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:

How Much Will Your Monthly Payment And Interest Cost Be If You Pay Off Your Loan By A Certain Date?

Loan repayment is difficult without a goal.

When you set a repayment goal for your loan it gives you the advantage of knowing how much your monthly payment and total interest costs will be so that you pay off your your loan by a given date.

This Loan Repayment Calculator makes the math easy by figuring it all out for you. It even provides results for bi-weekly payments to help borrowers who are paid every two weeks rather than monthly.

Simply enter the amount you owe, annual interest rate, and the number of months you want to pay off your loan within. The calculator does the rest!

Below is more information about loans, the repayment process, and some tips on best practices to help you save money and avoid obvious mistakes during the loan repayment process.


Many people take out loans to buy homes, vehicles, furniture, and anything else they can finance. But that doesn’t mean it’s the smartest way to purchase items. Before you borrow money, consider the costs.

The definition of a loan is a thing that is borrowed, especially a sum of money that must be paid back with interest. The key point is you will pay interest for the privilege of borrowing money which will increase the total cost for the item you purchased.

Assuming you consistently make the prescribed payments according to the loan terms then your loan will be paid off at the end of the loan term.

However, assuming there is no prepayment penalty, it is also possible for you to pay off your loan faster than the loan term thus saving interest costs.

This Loan Repayment Calculator will help you determine how much you will pay toward interest for the entire term of the loan, and it will also figure out how much interest you will save by accelerating your payment plan using bi-weekly payments.

How Frequently Should I Pay My Loan?

Most loan payments are made monthly. However, many loans will allow you to pay bi-weekly instead. This is particularly advantageous if you get paid every other week rather than monthly because it can significantly accelerate your debt payoff.

If you choose to pay on a bi-weekly basis, it is as if you’re adding a 13th payment to your standard 12 payments. You’ll barely feel a difference between a standard, monthly payment schedule and a bi-weekly payment schedule – except, of course, that you’ll be making two payments per month instead of one. The difference in cost will hardly affect your budget, but the acceleration in debt payoff can really help.

Keep in mind that making bi-weekly payments means you’ll pay less in interest over the course of your loan term reducing the total cost of your loan. Try this Loan Repayment Calculator to see the results for yourself.

Points To Consider When Accelerating Payments

In addition to controlling your payment frequency, you can accelerate your payments to pay less in interest.

If you can afford to make extra payments, you will save thousands of dollars in interest in the long run. But before you arrange for making extra payments, take into consideration the following tips:

  • Review your loan agreement to see if your lender imposes penalties on prepayments (most lenders don’t).
  • Ensure extra payments are applied toward principal. If your extra payment is applied as credit to your next scheduled payment, then it will defeat the purpose. Be sure to ask your lender how extra payments will be applied if you are unsure.
  • Before you arrange for a bi-weekly payment schedule, review your budget and check to see if you can afford these payments (most likely you can).
  • If you are accelerating your payments for the purpose of boosting your credit score alone, then rethink your strategy. Your credit score is more positively impacted by paying your loan regularly and on time for a longer period than by an accelerated repayment schedule.

Bottom Line

Everyone has different reasons for choosing how long they will take to repay their loan, how much they can afford to pay monthly or bi-monthly, and if they will accelerate their payments or not.

Some people want to repay their loans before retirement so they can enjoy their retirement years debt free. But for most people, they are simply sick of paying their loans and that is why they want to get out from under the debt trap.

When you repay your loan, you don’t only make yourself attractive to lenders, but your debt-to-income ratio will also improve saving you thousands of dollars in interest. With paying off your loans comes a peace that touches many parts of life: your health, relationships, opportunities, and more.

Try out this Loan Repayment Calculator to determine how much you need to pay to reach your goal. The faster you’re able to become debt-free, the more wealth-building you can undertake.

Loan Repayment Calculator Terms & Definitions

  • Loan – A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
  • Loan Repayment – Making payments toward a loan, usually over the course of a loan term.
  • Principal – The total amount owed or the total remaining balance of your loan.
  • Interest – Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
  • Annual Interest Rate – The annual rate that is charged for borrowing, expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
  • Number of Months To Payoff Loan In? – Total number of months remaining on your loan or your goal for paying off your loan as expressed in the remaining number of months.
  • Monthly Payment Amount – The amount you would pay once per month toward your loan on a monthly payment schedule.
  • Loan Term – The total amount of time it will take to pay off a loan as agreed upon with the lender.
  • Bi-Monthly Payment Amount – The amount you pay twice per month toward your loan on a bi-monthly payment schedule.
  • 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.

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