Finance💰
Loan Repayment Calculator
Calculate your monthly loan payments, total interest, and see a complete amortization schedule for any loan.
Loan Repayment Calculator
Use the calculator below
Formula Explanation
How this calculator works
The monthly payment for a loan is calculated using the following formula:
M = P [ r(1+r)^n ] / [ (1+r)^n - 1 ]
Where:
- M = Monthly payment
- P = Principal (loan amount)
- r = Monthly interest rate (annual rate divided by 12 and converted to decimal)
- n = Total number of payments (loan term in years × 12)
The total interest paid over the life of the loan is calculated by:
Total Interest = (Monthly Payment × Number of Payments) - Principal