Repayment Calculator
$0.00 / month
Two Ways to Look at Loan Repayment
Every installment loan links three things together: how much you borrow, the interest rate, and how long you take to pay it back. If you already know your desired loan term, this calculator solves for the monthly payment. If instead you know how much you can afford to pay each month, switch modes and it solves for how long repayment will take — including flagging the case where a payment is too small to ever cover the accruing interest. Both modes assume a standard fixed-rate, fully amortizing loan with equal monthly payments, the same structure used by personal loans, auto loans, and most fixed installment debt.
Why a Slightly Higher Payment Can Save You a Lot
Because interest is charged on whatever balance remains, small increases to your monthly payment often cut months or years off your payoff timeline for surprisingly little extra cash out of pocket — early payments barely touch the principal, so shaving time off the front end saves compounding interest for the rest of the term. If you're weighing that trade-off across multiple debts at once, the debt payoff calculator can help you prioritize.
A Note on the Math
This calculator uses the standard amortizing-loan formula with monthly compounding, the same convention used for mortgages, auto loans, and most personal loans. If your loan compounds daily or has irregular payment dates, your lender's actual numbers may differ slightly from this estimate.
Frequently Asked Questions
What is the difference between the two calculation modes?
"Monthly Payment" mode is for when you know how many years you want to take to repay a loan and want to find the required monthly payment. "Time to Repay" mode flips this: you enter the monthly payment you can afford, and it calculates how many months or years it will take to pay off the loan.
Why does the calculator say my payment will never pay off the loan?
This happens when your monthly payment is less than or equal to the interest accruing each month. In that case the loan balance never shrinks (or grows), so no amount of time will pay it off. You'll need to increase the payment above the minimum interest-only amount shown in the result.