Loan Repayment Calculator with Monthly Payment Breakdown
Calculate your monthly loan payment, total repayment, and total interest. Compare faster repayment with extra monthly payments and view a full amortization table.
Country
Currency
🏦
Calculate Loan Payments
Loan Details
The original amount borrowed
%
Typical personal loan rates vary by credit profile and country. Lower rates reduce total interest sharply.
⏱
📅
Used to estimate payoff date
yrs
Longer terms reduce monthly payments but increase total interest
Optional Faster Payoff
Optional extra amount paid each month to reduce interest and shorten payoff time
Monthly Payment
—
over full term
Total Interest
—
cost of borrowing
Total Repaid
—
principal + interest
Months to Pay Off
—
including any extra payment
Interest Saved
—
vs minimum payment only
Estimated Payoff Date
—
based on start date
Amortization Schedule
Month
Payment
Principal
Interest
Balance
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💡 Loan Repayment Tips
Extra monthly payments reduce interest fastest in the early years because your balance is still high.
Shorter loan terms usually save more than trying to refinance later, provided the monthly payment is affordable.
A small change in interest rate can materially change total repayment on longer loans.
Always compare total interest, not only monthly payment, before choosing a loan term.
A standard amortizing loan is repaid through fixed monthly payments. Each payment includes two parts: interest, which is the lender’s charge for borrowing, and principal, which reduces the amount you still owe.
At the start of the loan, more of each payment goes to interest because the balance is highest. Over time, the interest portion falls and the principal portion rises. That is why extra payments early in the term usually save the most interest.
The Formula
M = P × [r × (1 + r)^n] / [(1 + r)^n - 1]
M = monthly payment. P = loan principal. r = monthly interest rate. n = number of monthly payments.
Why Extra Payments Matter
If you pay more than the required monthly amount, the extra portion usually goes directly to principal. That reduces the balance faster, which lowers future interest charges and shortens the repayment timeline.
Example Loan Scenarios
Illustrative personal loan examples using fixed monthly payments.
Loan
Rate
Term
Monthly Payment
Total Interest
10,000
5%
3 years
300
799
25,000
6.5%
5 years
489
4,362
50,000
7.5%
7 years
757
13,578
100,000
4.9%
10 years
1,056
26,672
Frequently Asked Questions
How is monthly payment calculated?+
Monthly payment is calculated using the principal, the monthly interest rate, and the number of monthly payments. The formula spreads repayment evenly over the full term so the loan ends at zero balance.
Why does a longer loan term cost more?+
A longer term lowers the monthly payment, but it keeps the balance outstanding for more months. More months means more interest charged overall, even if the payment feels easier each month.
Do extra payments always reduce total interest?+
Yes, if the lender applies extra payments directly to principal and there is no prepayment penalty. Paying principal down earlier reduces the balance used to calculate future interest.
What is amortization?+
Amortization is the gradual repayment of debt through regular scheduled payments. The amortization schedule shows how much of each payment goes to interest, how much goes to principal, and what balance remains.
Should I choose a shorter term or lower monthly payment?+
A shorter term is usually cheaper overall because it reduces interest cost. A longer term may still be appropriate if cash flow flexibility matters more than minimizing total repayment.