Loan Repayment Calculator
Calculate loan repayments, total interest, and generate amortization schedules for your mortgages, auto loans, or personal loans. Make informed decisions about your borrowing and repayment strategies.
Note: Enter your loan details in the form below. All values should be in the same currency unit (e.g., USD, EUR, etc.). The amortization schedule will show how your payments reduce the principal over time.
About Loan Repayment Calculations
This loan repayment calculator helps you understand the cost of borrowing money and plan your repayment strategy effectively. It uses standard amortization formulas to calculate your regular payments and show how your loan balance decreases over time.
How the Calculator Works
The calculator uses the following formula to determine your regular payment amount:
Payment = P × [r(1 + r)^n] ÷ [(1 + r)^n - 1]
Where:
P = Principal (loan amount)
r = Periodic interest rate (annual rate divided by payment frequency)
n = Total number of payments
Benefits of Making Extra Payments
Adding extra payments to your regular loan payments can significantly reduce the total interest paid and shorten your loan term. Even small additional amounts applied directly to the principal can save thousands over the life of a long-term loan like a mortgage.
Understanding the Amortization Schedule
The amortization schedule breaks down each payment to show how much goes toward the principal (reducing your loan balance) and how much goes toward interest. Early in the loan, a larger portion of each payment goes toward interest. As the loan matures, more of each payment reduces the principal.