What is a loan repayment calculator?
A loan repayment calculator turns three numbers — how much you borrow, your interest rate, and how long you have to repay — into the single figure that matters most: your fixed monthly payment. It also reveals the often-surprising total interest you'll pay over the life of the loan, so you can compare offers and decide what you can actually afford before you sign anything.
How to use this calculator
Enter the loan amount you want to borrow, the annual interest rate (APR) your lender quoted, and the term in years. The results update instantly as you type. Try nudging the term up and down a year or two — you'll see how a longer term lowers the monthly payment but increases the total interest you hand over.
Why monthly payment isn't the whole story
A lower monthly payment feels easier, but stretching a loan over more years can quietly double the interest you pay. The smarter comparison is total repaid. When two offers have similar monthly payments, choose the one with the shorter term or lower total cost. If your budget is tight today but improving, look for a loan with no early-repayment penalty so you can overpay later.
Use this alongside our debt payoff calculator if you're juggling several balances, and the savings goal calculator to plan the deposit that shrinks how much you need to borrow in the first place.