Loan Repayment Calculator
Calculate your fixed monthly loan repayment, payoff date and total interest for a level-payment repayment plan.
Monthly payment
$456.33
Payoff date
3 years
36 months
Total payment
$16,428
Total interest
$1,428
A level-payment repayment plan keeps the payment fixed so you always know what is due each month until the balance reaches zero.
How it works
Monthly repayment = amortising formula on balance at annual rate for the term. Total repaid = repayment × n.
Example: $15,000 at 6% over 3 years → $456/month, $16,419 total.
Last updated: August 2026
How this calculator is verified
Checked by True Calculator automated test suite on
- Formula verified against a published worked example in the automated test suite
- Edge cases (zero, negative, boundary and unit-mismatch inputs) covered by unit tests
The full verification method is on our how we verify page. Found an error? Tell us and we will re-check it.
When to Use This Calculator
Use this calculator when you know the outstanding balance on a loan and want to plan a fixed repayment — the question most relevant when you are refinancing, settling an existing loan early, or consolidating debt. Lenders' statements show the balance, and this tool turns that figure plus your rate into the level monthly payment for any term you choose, along with the payoff date and total interest. Someone clearing an ₹8 lakh balance at 11% over 4 years can see the fixed monthly commitment and how much interest the plan costs before signing anything. It is also the right tool for comparing a shorter term against a longer one at the same rate, since the total-interest difference is shown side by side.
How to Use This Calculator
- Step 1: Enter the outstanding loan balance in the loan balance field — the amount left, not the original borrowing.
- Step 2: Enter the annual interest rate charged on the outstanding balance.
- Step 3: Set the repayment term in years for the level-payment plan.
- Step 4: Read the fixed monthly repayment, the payoff date and the total interest over the term.
Worked Example
Your outstanding balance is ₹8,00,000 at 11%, and you choose a 4-year level repayment. The calculator returns a fixed monthly payment of about ₹20,676, a payoff date 48 months out and total interest of about ₹1,92,500. Because the payment is level, the early instalments are mostly interest — the first month alone costs about ₹7,333 in interest — with the split shifting toward principal each month.
Tips and Common Mistakes
- •Tip 1: A level-payment plan keeps the EMI constant, but the interest-principal split changes monthly — the early EMIs are almost all interest.
- •Tip 2: Use the payoff date shown to plan the account closure and retrieve any hypothecation documents on the asset.
- •Tip 3: At the same rate, a shorter term raises the EMI but can cut total interest by a large margin — run both before deciding.
- ✗Mistake 1: Entering the original loan amount instead of the current outstanding balance, which overstates the payment.
- ✗Mistake 2: Assuming the payment stays fixed after a rate change — on floating-rate loans the EMI or the term is reset by the lender.
Frequently Asked Questions
What does a loan repayment calculator do?
It estimates your fixed monthly repayment, total interest and total amount repaid for a loan at a given rate and term, so you can plan your budget before borrowing.
What is the difference between repayment and total cost?
The monthly repayment is each fixed installment; the total cost is all installments combined, including every dollar of interest. The repayment calculator shows both.
How does the term affect my monthly repayment?
A longer term spreads the balance over more months, lowering each repayment but increasing the total interest paid. A shorter term raises repayments but clears the debt faster and cheaper.
Is this loan repayment calculator free to use?
Yes, True Calculator's loan repayment calculator is completely free with no sign-up, no app install and no usage limits.
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