paid each month, including principal and interest.
How does loan repayment work?
Loan repayment is the process of paying off a loan through regular, fixed payments over a set period of time.
Each payment includes interest, calculated on the remaining loan balance, and principal, which reduces the balance.
Early in the loan, a larger portion of each payment goes toward interest because the balance is highest. As the balance declines, more of each payment goes toward principal.
Factors that affect your loan repayment
- Interest rate – Higher rates increase monthly payments and total interest paid.
- Loan term – Longer terms lower monthly payments but increase total interest; shorter terms raise payments but reduce interest.
- Loan amount – Larger loans require higher monthly payments and result in more interest over time.
Key assumptions & limitations
- Fixed interest rate – Assumes a fixed interest rate.
- On-time payments – Payments are made on time and in full.
- No fees, taxes, or insurance – Does not include fees, taxes, or insurance.
- No extra payments or refinancing – Does not account for extra payments or refinancing.
- Estimates only – Results are estimates, not financial advice.
This calculator is intended for education and planning purposes.