# Loan Repayment Calculator (Loan Payoff)

URL: https://speedycalculator.com/calculators/finance/loan-repayment/
Last updated: 2026-10-25

> The loan repayment calculator works out the monthly repayment, total interest and payoff date of a loan – and how an extra monthly repayment shortens the loan and saves interest.

## Inputs

- Loan amount
- Interest rate (%)
- Compounding frequency
- Loan term (years, months)
- Extra monthly repayment
- First repayment date

## Results

- Monthly repayment
- Total interest
- Months with extra repayment
- Payoff date with extra repayment
- Interest with extra repayment
- Interest saved

## Formula

```
Repayment = pmt(i, n, L), i = r ÷ m converted to monthly
With extra repayment E: months = nper(i, repayment + E, L)
Interest saved = original interest − new interest
```

## Explanation

Small extra repayments early in the loan have the biggest effect. Check whether your loan allows overpayments without fees.

### How to use the Loan Repayment Calculator

- **Loan amount**
- **Interest rate**
- **Compounding frequency**
- **Loan term**
- **Extra monthly repayment**
- **First repayment date**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the loan amount, interest rate, compounding, term and any extra monthly repayment.

### Tips

- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.

### Common mistakes to avoid

- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.

### Inputs explained

FieldWhat to enterLoan amountAmount in your currencyInterest rateIn %Compounding frequencyChoose one: Yearly, Semi-annually, Quarterly, Monthly …Loan termUnits: years, monthsExtra monthly repaymentAmount in your currencyFirst repayment dateA date

### What each result means

- **Monthly repayment** = pmt([Monthly rate], round([Loan term]×12), [Loan amount])
- **Total interest** = [Monthly repayment]×round([Loan term]×12) - [Loan amount]
- **Months with extra repayment** = nper([Monthly rate], [Monthly repayment] + [Extra monthly repayment], [Loan amount])
- **Payoff date with extra repayment** = addmonths([First repayment date], [Months with extra repayment] - 1)
- **Interest with extra repayment** = ([Monthly repayment] + [Extra monthly repayment])×[Months with extra repayment] - [Loan amount]
- **Interest saved** = [Total interest] - [Interest with extra repayment]

### Example values

How the main result changes when **Loan amount** changes and everything else stays at the example values above:

Loan amountMonthly repayment5,00059.357,50089.0310,000118.712,500148.3815,000178.0520,000237.4

## Worked example

Inputs — Loan amount: $10,000; Interest rate: 7.5 %; Compounding frequency: Monthly; Loan term: 10 years; Extra monthly repayment: $50; First repayment date: 2026-11-24.

Results — **Monthly repayment = $118.70**; Total interest = $4,244.21; Months with extra repayment = 74; Payoff date with extra repayment = Fri, December 24, 2032; Interest with extra repayment = $2,530.80; Interest saved = $1,713.41.

## FAQ

**How can I repay my loan faster?**
Add a fixed extra amount each month or make lump-sum payments.

**Are there penalties for early repayment?**
Some loans charge them; most personal and auto loans don't.

**How much will I save?**
The calculator shows the interest saved and the new payoff date.

**What formula does the Loan Repayment Calculator use?**
Repayment = pmt(i, n, L), i = r ÷ m converted to monthly.


## Sources

- [Consumer Financial Protection Bureau](https://www.consumerfinance.gov/)