Loan Repayment Calculator

Work out how long it will take to repay a loan, how much you will pay in total, and how much of that is interest.

How to use this calculator

1. Enter your total loan amount — the amount you borrowed, not including any interest already added.
2. Enter your annual interest rate. You will find this in your loan agreement, usually listed as the APR (Annual Percentage Rate).
3. Enter your planned monthly repayment.
4. The calculator will show you how many months until the loan is cleared, the total amount you will repay, and the total interest cost.

What the numbers mean

The difference between your loan amount and the total amount repaid is the true cost of borrowing. On a large loan or a long repayment term, that figure can be surprisingly high — and it is worth knowing before you sign anything.

One of the most useful things this calculator shows is how sensitive the total interest cost is to your monthly repayment. Increasing your payment by even a small amount each month reduces the term and cuts the interest you pay. Try adjusting the monthly repayment field upward and watch how quickly the numbers change.

A note on interest rates

Interest rates vary significantly depending on the type of loan. Mortgages typically carry lower rates than personal loans, and personal loans carry lower rates than credit cards. Variable rate loans will also change over time, so this calculator gives you an estimate based on a fixed rate. If your rate changes, run the numbers again.

If you are unsure what rate to enter, check your loan agreement or contact your lender directly.