Enter loan details
Input the loan amount, annual interest rate, and loan term in years to calculate your repayment plan.
Free tool
Free Loan Repayment Calculator
A loan repayment calculator computes your monthly payment, total interest, and full amortization schedule for any fixed-rate loan. Enter the loan amount, annual interest rate, and term to see exactly how your payments break down between principal and interest over time.
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Calculator inputs
Enter your loan details
Sample values are loaded so you can test the calculator immediately. Replace them with your actual loan details.
Monthly payment
$489.15
60 payments over 5 years
Payment breakdown chart
Principal vs interest over time
Early in the loan, most of your payment goes to interest. Over time the principal portion grows as the balance shrinks.
Principal
Interest
Amortization schedule
Month-by-month payment breakdown
| Month | Payment | Principal | Interest | Balance | Total Interest |
|---|---|---|---|---|---|
| 1 | $489.15 | $353.73 | $135.42 | $24,646.27 | $135.42 |
| 2 | $489.15 | $355.65 | $133.50 | $24,290.62 | $268.92 |
| 3 | $489.15 | $357.58 | $131.57 | $23,933.04 | $400.49 |
| 4 | $489.15 | $359.51 | $129.64 | $23,573.53 | $530.13 |
| 5 | $489.15 | $361.46 | $127.69 | $23,212.07 | $657.82 |
| 6 | $489.15 | $363.42 | $125.73 | $22,848.65 | $783.55 |
| 7 | $489.15 | $365.39 | $123.76 | $22,483.26 | $907.31 |
| 8 | $489.15 | $367.37 | $121.78 | $22,115.89 | $1,029.09 |
| 9 | $489.15 | $369.36 | $119.79 | $21,746.53 | $1,148.88 |
| 10 | $489.15 | $371.36 | $117.79 | $21,375.17 | $1,266.67 |
| 11 | $489.15 | $373.37 | $115.78 | $21,001.80 | $1,382.45 |
| 12 | $489.15 | $375.39 | $113.76 | $20,626.41 | $1,496.21 |
How to use this calculator
Get a repayment estimate in three steps
This free loan repayment calculator works for mortgages, auto loans, personal loans, and any fixed-rate loan.
Review the breakdown
See your monthly payment, total interest, and total cost at a glance. The chart shows how principal and interest shift over time.
Export the schedule
Download the full amortization table as a CSV to plan your budget or share with a lender.
FAQ
Common loan repayment questions
Answers to the most common questions about loan payments, amortization, and interest calculations.
How is my monthly loan payment calculated?
This calculator uses the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is the monthly interest rate, and n is the number of payments. The result is a fixed monthly payment that covers both principal and interest over the loan term.
What is an amortization schedule?
An amortization schedule is a table showing every monthly payment broken down into principal and interest portions. Early payments are mostly interest, while later payments are mostly principal. This calculator generates the full schedule so you can see exactly where your money goes each month.
How does interest rate affect my total cost?
Even small differences in interest rate have a big impact over time. For example, on a $200,000 30-year mortgage, a 1% rate increase adds roughly $40,000 in total interest. Use this calculator to compare different rate scenarios before committing.
Can I use this for any type of loan?
Yes. This loan repayment calculator works for mortgages, personal loans, auto loans, student loans, and any fixed-rate amortizing loan. It assumes a fixed interest rate and equal monthly payments over the full term.
How do extra payments affect my loan?
Extra payments reduce your principal faster, which lowers the total interest you pay and shortens the loan term. Even an extra $50 or $100 per month can save thousands over the life of a loan.
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