Repayment Calculator

Repayment Calculator

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

Are you trying to determine what your monthly payments would be with a particular loan you are considering? Perhaps you are even interested in finding out how long it would take to pay off a loan in its entirety with a specific monthly payment and loan terms. If so, use our handy repayment calculator to easily calculate either an estimated monthly payment or repayment term for any loan. Being aware of this information before you sign off on a loan is important, as it will help you better budget your finances.

How to Use

With our easy repayment calculator, all you need is to enter some basic information about the loan and you can have the calculation done in a matter of seconds. You will be asked to enter:

  • The loan balance, also known as principal balance.
  • The interest rate of the loan (i.e. 5.6).
  • Your desired monthly payment on the loan, OR
  • The number of months in which you would like to pay the loan off.

Once you have entered this information, simply press the “calculate” button to receive your instant results. If you were seeking an estimated monthly payment, this will be displayed in an exact dollar amount. If you were seeking an estimated repayment term on a loan, this will be displayed in months. Using the calculator really is as simple as that; with the information obtained, you can enter into your next loan agreement well informed and confident in your decision.

Additional Information

When it comes to taking out any loan, keep in mind these basic tips:

  • Only accept a loan offer with monthly repayments that you know you will be able to comfortably afford for the entire period of the loan. The last thing you want on your credit is a defaulted loan.
  • Shop around with various lenders to see what kinds of interest rates they are offering on the type of loan you are interested in. Even a small difference in the interest rate on a loan can mean the difference in hundreds or even thousands of dollars over time.

Check out the rest of the financial calculators here on the site.

How to Calculate Repayment

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

Add a Free Repayment Calculator Widget to Your Site!

You can get a free online repayment calculator for your website and you don't even have to download the repayment calculator - you can just copy and paste! The repayment calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the "Customize" button above to learn more!