Loan Repayment Calculator
Work out the monthly repayment on a fixed-rate loan from the amount, interest rate and term, with the total interest and the full cost including fees.
- Free
- No sign-up to try
- Works as you type
Loan repayment
Monthly repayment
$396.02
Total interest
$3,761
Total repaid
$23,761
Total cost of borrowing (interest plus fees)
$4,261
- Months = term × 12 (rounded); monthly rate = yearly rate ÷ 12.
- Repayment = amount × monthly rate ÷ (1 − (1 + monthly rate)^−months); with no interest, amount ÷ months.
- Total repaid = repayment × months; interest = total repaid − amount.
- Cost of borrowing = interest + upfront fees.
Free, no sign-up to try. Save it as a live calculator you can share; an estimate from the numbers you enter, not financial advice. Check the result against your own records before you rely on it.
How it works
How the Loan Repayment Calculator works
- 1
Enter your numbers
Every result updates as you type, with the formula shown under it.
- 2
Check the method
See how each number is worked out and what it assumes.
- 3
Save it as a Room
Share a live calculator: others can change the numbers and see the result update.
Worked example
What it makes
Example inputs
- Loan amount
- $20,000
- Yearly interest rate on your offer (nominal, not APR)
- 7 %
- Term
- 5 years
- Upfront fees (arrangement, origination)
- $500
Results
- Monthly repayment
- $396.02
- Total interest
- $3,761
- Total repaid
- $23,761
- Total cost of borrowing (interest plus fees)
- $4,261
How it's calculated
- Months = term × 12 (rounded); monthly rate = yearly rate ÷ 12.
- Repayment = amount × monthly rate ÷ (1 − (1 + monthly rate)^−months); with no interest, amount ÷ months.
- Total repaid = repayment × months; interest = total repaid − amount.
- Cost of borrowing = interest + upfront fees.
- Assumes: A fixed rate and equal monthly repayments over the whole term (a standard repayment loan).
- Assumes: Enter the nominal yearly rate, not an APR that already includes fees; enter fees separately.
- Assumes: Insurance, late fees, early repayment charges and rate changes are not included.
An estimate from the numbers you enter, not financial advice. Check the result against your own records before you rely on it.
Who it's for
Who uses it
Small business owners
Check whether a loan's repayments fit your cash flow.
Borrowers
Compare two offers on total cost, not just the rate.
Advisers
Walk a client through how term changes total interest.
Good to know
What to consider
- Enter the nominal rate on the offer; your lender's own figures are the ones that count.
- Variable rates, insurance and early repayment charges are not included. An estimate, not financial advice.
Questions
About the Loan Repayment Calculator
Why does a longer term cost more?
Each repayment is smaller, but you pay interest for longer, so the total interest grows. Change the term to see both effects.
Can I share the calculator with my team or a client?
Yes. The Room keeps the calculator live: anyone with the link can change the numbers and see the result update, with the method and assumptions on the same page.
Make your calculator now
Free, no sign-up to try. It becomes a Room you can edit, publish and share.
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