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
| Field | What to enter |
|---|---|
| Loan amount | Amount in your currency |
| Interest rate | In % |
| Compounding frequency | Choose one: Yearly, Semi-annually, Quarterly, Monthly … |
| Loan term | Units: years, months |
| Extra monthly repayment | Amount in your currency |
| First repayment date | A 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 amount | Monthly repayment |
|---|---|
| 5,000 | 59.35 |
| 7,500 | 89.03 |
| 10,000 | 118.7 |
| 12,500 | 148.38 |
| 15,000 | 178.05 |
| 20,000 | 237.4 |
Formula
Repayment = pmt(i, n, L), i = r ÷ m converted to monthlyWith extra repayment E: months = nper(i, repayment + E, L)Interest saved = original interest − new interestWorked 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.
Frequently asked questions
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.