Loan Repayment Calculator
Calculate your monthly loan payments, total interest, and total payment based on loan amount, interest rate, and loan term.
Published by:
isCalculator Editorial Team
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How to use this tool?
This calculator computes your monthly payment, total interest, and total repayment for a fixed-rate loan.
- Enter Loan Amount – The total amount borrowed (e.g., 250000 for $250,000). Use a positive number.
- Enter Annual Interest Rate (%) – The yearly interest rate (e.g., 5.5 for 5.5%). Can be zero.
- Enter Loan Term (Years) – The repayment period in years (e.g., 30). Must be greater than zero.
- Click “Calculate” – The results appear below:
- Monthly Payment – Fixed amount due each month.
- Total Interest – Total interest paid over the loan term.
- Total Payment – Loan amount plus total interest.
Note: All monetary values are in US dollars ($). The formula assumes equal monthly payments with interest compounded monthly. If the interest rate is 0%, payments are simply the loan amount divided by the number of months.
Previous Results
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Frequently Asked Questions
The monthly payment is calculated using the formula M = P [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments.
Total interest is the total amount of interest you will pay over the life of the loan, calculated as total payment minus the loan amount.
Yes, this calculator works for fixed-rate loans such as mortgages, auto loans, personal loans, and student loans.
