Repayment Calculator
Calculate your loan repayment amount with monthly payment, total interest, and amortization schedule.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Repayment Calculator
This calculator computes your monthly loan payment, total payment, and total interest using the standard amortization formula. Follow these steps:
- Enter Loan Amount ($): Type the total amount you want to borrow (e.g., 10000). Must be a positive number.
- Enter Annual Interest Rate (%): Input the yearly interest rate as a percentage (e.g., 5 for 5%). Can be zero.
- Enter Loan Term (Years): Specify the repayment period in whole years (e.g., 10). Minimum is 1 year.
- Click "Calculate": Press the blue button to run the calculation.
Outputs:
- Monthly Payment: Fixed amount due each month.
- Total Payment: Sum of all monthly payments over the loan term.
- Total Interest: Total interest paid (total payment minus loan amount).
- Amortization Schedule: A table showing each payment's breakdown into principal and interest, plus the remaining balance.
Note: All monetary values are in US dollars ($). The calculator uses monthly compounding based on the annual rate divided by 12.
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Frequently Asked Questions
A repayment calculator helps you estimate your monthly loan payments, total interest, and total payment over the loan term based on the loan amount, interest rate, and term.
The monthly payment is calculated using the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is number of payments.
Yes, this calculator works for fixed-rate loans such as mortgages, auto loans, personal loans, and student loans. It assumes equal monthly payments.
