What is a Loan Repayment Calculator?
A loan repayment calculator automatically computes how much you need to pay each month and the total interest on your loan. It can be used for various loan products including mortgages, personal loans, and auto loans.
This calculator supports three major repayment methods: Equal Payment (amortized), Equal Principal, and Bullet (interest-only). You can compare monthly payments and total interest for each method at a glance.
Key Features
3 Repayment Methods
Supports equal payment, equal principal, and bullet repayment methods to help you find the best option for your situation.
Monthly Repayment Schedule
View detailed breakdown of principal, interest, payment amount, and remaining balance for each month.
Method Comparison
Compare monthly payments and total interest side by side across all three repayment methods to choose the optimal one.
Auto Number Formatting
Amounts are automatically formatted with thousand separators for easy reading of large numbers.
How to Use
- Enter Loan Amount -- Enter the total loan principal amount.
- Enter Interest Rate -- Enter the annual interest rate (%) for the loan product.
- Set Loan Period -- Enter the loan period in years or months.
- Select Method and View Results -- Click on the Equal Payment, Equal Principal, or Bullet tab to see monthly payment, total payment, and total interest. Click Show Repayment Schedule for monthly details.
Use Cases
Mortgage Comparison
Compare monthly payments and total interest across different bank rates when purchasing a home to find the best loan terms.
Auto Loan Planning
Calculate monthly payments based on different loan periods and interest rates when buying a car to plan your budget.
Rental Deposit Loan Review
Compare monthly burden across different repayment methods for rental deposit loans to set an appropriate loan limit.
Refinancing Analysis
Calculate and compare interest on your current loan vs. a new loan to see how much you can save by refinancing.
Frequently Asked Questions
What is the difference between Equal Payment and Equal Principal?
Equal Payment (amortized) pays the same total amount (principal + interest) every month. Initial burden is lower but total interest is higher. Equal Principal pays the same principal amount each month plus interest on the remaining balance. Initial payments are higher but decrease over time, resulting in less total interest.
When is Bullet repayment advantageous?
Bullet repayment pays only interest during the loan period and repays the full principal at maturity. Monthly burden is the lowest but total interest is the highest. It is suitable when you need short-term funds or expect a lump sum at maturity.
Which repayment method is best for a mortgage?
Equal Payment is the most common for long-term mortgages. It makes household budget management easy since you pay the same amount each month. If you can afford higher initial payments, Equal Principal can reduce your total interest.
Are early repayment fees included in the calculation?
This calculator provides basic principal and interest repayment calculations. Early repayment fees, origination fees, and other charges are not included. Please check with your bank for actual loan details.
Can the calculation results differ from actual bank loans?
This calculator uses standard formulas. Actual bank products may differ due to interest calculation dates, fees, preferential rate applications, etc. Please contact the specific financial institution for exact figures.
Privacy Notice
This loan repayment calculator processes all calculations in your browser. No entered amounts or interest rates are sent to any server. You can use it with confidence.