💳 Loan Repayment Calculator
Calculate loan repayment timeline and payoff
Enter your actual monthly payment (may be higher than minimum)
How to Use This Calculator
Enter Loan Details
Input the loan amount, interest rate, and original loan term (in years).
Enter Monthly Payment
Enter your actual monthly payment amount. This may be the minimum payment or a higher amount if you're paying extra.
Review Repayment Timeline
See how long it will take to pay off the loan with your payment amount, total interest paid, and whether you'll pay it off early.
Formula
Monthly Payment Required = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Payoff Calculation: Iterative month-by-month until balance = $0
Example Calculation:
If loan $100,000, rate 5%, term 30 years, payment $600/month:
• Required payment: ~$537/month
• With $600/month payment: Payoff in ~23 years (7 years early)
• Total interest: ~$65,400 (vs. $93,256 with minimum payment)
• Savings: ~$27,856 in interest
About Loan Repayment Calculator
A loan repayment calculator (also called a loan payoff calculator) helps you determine how long it will take to repay a loan and how much interest you'll pay based on your monthly payment amount. This calculator is particularly useful when you're making payments that are higher than the minimum required payment, as it shows you how much faster you can pay off the loan and how much interest you'll save. Understanding your repayment timeline helps you plan your finances and make informed decisions about extra payments.
When to Use This Calculator
- Payoff Planning: Plan your loan payoff strategy
- Extra Payments: See impact of paying more than minimum
- Interest Savings: Calculate interest savings from higher payments
- Timeline Planning: Determine when loan will be paid off
Understanding Loan Repayment
- Minimum Payment: Lowest payment required to stay current
- Extra Payments: Payments above minimum reduce payoff time
- Interest Savings: Higher payments save significant interest
- Early Payoff: Paying more than minimum pays off loan faster
Why Use Our Calculator?
- ✅ Payoff Timeline: See exactly when loan will be paid off
- ✅ Interest Analysis: Understand total interest paid
- ✅ Savings Calculation: See interest savings from higher payments
- ✅ Payment Planning: Plan optimal payment strategy
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
How much faster can I pay off my loan with higher payments?
Paying even slightly more than the minimum can significantly reduce payoff time. For example, on a $100,000 loan at 5% for 30 years, paying $100/month extra (from $537 to $637) pays off the loan about 7 years early and saves over $27,000 in interest. Use this calculator to see your specific savings.
Should I pay extra on my loan?
Paying extra on your loan saves interest and pays it off faster. Consider paying extra if: (1) Your loan rate is high, (2) You have no higher-interest debt, (3) You have an emergency fund, (4) You want debt freedom. Compare to investing - if you can earn more investing than your loan rate, investing may be better.
How much interest can I save with extra payments?
Interest savings depend on your loan amount, rate, term, and how much extra you pay. Even small extra payments (e.g., $50-100/month) can save thousands in interest and reduce payoff time by years. Use this calculator to see your exact savings based on your payment amount.
Are there prepayment penalties?
Some loans have prepayment penalties for paying off early. Most mortgages and personal loans don't have prepayment penalties, but it's important to check your loan agreement. If there's a penalty, factor it into your decision about making extra payments.