Loan Repayment Calculator
Enter an amount, rate and term to see the fixed monthly repayment on any amortising loan and the total interest you will hand over.
Monthly payment
$303.43
60 payments
Total interest
$3,205.71
Total repaid
$18,205.71
- Amount borrowed
- $15,000.00
- Monthly rate
- 0.6583%
- Annual cost of credit
- $3,641.14
- Interest as a share of the loan
- 21.4%
How this was calculated
- 1.Monthly rate i = 7.9% ÷ 12 = 0.6583%.
- 2.Term n = 5 × 12 = 60 payments.
- 3.Payment = P · i / (1 − (1+i)⁻ⁿ) = $303.43.
- 4.Total repaid = $303.43 × 60 = $18,205.71.
A fixed-rate amortising loan. Variable-rate loans, payment holidays and arrangement fees are not included.
How the loan repayment calculation works
A standard loan is repaid in equal instalments, each covering the interest due that month plus some capital. The amortising payment formula finds the instalment that clears both by the final month.
At 0% interest the formula collapses to amount ÷ number of payments, which is why interest-free finance is simple to check by hand.
Worked example
Borrow $15,000 at 7.9% over five years.
- →Monthly rate = 7.9% ÷ 12 = 0.6583%
- →Payments = 5 × 12 = 60
- →Payment = 15,000 × 0.006583 / (1 − 1.006583⁻⁶⁰)
Answer: About $303 a month and $3,190 of interest over the five years.
Loan Repayment FAQs
What is the difference between this and the mortgage calculator?
The maths is identical — both model an amortising loan. The mortgage version adds a property price and deposit so you can see the loan-to-value split.
Will overpaying save me money?
Yes. Any extra payment goes straight to capital, so interest stops accruing on it for the rest of the term. Even small regular overpayments shorten the loan noticeably.
Why does a longer term cost more overall?
You borrow the same capital for longer, so interest accrues for more months. A longer term lowers the monthly payment but raises the total.
Loan Repayment Calculator is part of the financial calculators collection on Calcora, alongside 8 other tools. Results are calculated in your browser and are for information only — see our disclaimer.
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