Loan repayment calculator
The payment, and where it actually goes.
Examples temporarily replace the input and settings. You can restore your previous work.
Your files stay on your device
This tool runs entirely in your browser. What you paste is processed on your device and is never sent to a server, so it is safe to use with tokens, keys and unpublished text.
Example
Example: a $25,000 car loan at 7.5 % over 5 years — $500.95 a month
Amount borrowed $25,000, interest rate 7.5 % a year, over 5 years, equal payments, in US dollars: the page’s own starting figures, compared with a longer term, overpayments and equal principal.
- The first payment’s interest is the balance times the monthly rate: $25,000 × 7.5 % ÷ 12 = $156.25, 31 % of $500.95. The other $344.70 pays down the loan.
- Year by year, the balance falls to $20,718.41 after the first year and reaches $0.00 after the fifth.
| Choice | Monthly payment | Total interest | Paid off |
|---|---|---|---|
| 5 years | $500.95 | $5,056.96 | After 60 payments |
| 10 years | $296.75 | $10,610.76 | After 120 payments |
| 5 years + $50 extra a month | $550.95 | $4,492.42 | 6 months early |
| 5 years + $100 extra a month | $600.95 | $4,043.26 | 11 months early |
| 5 years, equal principal | $572.92 at first, then falling | $4,765.59 | After 60 payments |
$500.95 a month and $30,056.96 repaid in all. An extra $100 a month ends the loan 11 months early and saves $1,013.70 in interest. Fees and insurance are not included.
How it works
- Type the amount, the rate and the term.
- Read the monthly payment and, underneath it, how much of the first payment is interest.
- Add an extra monthly amount to see how many months it takes off.
- Switch to month-by-month if you want the whole schedule.
Frequently asked questions
- Why show the interest in the first payment?
- Because it is the number that surprises people and the one no summary shows. On a long loan at a normal rate, well over half of an early payment is interest, and the balance barely moves for the first few years. That is not a trick — it is what interest on a large balance costs — but it explains why overpaying early is worth so much more than overpaying late.
- What does equal principal mean?
- The same slice of the debt comes off every month, so the interest — and the payment with it — falls over time. You pay less interest overall than with equal payments, but the first years cost noticeably more. Japanese lenders offer both; most people take equal payments because the budget is easier.
- Is this what my bank will quote?
- Close, but not the same. It is the standard amortisation calculation, so the arithmetic matches; what it cannot know is your lender's fees, guarantee charges, insurance, or whether the rate is fixed for the whole term. Use it to compare offers and to see what an overpayment does, not as a quotation.
- How much does paying extra save?
- More than most people expect, because every extra yen or pound comes off the principal and stops earning interest for the rest of the term. Put a figure in and the page shows the months saved and the interest avoided.
- What is the monthly payment on a $25,000 loan?
- At 7.5 % a year, $500.95 over 5 years or $296.75 over 10. The longer term lowers the payment but more than doubles the interest: $10,610.76 against $5,056.96.
- Can I work out a mortgage with a down payment?
- Yes: choose A home under What for and type the price and the down payment, as an amount or a percentage. A $400,000 home with 20 % down borrows $320,000; at 6.5 % over 30 years that is $2,022.62 a month, and $1,733.33 of the first payment is interest.
- Is anything uploaded?
- No. It runs in your browser, so what you type stays on your computer.
Made for a specific use
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