# Debt Repayment Calculator

Debt Repayment Calculator

Debt Balance:
Interest Rate:
Desired Monthly Payment:
OR Desired Months to Repay:
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### Debt Repayment Definition

If you are contemplating taking out a loan, it’s important that you know upfront exactly how much that loan will cost you by the time you pay it off. Flat rate loans (fixed rate), which have an unchanging rate of interest and a finite loan repayment term, can be hard to calculate as to the total amount you will actually pay in the long run.

### Use a Debt Repayment Calculator

The formula used to calculate the total cost of a loan is fairly straightforward: the total cost will equal the annual interest rate multiplied by the loan amount and length. But you can get an instant answer by using a debt repayment calculator online, such as the one here on Calculator Pro.

Five Easy Steps That Take 30 Seconds:

1. Enter the actual amount loaned to you.
2. Enter the annual interest rate
3. Enter the desired monthly payment, OR
4. Enter the desired months to repay
5. Click the “Calculate” button

The true total cost of the loan will be displayed along with the monthly payment amount you will have to make. You may be shocked, which is why you need to know what your true debt will be. For example, if you are thinking of taking out a \$10,000, five year loan with 12% interest, your total repayment will be a whopping \$16,000 and your monthly payment will be \$266.67.

### Try to Lower the Interest Rate

Once you know what a loan could cost you in the end, think about going to the lender and trying to get the interest rate reduced. In the example above, an interest rate of 10 percent on the same loan would knock a thousand dollars off your total cost and lower your month payment to \$250.00. The same loan at 9 percent would reduce your total cost by \$1,500.

### Proceed with Caution

Calculate the true cost of any loan you are thinking of getting. Once you see the total cost, decide if you really can afford it. Remember, lending \$10,000 could cost you \$16,000 or more. And, as you can see from the examples given, getting even a half percent knocked off the loan rate could save you hundreds of dollars by the time you pay off the loan.

### How to Calculate Debt Repayment

Let's be honest - sometimes the best debt repayment calculator is the one that is easy to use and doesn't require us to even know what the debt repayment formula is in the first place! But if you want to know the exact formula for calculating debt repayment then please check out the "Formula" box above.