Loan Repayment Calculator
Work out your monthly payment for any loan, and see how extra payments speed up payoff.
Monthly Payment
- Total Repaid:
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- Total Interest:
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- Payoff Time:
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- Interest Saved by Extra Payments:
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How Loan Repayment Works
Every loan repayment is split between principal (what you borrowed) and interest (the cost of borrowing). Early in the loan, a larger share of each payment goes toward interest; later, more goes toward principal. Our loan repayment calculator shows your exact monthly payment using the standard amortization formula, regardless of whether it's a personal loan, car loan, or student loan.
Why Extra Payments Matter
Adding even a small extra amount to your monthly payment reduces the principal faster, which means less interest accrues over the life of the loan. Try entering an extra payment above to see exactly how many months — and how much interest — you could save.
Tips for Paying Off Loans Faster
Consider rounding your payment up to the nearest convenient figure, putting windfalls like tax refunds or bonuses toward the principal, and checking whether your lender allows early repayment without penalty before committing to a faster payoff plan.