Free Repayment Calculator Online
Use this free repayment calculator to see exactly what your loan payments will look like. Enter your loan amount, interest rate, term, and preferred payment frequency to get your payment amount, total interest paid, and a clear amortization summary showing how principal and interest shift over time.
Monthly Payment
Enter your details to calculate
How This Repayment Calculator Works
The repayment calculator uses standard amortization math to split your loan into equal periodic payments. Each payment covers the interest accrued since the last payment plus a portion of the principal. Over time, the interest share decreases and the principal share increases — a pattern you can see clearly in the chart above.
You can choose monthly, bi-weekly, or weekly payment frequencies. Bi-weekly payments are a popular strategy: you make 26 half-payments per year, which equals 13 full monthly payments instead of 12. That one extra payment per year significantly reduces total interest and shortens the loan term.
For example, a $200,000 loan at 6% over 30 years with monthly payments costs $231,676 in interest. Switching to bi-weekly payments drops total interest to about $195,000 and pays off the loan in roughly 25 years. The repayment calculator models every frequency precisely.
Payment Frequency Comparison
More frequent payments reduce the average outstanding balance, which means less interest accrues each period. Use the repayment calculator to compare the exact savings for your loan.
3 Ways to Reduce Total Loan Cost
Shorter Term
A 15-year mortgage at 6% on $250,000 costs $130,000 in interest — compared to $290,000 over 30 years. The monthly payment is higher ($2,110 vs $1,499), but you save $160,000 overall. The repayment calculator lets you compare terms side by side.
Extra Payments
Adding just $100/month extra to a $30,000 auto loan at 5% over 5 years saves $400 in interest and pays it off 7 months early. On larger loans, the savings multiply dramatically. Any extra goes straight to principal reduction.
Refinance
If rates have dropped since you took your loan, refinancing can save thousands. A 1% rate reduction on a $200,000 balance saves roughly $120/month. Use the repayment calculator to model your new terms before committing to refinancing costs.
Frequently Asked Questions
Disclaimer: This repayment calculator is for educational and illustrative purposes only. Results assume a fixed interest rate and do not include taxes, insurance, or other fees. Actual loan terms may vary. Consult your lender for exact payment details.
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