Free repayment calculator
See how long it takes to repay a loan at different payment amounts — enter balance, interest rate, and monthly payment to find payoff date, updated live, as you type.
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Results are estimates. Consult a professional.
How the loan repayment calculator works
Any installment loan — mortgage, auto, personal, appliance financing — uses the same underlying math to compute your fixed monthly repayment. The formula calculates the level payment that fully amortizes the principal over the chosen term at the given interest rate. Each payment covers that month's interest first; the rest reduces the principal until the balance reaches zero on the final payment.
Worked example: $8,000 appliance loan at 6% / 36 months
A household finances $8,000 of kitchen appliances through the retailer at 6% APR over 36 months. What is the monthly repayment and how much interest will be paid in total?
Monthly repayment by loan amount, rate, and term
Use the table to quickly estimate monthly repayments across common loan sizes, interest rates, and terms. Figures are rounded to the nearest dollar.
| Loan amount | 6% / 24mo | 6% / 36mo | 8% / 36mo | 8% / 48mo | 10% / 48mo | 12% / 60mo |
|---|---|---|---|---|---|---|
| $3,000 | $133 | $91 | $94 | $73 | $76 | $67 |
| $5,000 | $221 | $152 | $157 | $122 | $127 | $111 |
| $8,000 | $354 | $243 | $251 | $195 | $203 | $178 |
| $12,000 | $532 | $365 | $376 | $293 | $304 | $267 |
| $20,000 | $887 | $608 | $627 | $488 | $507 | $445 |
Source: Federal Reserve. Computed using standard amortization. Final payment may differ slightly due to rounding.
Tips for managing loan repayments
Understanding the repayment structure helps you choose the right loan and stay on top of payments once you borrow.
- Choose the shortest term you can afford. A 24-month term costs far less in total interest than 48 months at the same rate, even though the monthly payment is higher. Run both in the calculator before deciding.
- Set up autopay. Many lenders offer a 0.25–0.50% rate reduction for autopay enrollment. On a 60-month loan, that small discount can save $50–$200 in total interest.
- Make the first payment on time. Missing or delaying the first payment can trigger a late fee, impact your credit score, and — with some lenders — reset the interest calculation.
- Understand your amortization front-loading. In the early months, most of your payment is interest, not principal. Don't assume a loan is nearly paid off halfway through the term — check your remaining balance.
- Pay a little extra when possible. Even $25–$50 extra per month applied to principal shortens the term and saves on interest. Use the loan payoff calculator to see exactly how much.
Accuracy and limitations
This calculator computes standard fixed-rate amortization. It does not account for fees (origination, late, prepayment penalty), compound-interest variations used by some lenders, or promotional 0% financing periods with deferred interest. For deferred-interest promotions, interest may accrue from day one and be charged in full if the balance is not cleared by the promo end date.
Not financial advice — consult a financial professional for your situation.
Loan repayment terms defined
About this loan repayment calculator
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