🏦 Loan Repayment Calculator
Estimate your monthly payment and total interest for a fixed-rate loan, whether it’s a personal loan, auto loan, or mortgage.
How Loan Repayments Are Calculated
This calculator uses the standard fixed-rate amortization formula that lenders use to compute equal monthly payments: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments.
Each payment is split between interest and principal. Early payments are mostly interest; later payments are mostly principal, even though the payment amount stays the same the whole way through.
- Total of Payments is your monthly payment multiplied by the number of payments.
- Total Interest Paid is the total of payments minus the original loan amount.
Note: This calculator assumes a fixed rate and no extra payments, fees, or insurance. It’s intended for general financial planning and education, not as a formal loan quote.