Loan Repayment Calculator
Manage multiple loans and find the optimal repayment strategy
Enter your loans to see the monthly payment schedule and analyze which loan to pay off first.
Loan
Repayment Strategy Comparison
About This Loan Calculator
Calculate monthly payments and total interest for your loan using equal payment (amortization) or equal principal repayment methods. Plan your loan repayment before borrowing.
What is the difference between equal payment and equal principal repayment?
Equal payment (amortizing) keeps your monthly payment the same throughout the loan term, with early payments being mostly interest. Equal principal repayment pays the same principal amount each month, reducing interest over time. Equal principal repayment typically results in less total interest paid.
How is loan interest calculated?
Monthly interest is calculated by dividing the annual interest rate by 12. For example, a 4.5% annual rate equals 0.375% monthly. This tool automatically converts the annual rate to monthly for calculations.
What is a prepayment penalty?
A prepayment penalty is a fee charged by lenders when you pay off a loan early (partially or fully). It is typically 1-2% of the remaining loan balance and varies by lender. Check prepayment terms before taking out a loan if you plan to repay early.
What is the difference between equal payment and equal principal repayment?
Equal payment (amortizing) keeps your monthly payment the same throughout the loan term, with early payments being mostly interest. Equal principal repayment pays the same principal amount each month, reducing interest over time. Equal principal repayment typically results in less total interest paid.
How is loan interest calculated?
Monthly interest is calculated by dividing the annual interest rate by 12. For example, a 4.5% annual rate equals 0.375% monthly. This tool automatically converts the annual rate to monthly for calculations.
What is a prepayment penalty?
A prepayment penalty is a fee charged by lenders when you pay off a loan early (partially or fully). It is typically 1-2% of the remaining loan balance and varies by lender. Check prepayment terms before taking out a loan if you plan to repay early.