Repayment Calculator

Modify the values and click the Calculate button to use

Enter a loan term to estimate the monthly payment.

Monthly Payment: $212.47

You will need to pay $212.47 every month for 5 years to payoff the debt.

Total of 60 loan payments: $12,748.23
Total Interest: $2,748.23
Payoff Date: Nov 2031

78% Principal22% Interest

Amortization schedule

Year	Date	Interest	Principal	Ending balance
1	Nov 2027	$926.96	$1,622.68	$8,377.32
2	Nov 2028	$757.05	$1,792.60	$6,584.72
3	Nov 2029	$569.34	$1,980.31	$4,604.42
4	Nov 2030	$361.98	$2,187.67	$2,416.75
5	Nov 2031	$132.90	$2,416.75	$0.00

Balance, interest, and payments over time

Balance
Interest
Payments

What this repayment calculator does

This calculator helps with two repayment questions:

Fixed Term: given a loan amount, term, and interest rate, estimate the required monthly payment.
Fixed Installments: given a loan amount, monthly payment, and interest rate, estimate how long repayment will take.

It calculates principal and interest only. It does not include fees, taxes, insurance, or other charges.

How to use this calculator

Fixed Term

Enter the loan amount.
Enter the loan term in years.
Enter the annual interest rate.
Click Calculate to see the monthly payment and amortization schedule.

Fixed Installments

Enter the loan amount.
Enter the fixed monthly installment.
Enter the annual interest rate.
Click Calculate to see the payoff time and total interest.

Repayment formulas

For a fixed term:

M = P × r × (1 + r)^n / ((1 + r)^n − 1)

P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. For a zero-interest loan, the monthly payment is P / n.

For a fixed installment:

n = -ln(1 - P × r / M) / ln(1 + r)

n is the number of monthly payments, which can include a fractional final payment. The installment must be greater than the monthly interest.

What the results include

Fixed Term: monthly payment, total of N loan payments, total interest, payoff date, and an amortization schedule.
Fixed Installments: payoff time, total of N loan payments, total interest, payoff date, and an amortization schedule.
Principal and interest split: the share of each payment that repays principal versus interest.

Frequently asked questions

What happens if my installment is too low?

If the installment is less than the monthly interest, the balance will not decrease. The calculator stops and asks for a larger installment.

Does this calculator include fees or insurance?

No. It shows principal and interest only. Add fees to the loan amount if you want to finance them.

What is the difference between Fixed Term and Fixed Installments?

Fixed Term starts with the loan term and calculates the required payment. Fixed Installments starts with the payment and calculates how long repayment will take.

Source

Reference: Consumer Financial Protection Bureau — Loans.

Disclaimer

This calculator is for informational and planning purposes only. It is not a loan offer, financial advice, or a guarantee of financing terms. Confirm all figures with a qualified lender or financial professional.

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