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Estimate your monthly repayments, total interest, and how your loan balance could change over time.

Loan Repayment Calculator

How to Use the Loan Repayment Calculator

tart by entering the amount you want to borrow, then choose your annual interest rate and loan term.

The calculator automatically estimates your monthly repayment, total interest and total repayments. You can move the sliders or enter different values to compare loan scenarios instantly.

Try changing one figure at a time. For example, lower the interest rate to see how it affects your total interest, or compare a 5-year loan with a 10-year loan to see the trade-off between monthly repayments and the total cost of borrowing.

How This Loan Calculator Works

This loan repayment calculator estimates your monthly repayments based on the loan amount, interest rate and loan term you enter. As you change the figures, the calculator automatically updates your estimated monthly repayment, total interest, total repayments and remaining loan balance.

The year-by-year loan breakdown shows how your repayments may be divided between principal and interest over the life of the loan. With a typical principal-and-interest loan, a larger portion of your repayments may go toward interest in the earlier years. As the balance decreases, more of each repayment generally goes toward reducing the principal.

You can use the calculator to compare different loan amounts, interest rates and repayment terms. For example, try reducing the loan term or changing the interest rate to see how it could affect your monthly repayment and the total interest paid over time.

Please note: Results are estimates only and assume regular monthly principal-and-interest repayments at a fixed interest rate. Actual loan costs and repayments may vary depending on lender fees, variable rates, repayment frequency and individual loan conditions.

Real-Time Calculations

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What Your Loan Calculator Results Mean

Monthly repayment — The estimated amount you would repay each month based on the loan amount, interest rate and loan term entered.

Total interest — The estimated amount of interest you could pay over the full life of the loan.

Total repayments — The estimated total amount you could repay, including both the original loan amount and interest.

Estimated payoff month — The approximate month and year your loan could be fully repaid if you make the estimated monthly repayments for the selected loan term.

Remaining balance — The estimated amount of your original loan principal still owing at different points throughout the loan term.

Example: A $25,000 Loan at 5%

For example, a $25,000 loan at 5% interest over 15 years has an estimated monthly repayment of about $198.

Over the full loan term, the calculator estimates approximately $10,586 in interest and around $35,586 in total repayments.

The year-by-year breakdown shows how those repayments change over time. In the first year, approximately $1,224 may go toward interest and $1,148 toward reducing the principal. As the loan balance falls, the interest portion generally decreases and more of each repayment goes toward the principal.

This demonstrates why it is useful to look beyond the monthly repayment. A longer loan term may give you a lower monthly repayment, but it can also mean paying more interest over the life of the loan.

What Can Change Your Actual Loan Repayments?

The calculator provides an estimate rather than a lender quote. Your actual repayments and total borrowing costs may be affected by fees, interest rate changes, repayment frequency, extra repayments and individual loan terms.

If your interest rate changes during the loan, your future repayments and total interest may also change. Always check the lender’s current rates, fees and loan conditions before making a borrowing decision.

Ways to Compare Loan Options

When comparing loans, look beyond the monthly repayment. Consider the interest rate, loan term, fees, estimated total interest and total amount repaid.

Use the calculator to test different scenarios. For example, compare the same $25,000 loan over 5, 10 and 15 years, or keep the loan term the same and compare different interest rates.

This can help you see the trade-off between a lower monthly repayment and a higher overall borrowing cost, making it easier to compare different loan options.

Frequently Asked Questions

1. How does a loan repayment calculator work?

A loan repayment calculator estimates your regular repayments using the loan amount, interest rate and loan term you enter. It can also estimate the total interest paid, total repayments and how your loan balance may decrease over time.

2. How are monthly loan repayments calculated?

Monthly repayments are generally calculated using the amount borrowed, annual interest rate and length of the loan. For a principal-and-interest loan, each repayment includes an interest portion and an amount that reduces the principal balance.

3. Does a longer loan term reduce my monthly repayments?

Generally, yes. Extending the loan term usually lowers the monthly repayment because the debt is spread across more payments. However, a longer term can also increase the total interest paid over the life of the loan.

4. What happens if I choose a shorter loan term?

A shorter loan term will generally result in higher monthly repayments, but you may pay less total interest because the balance is repaid sooner. Use the calculator to compare different loan terms and see the potential difference.

5. How does the interest rate affect my loan repayments?

A higher interest rate generally increases both your monthly repayment and the total interest you pay. Even a relatively small difference in interest rates can have a noticeable effect over a long loan term.

6. What is the difference between principal and interest?

Principal is the amount you originally borrow. Interest is the cost charged by the lender for borrowing that money. With a typical principal-and-interest loan, each repayment covers interest while also reducing the outstanding principal.

7. Can I use this calculator for different types of loans?

Yes. You can use this calculator to explore repayment estimates for many standard principal-and-interest loans, such as personal loans, car loans and other fixed-term loans. Actual lender calculations, fees and loan conditions may differ.

8. Are the loan repayment calculator results exact?

No. The results are estimates based on the information you enter and assume regular monthly principal-and-interest repayments at a fixed interest rate. Actual repayments may differ because of fees, variable interest rates, repayment frequency, lender calculation methods and other loan conditions.