Repayment Calculator – Estimate Your Loan Payments
Generate the repayment schedule for any fixed-rate loan.
About the Repayment Calculator
What is the Repayment Calculator?
A repayment calculator shows the monthly repayment and the full schedule for any fixed-rate loan.
Why use this calculator?
Whether it is a car loan, a personal loan or a business loan, the repayment schedule tells you exactly how much principal and interest you pay each year.
How to use it
- Enter the amount, rate and term.
- Read the monthly repayment.
- Scroll the schedule to see the balance fall over time.
Formula
M = P·r(1+r)^n / ((1+r)^n − 1)
Assumes equal payments at a fixed rate with no fees.
Frequently Asked Questions
Can I repay a loan early?
Usually yes, sometimes with a prepayment penalty. Paying early reduces total interest because less interest accrues.
Why does the schedule show more interest early?
Interest is charged on the outstanding balance, which is highest at the start, so early payments are interest-heavy.
What is the difference between principal and interest?
The principal is the amount you borrow. Interest is the fee charged for borrowing it, shown either as an annual rate (APR) or a periodic rate. Early payments go mostly toward interest; later payments go mostly toward principal.
How does the loan term affect my payment?
A longer term lowers the monthly payment but increases the total interest you pay over the life of the loan. A shorter term raises the monthly payment but costs less overall.
What is an amortization schedule?
It is a table that breaks every payment into its principal and interest portions and shows the remaining balance after each payment.
Should I make extra payments?
Extra payments reduce principal directly, which shortens the loan and cuts total interest. Many loans have no prepayment penalty, but check your agreement first.
What is APR and how is it different from the interest rate?
The interest rate applies only to the balance. The APR (annual percentage rate) also includes fees and points, so it reflects the true yearly cost of the loan.
Is this calculator free to use?
Yes. Every calculator on this site is completely free, with no hidden fees, no subscriptions and no limits on how many times you can use it.
How accurate are the results?
We use standard, widely accepted formulas and calculate in your browser using double-precision arithmetic. Results are rounded for readability, so treat them as reliable estimates rather than a guarantee. Real-world factors can vary the true figure.
Can I add this calculator to my own website?
Yes. Open this calculator page and use the "Add to your website" box in the sidebar to copy a ready-made iframe snippet, then paste it into any HTML page.