Repayment Calculator
Find the monthly payment for any debt, or how long repayment takes at your current payment — with total interest.
Everyday Uses
Any debt, any question
Works for loans, cards, family debts — find the payment for a timeline, or the timeline for a payment.
Debt-free date setting
"I can afford $400/month" — see exactly when that makes you debt-free and what it costs.
Interest coverage check
The calculator warns when a payment can't even cover interest — before you waste months on it.
Budget planning
Test payment amounts against your budget to find the sweet spot between comfort and speed.
Frequently Asked Questions
How is a loan repayment calculated?
Standard amortization: PMT = P × i / (1 − (1 + i)⁻ⁿ), where P is the amount owed, i the monthly interest rate, and n the number of months. Each payment covers that month's interest first, and the remainder reduces the balance — which is why early payments feel like they barely dent the debt.
How long will repayment take at my current payment?
Switch to "find how long it takes" mode: the formula is n = log(PMT / (PMT − P·i)) / log(1 + i). Example: $20,000 at 7.5% with $400/month takes about 61 months and roughly $4,100 of interest. If your payment barely exceeds the monthly interest, the timeline explodes — small increases matter enormously.
Why does the calculator say my payment doesn't cover interest?
If your monthly payment is less than balance × monthly rate, the debt grows every month despite your payments — negative amortization, with no payoff date. The fix is a higher payment, a lower rate (refinance/consolidation), or restructuring. The error message shows the minimum interest-covering amount.
Should I choose a longer or shorter repayment term?
Shorter terms cost more monthly but far less in total: $20,000 at 7.5% costs about $2,400 interest over 3 years versus $8,100 over 10 years. Pick the shortest term whose payment you can sustain comfortably — and remember most loans let you pay extra to shorten the term informally.