This loan repayment calculator finds your monthly payment, the total repaid, and the total interest from the loan amount, rate, and term. Enter your figures above.
Formula
M = P × [ r(1+r)ⁿ ] ÷ [ (1+r)ⁿ − 1 ]
Example
$20,000 at 7% over 5 years: monthly payment about $396, total interest about $3,761 over the loan.
Pay off faster
Extra payments toward principal shorten the term and cut total interest. Check that your loan has no prepayment penalty.
Good to know
These results are estimates for educational purposes only and are not financial advice. Rates, fees, and terms vary by lender and situation — confirm figures with a licensed professional before making decisions. Last updated: August 2026.
Frequently Asked Questions
How do I calculate loan repayment?
Use the amortization formula with the principal, the monthly rate, and the number of payments to get the fixed monthly amount.
How can I reduce total interest?
Choose a shorter term or make extra principal payments; both lower the interest you pay over the loan.
What is amortization?
It is how each payment splits between interest and principal, with more going to principal as the balance falls.