Loan Repayment Calculator 2026
About to start a new job, or just want to know what you actually take home.
Calculate monthly repayments on any fixed-rate loan in the US. Personal loans, car finance, or any instalment loan. Shows total interest and full repayment schedule.
Estimates only. Actual rate from your lender may differ. CFPB regulated lenders must disclose full APR.
How loan repayment is calculated
The amortisation formula
Monthly repayment = Loan × [r(1+r)^n] ÷ [(1+r)^n − 1], where r = monthly rate (annual ÷ 12) and n = total months. On a $10,000 loan at 7% for 5 years, monthly repayment is approximately $198. In early months, most of each payment is interest; later, more goes to principal.
Monthly repayments at different loan sizes and rates
| Loan | 5% | 7% | 10% |
|---|---|---|---|
| $5,000 / 3yr | $150 | $153 | $161 |
| $10,000 / 5yr | $189 | $198 | $212 |
| $20,000 / 5yr | $377 | $396 | $425 |
| $25,000 / 7yr | $353 | $382 | $412 |
How extra payments reduce total interest on a loan
Extra payments save disproportionately
On a $15,000 loan at 7% over 5 years, the standard payment is $297/month. An extra $50/month saves approximately $320 in interest and pays off the loan 8 months early. Extra payments work best when made early in the loan term, when the interest component is highest.
Frequently askedFrequently asked questions
What is a good interest rate for a personal loan in the US?
US personal loan rates range from approximately 6–36% APR depending on credit score, income, and lender. Borrowers with excellent credit (720+) can access rates from 7–12%. Average rates in 2026 are approximately 11–12% for prime borrowers.
How much can I borrow for a personal loan?
US personal loan amounts range from $1,000 to $100,000 depending on the lender. Most online lenders cap at $35,000–$50,000 for unsecured personal loans. Banks and credit unions may offer more. Maximum amounts depend on your income, credit score, and debt-to-income ratio.
Should I pay off a loan early?
Paying off a loan early reduces total interest paid. Check if your lender charges an early repayment charge (prepayment penalty — less common in the US but check your loan terms). Even with a fee, early payoff is often worth it. If your loan rate is lower than your savings rate, it may be better to save instead.
What is the difference between APR and interest rate?
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus any fees (origination fees, broker fees). Always compare APR, not just the headline interest rate, as it gives the true cost of the loan.
Where these figures come from
Debt and credit figures on this page come from the Consumer Financial Protection Bureau (CFPB) for consumer-protection rules, The Federal Reserve (rate data), and the FTC for fair-lending oversight.
- Consumer credit rules & disclosures — CFPB — Consumer Financial Protection Bureau.
- Credit card rates & interest data — Federal Reserve — Consumer Credit (G.19).
- Debt collection & fair-lending — FTC — Debt Collection.
- Student loan programs — US Department of Education — Federal Student Aid.
Last checked: April 2026. Rates and thresholds are reviewed against the source of record each November, when annual adjustments for the following tax year are published.
Select the question that matches where you are right now.
Your result shows the repayment schedule, total interest cost, and payoff timeline based on the loan or debt details you entered.
Use this to compare repayment strategies — extra repayments, higher frequency payments, or refinancing at a lower rate. See which approach saves the most interest.
Not a loan offer or approval. Actual loan terms depend on the lender's credit assessment, fees, and the specific product you choose.
Uses standard amortisation formulas with the rate and term you entered. All calculations run in your browser — no data is sent to any server.
Debt repayment outcomes are driven by the interest rate, repayment amount, and loan term. Even small changes to any of these can materially shift the total cost and payoff date.
A 0.5% rate reduction on $30,000 of debt saves hundreds in interest over the life of the loan. Refinancing or negotiating a better rate is often the highest-impact move.
Even $50/month extra on a $20,000 loan can cut months off the term and save significant interest. The earlier you make extra payments, the greater the compounding benefit.
Switching from monthly to fortnightly effectively makes 13 monthly payments per year instead of 12 — reducing the term and total interest without increasing your per-pay amount.
To pay off debt faster, focus on the highest-rate debt first, increase repayment frequency, and avoid taking on new debt while paying down existing balances.
Pay minimums on all debts, then direct every extra dollar to the highest-rate debt. This minimises total interest paid across all your debts.
Moving a credit card balance to a lower-rate personal loan, or refinancing a car loan, can reduce the rate and accelerate payoff.
Reducing your card limit prevents re-borrowing what you've paid off — and improves your borrowing capacity for future applications.
Debt management connects to budgeting, savings, and credit decisions. Use these calculators to plan your next move.