This page contains affiliate links.

Loan Repayment Calculator

Enter your loan amount, interest rate, and repayment term to calculate your monthly payment and total interest cost.

$5,000$200,000$500,000
1%6.5%15%
1 yr15 years30 yrs
Monthly Payment
$1,742
Principal
$200,000
Total Interest
$113,538
Total Cost
$313,538
Assumptions: Fixed-rate loan with equal monthly payments (amortization). Does not include property taxes, insurance, or PMI for mortgages.

How To Save On Interest

  • Make extra payments: Even $100/month extra can save thousands in interest and shorten your loan term significantly
  • Refinance when rates drop: If rates fall 1%+ below your current rate, refinancing could save you money
  • Choose a shorter term: A 15-year mortgage has higher payments but dramatically less total interest than a 30-year
  • Improve your credit score: Better credit = lower interest rates on future loans

FAQ

Q: What types of loans does this calculator work for? This calculator works for any fixed-rate amortizing loan: mortgages, auto loans, personal loans, and student loans.

Q: Why is my actual payment different from this estimate? Your actual payment may include property taxes, homeowner’s insurance, and PMI (for mortgages) which are not included in this calculation. For a full mortgage breakdown, use our Mortgage Calculator .

Q: Is it better to pay off debt or invest? Generally, if your loan interest rate is higher than expected investment returns (historically ~7-10% for stocks), pay off the debt first. If your rate is low (under 4-5%), investing may yield better long-term results.

What To Do After Paying Off Debt

Once your loans are paid off, redirect those payments toward building wealth:

  • Build an emergency fund — Save 3-6 months of expenses in a high-yield savings account
  • Start investing — Use our Compound Interest Calculator to see how your freed-up payments could grow
  • Create a budget — Use our Budget Planner to allocate your new surplus wisely
  • Calculate your take-home pay — Know exactly what you’re working with. Try our Salary Calculator