Loan Repayment Calculator
Calculate your monthly loan payments, total interest paid, and the overall cost of borrowing. Works for personal loans, auto loans, and other fixed-rate loans.
Monthly Payment
Total Interest
Total Cost
This calculator provides estimates and is for informational purposes only.
How Loan Payments Are Calculated
This calculator uses the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ – 1], where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the total number of payments.
Each monthly payment is split between principal and interest. In the early months, a larger portion goes toward interest. Over time, more of each payment reduces the principal balance.
Frequently Asked Questions
Does this include fees and insurance?
No. This calculator estimates principal and interest payments only. Actual costs may include origination fees, insurance, and other charges that vary by lender.
Should I choose a shorter or longer loan term?
Shorter terms have higher monthly payments but less total interest. Longer terms reduce monthly payments but cost more overall. Choose based on your budget and financial goals.
How does interest rate affect total cost?
Even a small rate difference has a significant impact. For a $25,000 loan over 5 years, the difference between 5% and 7% is over $1,300 in extra interest.