Line Of Credit Calculator
Calculate the interest and total repayment on a line of credit based on your draw amount, annual interest rate, and repayment period.
Published by:
isCalculator Editorial Team
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How to use this tool?
This calculator determines the fixed monthly payment, total interest, and total repayment for a line of credit based on a fixed draw amount, annual interest rate, and repayment period in months.
- Enter Draw Amount ($): Input the total amount you plan to draw (e.g., 10000). Must be a positive number or zero.
- Enter Annual Interest Rate (%): Input the yearly interest rate as a percentage (e.g., 8.5 for 8.5%). Can be zero.
- Enter Repayment Period (Months): Input the number of months over which you will repay (e.g., 12). Must be a positive whole number.
- Click "Calculate": Press the button to compute the results.
- Monthly Payment: Fixed amount due each month.
- Total Interest Paid: Total interest cost over the loan term.
- Total Repayment: Sum of principal and interest paid.
Results shown:
Note: All monetary values are in US dollars. The calculator uses the standard amortization formula. If the draw amount is $0, all results are $0.
Previous Results
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Frequently Asked Questions
A line of credit is a flexible loan from a financial institution that allows you to draw funds up to a certain limit and repay over time, paying interest only on the amount used.
Interest is typically calculated daily based on the outstanding balance and the annual percentage rate (APR). Our calculator uses the standard amortization formula for equal monthly payments.
You need the draw amount (the principal you borrow), the annual interest rate (APR), and the repayment period in months.
