Get Started Now


Get Started Now!

By clicking on "Get Started!", I agree to the Terms of Use, Privacy Policy and ESIGN Consent


What is A Loan Repayment Calculator?

If you’re in the market for a loan, it’s best to be aware of the numbers before applying to any. The Loan Payoff Calculator can assist you in determining the monthly amount, the duration, and even the amount of interest you’ll have to pay for the loan before you apply for it.

  • What is the time it takes to cover a certain amount in a monthly installment or
  • What amount you’ll have to pay each month to cover a certain amount in a set period.

This tool will help you decide on financing during the buying phase. Or when you want to analyze numbers to figure out how they will fit in your budget. It is usually best to conduct this kind of calculation on your own instead of in a bank or an auto loan dealership awaiting numbers from a finance executive. Calculators give you the chance to understand what you want your numbers to appear before you even get to that point. This, in turn, will help you become an informed buyer.

Use the calculator to determine a monthly amount that is good and within your budget. You can also play around with various loan terms and terms. After all, although an affordable interest payment might be appealing, paying the loan off for a year or two earlier could be a better choice.

How does the Calculator for Loan Repayment work

To make use of the loan calculator, begin by entering two vital pieces of data The Loan Amount and the loan APR (interest percentage) that you’re charged.

There, you’ll be able to select the option of Calculating by the Loan Term or calculate my monthly extra payment. Click the bubble next to the option you wish first to calculate.

Let’s examine each of them, beginning with an assumption of $10,000 as a loan and APR for the loan of 7.

Calculate using the loan term

This will assist you in figuring out how long it will be to repay the loan, based on the loan amount, interest rate, and the expected term of the loan. If you’re just playing with various numbers, you can alter the length of the loan’s duration to establish a minimum acceptable payment.

However, this option will provide you with a crucial detail you’ll be aware of, which is what amount of interest you’ll have to pay throughout your loan. The longer the duration is, the greater the total cost of interest. This way, you’ll be able to make an informed decision regarding both the monthly installment and the total cost of interest for the loan.

If you choose this option, You’ll be asked to answer two additional questions:

  • The loan term can range from 12 to 84 months.
  • Additional monthly installment (optional) Enter any other principal that you want to include in your monthly payment; however, leave it blank if you only plan to make periodic additional payments.

To demonstrate the loan, enter 60 months as the loan period for demonstration purposes. Click the Calculate button.

The calculator for loan payoffs will give two outcomes:

  • The estimated monthly cost will be $198.01.
  • Interest paid. The amount of interest paid is $1,880.60. That’s the total of interest that you’ll have to pay during the term of 60 months on loan.

Calculate monthly payments using the monthly installment

For many people taking out a loan, the monthly installment of loans is often the most important aspect. It is possible to use this Calculate with Monthly Monthly Payment to determine what you believe is the most appropriate amount for you.

Similar to Calculate by the Loan Term, I’ll begin with a loan amount of $10,000 and an APR of 7percent.

Next, select the Calculate Monthly Payment option. After that, click on the Calculate button.

The user will be asked to enter the anticipated monthly amount. For example purposes, we’ll enter $155 and click”Calculate.”

The calculator for loan payoffs will show three outcomes:

  • Months to pay off your loan- 81 Months.
  • Years to payoff years to yield 6.75 years.
  • Interest Paid of $2,555.

Most lenders aren’t going to offer a loan of 81 months because it’s not a certain amount of time. You’ll likely be asked to select one of the 72-months, which would increase the payment amount, or 84 months which will decrease the cost by a little.

But note that the smaller monthly payment of $155 versus. $198.01 I calculated when calculating by loan term results in a greater amount of interest to be paid throughout the loan term.

With a term of 60 months, you’ll have to pay $1,880.60 throughout your loan. However, at 81 months – and the lower monthly payment will be $2,555, which increases the loan cost by 675.

Where can I get a loan?

Personal loans have grown in popularity over the last few times, and it’s easy to understand the reason. It is possible to take out substantial loan amounts – sometimes as much as $100,000 on an unsecured loan with up to 84 months. These loans are a fantastic option to pay off high-interest credit card debt or finance a new car without making the vehicle collateral to secure the loan. Car payments.

Two of the top sources for individual loans are Fiona and Credible.


Fiona can be described as a more aggregate who helps you find estimates on personal loans and refinancing student loans. However, they’ve recently expanded their services to help locate the top credit cards and even the most beneficial savings accounts. You can look for the best offers on the site, and Fiona can assist you in the process of applying using Direct Lender.

It will assist you in finding a better deal in the form of a side-by-side quote for loans to make an immediate comparison of the interest rates, fees, and terms provided by various lenders. This will make it less necessary to compare many independent personal loan companies looking for the most affordable deal.

Free to use and loan APRs and fees will be directly paid towards the lending institution you decide to deal with.


Monevo increases your odds of obtaining a favorable rate by gathering quotes from over 30 lenders. It is also the best thing about it that the process is fast, and the quotes are provided within minutes. Before you input your data, you can examine the average rates offered and a list of participating lenders, rates, and loan amounts available directly on Monevo’s website.

If you spot an interest rate that you like, just click “Continue” to proceed towards applying for a loan. The loan can be requested for up to $100,000 and serve various reasons, such as student loan consolidation and debt refinancing.

Monevo does not charge fees, so you will incur any charges you have to pay to the bank you select.


Credible is most well-known for refinancing a student loan. However, they also offer personal loans. Like Fiona, Credible is an online marketplace for lending, allowing customers to obtain quotes from several lenders. These lenders include the top names in the student and personal refinances of loans.

It is available for use at no cost and provides comparative quotes side-by-side from various lenders that are participating by filling out an online application. Getting multiple loan quotes is the best way to contact you for an improved rate on your loan. It is possible to review the rates offered by lenders and pick the one you would like to deal with.

Credible can guarantee that they’ll offer you the best interest rate, or they’ll reimburse you for 0 if they find an offer that is better elsewhere. Conditions and terms apply.

The things you need to be aware of regarding loan repayments

As I explained in the examples of loans above, Payoffs on loans are a kind of a compromise between the monthly installment and the overall cost for the loan. The lower the monthly installment you select and the higher the interest rate, the longer the loan’s duration and the more interest you’ll have to pay over the loan will last. This will add to the total amount for the loan.

It’s up to you to decide which is most important: a lower monthly installment or having the loan paid back as fast as possible and saving money on the total expense. Your credit score will not be affected by checking rates.

Another thing that you must take note of specifically in the case of personal loans. Some lenders who offer personal loans charge origination fees of between 1 and 6 percent of the amount you take out. They will charge you between 0 and $600 for the loan of $10,000.

But an origination cost should not deter you from considering an individual loan. Suppose you have $10,000 on credit cards, with an exciting average of 23 percent. This means that you’re paying $2300 annually in interest.

There’s a chance to take out a personal loan for 12 percent over 60 years with an origination fee of 6. While you’ll be paying 0 to pay the origination fee, you’ll still get hundreds of dollars to compare to the current credit card.

A personal loan with an interest of 12 percent will cost less than $1200 in interest in the initial one year (less since it’s a repayment loan with a decreasing loan balance that gradually). Down payment. If you add the origination fee of $600 plus the interest of $1200 of the personal loan, the total cost for the first year is $1,800. You’ll save $500 over the interest of $2,300 you’ll pay on credit cards.

The origination cost applies only once you have accepted the loan The savings you make each year will be higher. Additionally, you can pay the loan in full within five years. This isn’t likely to occur for credit card debt.

Don’t let the origination cost deter you from applying for personal loans. Examine the numbers. Look them up against what you’re currently paying on your debt. And move forward if it saves you money.

Jason Rathman