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Repayment Calculator

Calculate your loan repayment schedule, explore extra payment savings, and determine your payoff date.

$
%
Years
Optional Extra Payments
$
$
$
Fixed Term Repayment Payoff: 4 yrs 6 mos
Base Monthly Payment
$978.31
+ Extra payments applied
Total Interest Paid
$7,736
Total Out-of-Pocket: $57,736
✓ Extra Payment Acceleration:
Interest Saved: $963 Time Saved: 0y 6m
Principal Loan
$50,000
Interest Rate
6.5% APR
Total Payments
54 months
Total Cost
$57,736

Remaining Balance Payoff Trajectory

Principal balance reduction over your repayment period

Loan Balance
$0 $16,500 $33,000 $50,000 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5

Repayment Amortization Schedule

Detailed breakdown of principal, interest, and extra payments

Period Payment Principal Interest Extra Pmt Ending Balance
Year 1 $12,940 $9,984 $2,956 $1,200 $40,016
Year 2 $12,940 $10,652 $2,287 $1,200 $29,364
Year 3 $12,940 $11,366 $1,574 $1,200 $17,998
Year 4 $12,940 $12,127 $813 $1,200 $5,872
Year 5 $5,977 $5,872 $105 $500 $0

Understanding Loan Repayment Dynamics

A loan repayment schedule outlines each periodic payment required to retire a debt over time. Every payment is split between interest (the cost of borrowing charged by the lender) and principal (the balance reduction). In early months of an amortized loan, the interest portion dominates because the outstanding principal balance is at its highest.

The Monthly Amortization Formula

PMT = P × [ r(1 + r)n ] / [ (1 + r)n − 1 ]
  • P = Principal loan amount borrowed
  • r = Monthly interest rate (Annual APR divided by 12)
  • n = Total number of monthly repayment periods

The Compounding Power of Extra Repayments

Because interest is calculated strictly on the remaining principal balance, any supplementary payment directly erodes the principal without incurring any interest surcharge. This causes two simultaneous benefits:

Accelerated Debt Freedom

Each dollar toward principal shaves days or weeks off your remaining payoff timeline.

Exponential Interest Savings

You avoid paying interest on that truncated principal for every future month of the loan.

Frequently Asked Questions

Can lenders penalize extra payments?
Most standard consumer loans and mortgages in the US and EU do not have prepayment penalties, but verify with your lender before sending lump sums to confirm payments are coded as "principal-only".
What is the difference between Fixed-Term and Fixed-Payment?
Fixed-Term defines the duration (e.g. 5 years) and derives your required monthly bill. Fixed-Payment sets your monthly budget constraint and calculates how many months will be required to retire the obligation.

Understanding your calculation

Method, example and limitations

How the calculation works

Repayment modeling applies each installment first to the modeled period interest and then to principal, tracking the remaining balance until payoff.

Example to check

At zero interest, a 3,000 balance paid at 300 per month takes ten months.

Before using the result

A payment below accruing interest may fail to reduce the balance. Fees, rate changes and exact crediting dates can extend the real repayment period.

Calculation methodology · Report a result that needs review