Repayment Calculator Online Free Tool
Repayment Calculator
Loan Details
Repayment Schedule
Enter a fixed loan term and calculate the required monthly payment
Enter a fixed payment amount and calculate how long it will take to pay off
Repayment Summary
Monthly Payment
$212.47
per month
Total Payments
$12,748.227
60 payments
Total Interest
$2,748.227
27.5% of principal
Principal vs Interest
Principal
78.4%
Interest
21.6%
Balance Over Time
Cumulative Interest Paid
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $212.47 | $129.14 | $83.33 | $9,870.86 |
| 2 | $212.47 | $130.21 | $82.26 | $9,740.65 |
| 3 | $212.47 | $131.30 | $81.17 | $9,609.35 |
| 4 | $212.47 | $132.39 | $80.08 | $9,476.96 |
| 5 | $212.47 | $133.50 | $78.97 | $9,343.46 |
| 6 | $212.47 | $134.61 | $77.86 | $9,208.85 |
| 7 | $212.47 | $135.73 | $76.74 | $9,073.12 |
| 8 | $212.47 | $136.86 | $75.61 | $8,936.26 |
| 9 | $212.47 | $138.00 | $74.47 | $8,798.26 |
| 10 | $212.47 | $139.15 | $73.32 | $8,659.11 |
| 11 | $212.47 | $140.31 | $72.16 | $8,518.80 |
| 12 | $212.47 | $141.48 | $70.99 | $8,377.32 |
Showing first 12 months of 60 month schedule
A repayment calculator helps you figure out how long it will take to pay off a debt at a given monthly payment, or how much you need to pay each month to be debt-free by a target date. It works for any type of debt: credit cards, student loans, personal loans, or medical bills. Enter your balance, rate, and goal to get a clear repayment plan.
Repayment vs. Minimum Payments
Paying only the minimum on revolving debt is one of the most expensive financial habits. Credit card issuers set minimums low on purpose, maximizing the interest you pay. On a $5,000 balance at 20% interest, paying the minimum of $100/month takes over 8 years and costs more than $3,000 in interest. Doubling that payment to $200 cuts the time to under 3 years.
| $5,000 at 20% APR | Months to Payoff | Total Interest |
|---|---|---|
| $100/month (min) | 99 months | $3,100 |
| $150/month | 48 months | $1,200 |
| $200/month | 33 months | $750 |
| $300/month | 21 months | $455 |
Debt Repayment Strategies
Two popular methods for paying off multiple debts are the avalanche and snowball. The avalanche method attacks the highest-rate debt first, minimizing total interest paid. The snowball method pays the smallest balance first, building momentum through quick wins. Mathematically the avalanche is superior, but the snowball can be more motivating. Both beat making only minimum payments by a wide margin.
Frequently Asked Questions
What is an income-driven repayment plan for student loans?⌄
Income-driven repayment (IDR) plans for federal student loans cap your monthly payment at a percentage of your discretionary income (typically 5-20%). Plans include SAVE, PAYE, IBR, and ICR. After 10-25 years of qualifying payments, any remaining balance may be forgiven. These plans are ideal if your loan balance is high relative to your income.
How do I calculate how long it will take to pay off a credit card?⌄
Divide your balance by your monthly payment, then adjust for interest accrual. The formula gets complex with compound interest, which is why this calculator does the math for you. The key insight is that any amount above the minimum payment dramatically shortens the payoff timeline.
Should I pay off debt or save?⌄
First, build a small emergency fund ($1,000-$2,000). Then, capture any employer 401k match before paying extra on debt. After that, compare your debt interest rate to your expected investment return. High-rate debt (8%+) should generally be paid before investing beyond the match. Low-rate debt (under 5%) may make investing a better choice mathematically.
What is debt consolidation?⌄
Debt consolidation combines multiple debts into a single loan, ideally at a lower rate. It simplifies payments and can reduce total interest if you qualify for a lower rate. The main risk is that it frees up old credit card limits, which some people then run back up. A consolidation only helps if you change the spending habits that created the debt.