Repayment Calculator
Calculate your loan repayments, total interest, and view the amortization schedule. This calculator helps you understand how much you'll pay each month and how your payments are applied to principal and interest over time.
Payment Summary
| Monthly Payment | $0.00 |
|---|---|
| Total Payments | $0.00 |
| Total Interest | $0.00 |
| Payoff Date | - |
About the Repayment Calculator
The Repayment Calculator helps you determine your monthly loan payments, total interest costs, and provides an amortization schedule showing how each payment is split between principal and interest over the life of the loan.
How Loan Repayments Work
When you take out a loan, your monthly payment consists of two parts:
- Principal: The amount that goes toward paying down your original loan balance.
- Interest: The cost of borrowing the money, calculated based on your interest rate and remaining balance.
Early in your loan term, most of your payment goes toward interest. As you pay down the principal, more of each payment is applied to the principal balance.
Understanding the Amortization Schedule
The amortization schedule shows:
- How much of each payment goes toward principal vs. interest
- Your remaining balance after each payment
- The total interest paid up to that point
This helps you visualize how your loan balance decreases over time and how much interest you're paying.
Tips for Reducing Interest Costs
To save money on interest:
- Make extra payments when possible (even small amounts help)
- Consider a shorter loan term if you can afford higher payments
- Refinance to a lower interest rate when rates drop