Loan Repayment Calculator
Calculate your monthly payments with precision
Total Payments:
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Total Interest:
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Use our free online loan calculator to estimate monthly payments, total interest, and amortization schedule. Perfect for personal loans, auto loans, and debt consolidation planning.
Calculate your monthly loan payments, total interest costs, and create an amortization schedule for any type of loan including mortgages, auto loans, and personal loans.
Loan amortization is the process of paying off a loan through regular payments over time. Each payment covers both interest charges and principal reduction. In the early years of a loan, most of your payment goes toward interest, while in later years, more goes toward reducing the principal balance.
Understanding amortization helps you see the true cost of borrowing and plan your financial future. It also shows you how extra payments can significantly reduce your total interest costs and shorten your loan term.
Our calculator uses the standard loan payment formula to determine your monthly payment:
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)
• n = Total Number of Payments (Loan Term in Years × 12)
Calculate monthly payments for home purchases, refinancing, or home equity loans with terms from 10 to 30 years.
Plan your car purchase with loan terms typically ranging from 2 to 7 years for new and used vehicles.
Calculate payments for debt consolidation, home improvements, or major purchases with flexible terms.
The principal is the original loan amount borrowed, while interest is the cost of borrowing that money. Your payments are split between reducing the principal and paying interest charges.
APR includes both the interest rate and any additional fees or costs, giving you a more accurate picture of the total cost of borrowing.
This detailed table shows how each payment is allocated between principal and interest over the life of the loan, helping you understand how your balance decreases over time.
Even one extra payment per year can reduce a 30-year mortgage by several years and save thousands in interest.
Shorter loan terms typically have lower interest rates and significantly reduce total interest costs, though monthly payments are higher.
A higher credit score can qualify you for lower interest rates, potentially saving you thousands over the life of a loan.
The interest rate is the cost of borrowing the principal, while APR includes additional fees and costs. APR gives you a better picture of the total borrowing cost.
Longer terms mean lower monthly payments but higher total interest costs. Shorter terms have higher payments but lower total costs.
Most loans allow early repayment, but some may have prepayment penalties. Check your loan agreement and consider the savings from reduced interest.
Calculate your monthly payments with precision