Repayment Calculator
Work out repayment options for various loan structures.
Inputs
$
%
years
Result
Monthly Payment$1,264.14
Total Interest$255,088.98
Total Paid$455,088.98
About the Repayment Calculator
The Repayment Calculator computes the monthly payment needed to pay off a loan in a chosen number of years, and shows the total interest cost.
Calculation method
Standard amortization solved for the payment given loan amount, rate, and term.
M = P × r × (1 + r)^n / ((1 + r)^n − 1)How to use this calculator
- Enter the loan amount.
- Enter the annual interest rate.
- Enter your target payoff term in years.
Example
A $40,000 loan at 7% paid off in 7 years requires a monthly payment of about $604.
Frequently asked questions
Shorter term or extra payments?
Both work. A shorter term locks in higher payments; extra payments give flexibility to slow down if cash gets tight.
How does term affect total interest?
Doubling the term more than doubles the interest paid on typical rates. Choose the shortest term you can comfortably afford.
Should I round up my payment?
Rounding a $487 payment to $500 is an easy way to shave months off the schedule without a big lifestyle change.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for decisions specific to your situation.