Loan Repayment Calculator


Loan Repayment Calculator

This loan repayment calculator figures your monthly payment and interest cost to payoff your loan by any given date. Simply enter the amount owed, interest rate, and term. Then click the "Calculate Loan Repayment" button to get your answer.

For extra credit, this calculator also shows you how much you can save by using biweekly payments to payoff your loan.

Finally, if this calculator isn't exactly what you are looking for then try one of 6 other loan calculators or 11 debt repayment calculators here including the popular debt snowball calculator. One of these calculators is certain to meet your needs.

Enter Amount Owed:
(call lender and ask for loan payoff amount if uncertain)
Annual interest rate (APR):
Number Of Months To Payoff Loan In?:
Here is your monthly payment amount:
Here is your bi-weekly payment amount:
This is your total interest paid using monthly payments:
This is your total interest using bi-weekly payments:
Bi-weekly Loan Repayment Interest Savings:

Loan Repayment Plan

Taking loan is very common to everybody and paying off the loan will not happen overnight. By consistently making the regular payments, you will pay off your loan eventually. Before choosing a repayment plan for your loan, it is essential that you compare and calculate how much will be your monthly or bi-weekly loan payment in a given period time and which option saves you more money. The loan repayment calculator will help you determine how much you pay for loan interest for the entire term of the loan.

How Frequent Should I Pay My Loan?

Majority of the people believe that paying their loans frequently can save them a lot of money. Not in all cases it will be true. The standard loan repayment is done on a monthly basis. But some banks offer you the option to also pay bi-weekly. If you opt to do bi-weekly payments than a monthly payment, some banks will just take your money on a semi-monthly basis and your lender will still receive your payment monthly. In this case, there is no positive effect since you will still be paying monthly to your lender. Most people who receive their pay check twice a month prefers paying on a bi-weekly basis so they can properly allocate their income. But before you choose this option, find out from your bank if there are discounts if you pay bi-weekly instead of monthly and how often do they remit the payment to your lender. Calculate and compare how much savings you make from paying interest using the loan repayment calculator.

Points To Consider For Accelerating Loan Repayments

You can pay off your loan faster by making extra payment. It you can afford to do extra payments, you will save thousands of dollars in interest in the long run. But before your arrange your extra payments, take into consideration the following:

  • Review your loan agreement and check if your lender doesn’t impose penalty if you accelerate your payment.
  • Make sure that when doing extra payments your payment should be applied as principal payment. If your extra payment is applied as credit to your next scheduled payment, then it will just defeat the purpose of paying off your loan fast. Be sure that you ask your lender on how your extra payments will be applied if you are unsure.
  • Before you arrange for a bi-weekly payment schedule, review your budget and check if you can afford these payments. You might risk yourself to payment defaults that could possibly affect your credit rating.
  • If you are accelerating your payment for the purpose of boosting your credit score, then stop. Your credit score will only improve if you pay your loan regularly and on time for a longer period of time.

Bottom Line

People have different reasons for choosing their method of loan repayments. But the bottom line is everybody want to pay off their loans fast. Some people want to pay off their loans before retirement so they can enjoy their retirement years. But for most people, they are simply sick of paying their loans and that is why they want to get out from the debt trap. When you pay your loan, you don’t only make yourself attractive to lenders, your debt to income ratio will improve, you save thousands of dollars in interest and you will also obtain that peace of mind of being free from debts.

Loan Repayment Calculator Terms And Definitions

  • Principal Amount – The total amount owed or the total remaining balance of your loan before changing to bi-monthly payments.
  • Annual Interest Rate – Annual percentage rate charged for your loan
  • Number of months remaining to pay off loan – Total number of months remaining on your loan
  • Loan Term – Total length, or term, of your original loan in months or years
  • Bi-Monthly Payment Amount – Your planned extra payment per month. This payment will be used to reduce your principal balance
  • Monthly Payment Amount – Monthly principal and interest payment based on your original loan amount, term and interest rate.
  • Monthly Prepayment Amount – Scheduled payment plus additional monthly payment
  • Bi-Monthly Loan Repayment Interest Savings – Total amount you would save in interest if you made the bi-monthly payment until your loan was paid in full.
  • Total Interest Paid – The total interest calculated based on the principal, annual interest rate and the loan term

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