Total principal paid | $ |

Total interest paid | $ |

Add extra payments

Calculate the impact of extra payments using any combination of the inputs below. To see your new amortization schedule, click ‘Apply extra payments’ then see the update table below.

The following table offers a detailed breakdown of how the remaining loan balance will change over the life of the loan, based on the loan amount, upfront payment, vehicle price, loan term, interest rate, and other inputs you have entered.

Payment date | Payment amount | Interest paid | Principal paid | Loan balance |

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With the aid of a loan repayment calculator, you can gain clarity and insights about how you’ll pay back your loans. Whether an auto loan, mortgage, or personal loan, this powerful tool can help you precisely estimate your monthly payments, the overall interest paid, and your repayment schedule based on your inputs for key loan parameters.

Simply put, it is an online, automated financial tool designed to help you accurately estimate the monthly payments and total cost of repaying a loan. The tool takes into account different variables for a loan, such as loan term, interest rate, loan terms, and start date, to produce a clear calculation of the repayment schedule.

By entering the required inputs, the tool will show you how much your payment will be each month, how much interest you need to pay, and how long it takes to 100% repay your loan. A repayment loan calculator also lets you adjust the inputs and compare different loan scenarios effortlessly.

It takes just a few steps to get your loan repayment calculation results. However, it seems to be a bit challenging if you aren’t familiar with the terms included in the tool.

Here’s a look at the explanations about fundamental terms in a personal loan repayment calculator:

**Loan Amount**

This term refers to the sum of money you borrow from a lender. To be more exact, the loan amount is the principal or initial balance of the loan, which determines the loan’s overall interest cost and monthly payments.

**Loan Term**

A loan term is the length of time over which the loan is scheduled to be repaid. It does affect your monthly payments and the overall interest of borrowing. Longer terms often come with smaller monthly payments yet higher interest costs over time.

**Interest Rate**

An interest rate, expressed as a % (percentage) of your loan amount, represents the cost you pay the lender for borrowing money. It determines the total interest paid over the life of your loan and hugely affects your monthly repayment amount.

**Start date**

This is the date on which your loan repayment schedule begins. It’s crucial to correctly input this date, as it helps establish a precise, detailed amortization schedule for your loan.

**Monthly Payment**

This term refers to the amount of money required to pay your lender every month towards the repayment of the loan. Monthly payments consist of two portions: one towards repaying the principal and one towards paying the interest cost for borrowing money.

**Total interest paid**

It's the sum of all interest payments for the entire loan term. It represents the overall cost of borrowing money. A lower total interest paid means a cheaper loan and more savings, and vice versa.

**Total loan payment**

It’s the sum of money to pay the lender over the entire life of the loan, including the principal amount borrowed and the total interest paid for borrowing the money.

**Amortization for the loan**

In a repayment of loan calculator, "Amortization for Loan” shows a table with a detailed schedule of all periodic payments made to pay off the loan. This table also lets you know the outstanding balance of your loan after every payment.

**Step 1.** Type in the required inputs into the respective boxes.

Ensure to accurately input the data for all essential fields, including loan amount, loan terms, estimated interest rate, and start date.

Note: If you want to include extra payments, click on the “**Add extra payments**” option underneath the result section to reveal additional input fields.

**Step 2.** Press the **Calculate** button and wait for the calculator to show the results.

**Step 3.** View your loan calculation results.

**Step 4.** If you want to adjust the results or you’d like to see how each loan parameter affects your results, simply go back to the above input fields and make any changes to the input values. When done, select the** Calculate** button again to get the new results.

**Step 5.** To clear all the inputs and start a fresh new calculation, press the **Reset** button and input new numeric values.

The Loan Repayment Calculator with interest, a versatile tool for calculating monthly payments and offering further insights into your loan repayment, provides various benefits for those considering taking out a loan.

**It helps borrowers accurately predict monthly payments**

With the help of this tool, you can obtain accurate estimations about the monthly payments, total payments, and total interest paid over the loan term. These valuable insights indeed allow you to determine whether a loan is affordable for your financial situation or aligned with your financial goals in both short and long terms.

**It enables easy yet effective comparisons between different loan scenarios**

A repayment on loan calculator, like many other automated financial tools, allows users to make changes or modifications to the input values so that they can instantly see the impacts of different parameters on the overall results of the calculations. This way, you can easily identify the most suitable loan option for your budget and financial situation.

**It helps borrowers visualize the impact of extra payments on their loans**

By inputting additional payments into the calculator, you can see how they affect the total interest paid and the overall loan term. As you can guess, this feature assists prospective borrowers in strategizing and planning for accelerated debt repayment, potentially saving them money in interest costs.

**How do you calculate interest on a personal loan?**

To calculate interest on a personal loan, you can use the simple interest formula:

*Interest = (Loan Amount) x (Annual Interest Rate) x (Loan Term in Years).*

For example, assuming you borrow $8,000 at an annual interest rate of 6% for 02 years, the interest would be $960. Applying the above formula, you have Interest = $8,000 x 0.06 x 2 = $960. That means you would pay $8,960 over the 2-year period, of which $8,000 is the principal and $960 is the interest cost.

**What happens when loan payments are amortized?**

If loan payments are amortized, all periodic payments cover two major portions: one goes toward the principal, and the other goes toward the interest paid. In the beginning, a greater part of the payment is allocated to the interest cost; however, as the loan repayment progresses, the interest part of the payment decreases gradually, while more of the payment goes toward the principal. This way, the borrower pays off the loan gradually and entirely by the end of the loan term. Amortized loans are popular for personal loans, car loans, student loans, fixed-rate mortgages, etc.

In sum, a **loan repayment calculator** stands as a valuable financial tool for those thinking of applying for a loan. Using the tool, prospective borrowers can obtain vital insights into the loans, from accurate estimations of monthly payments to total interest paid, detailed amortization schedules, and more. With these insights, it seems much easier for you to make informed, smart financial decisions as well as effectively plan your budget. More importantly, the tool is free and compatible with various devices, so you can use it whenever and wherever you want.

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