Repayment Calculator
Calculate repayment amount or length for various types of loans
Repayment Calculator
Use our repayment calculator below to find the repayment amount or length of debts, such as credit cards, mortgages, auto loans, and personal loans. It can be utilized for both ongoing debts and new loans.
đ° Loan Details
đ Repayment Results
đ Understanding Loan Repayment
Fixed Loan Term
Choose this option to enter a fixed loan term. The calculator will determine the monthly installment required to pay off the loan within the specified time period.
Fixed Installments
Choose this option to enter a fixed payment amount. The calculator will show how long it will take to pay off the loan at this monthly installment rate.
Interest Compounding
The frequency of compounding affects your total interest cost. More frequent compounding generally results in higher total interest payments.
How to Repay Loans Faster
Pay Extra
If there is no prepayment penalty involved, any extra money going towards a loan will be used to lower the principal amount due. This will speed up the time in which the principal due finally reaches zero and reduces the amount of interest due.
Biweekly Payments
For loans that require monthly repayments, submitting half of the monthly payment every two weeks instead of one monthly payment can speed up the repayment of loans. This is equivalent to making 13 monthly payments a year instead of 12.
Refinance
Loan refinancing involves taking out a new loan, often with more favorable terms, to replace an existing loan. Borrowers can refinance their loans to shorter terms to repay the loans faster and save on interest.