Loan repayment calculator
Works for home loans, car loans and personal loans.
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- Total interest
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- Total repaid
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- Paid off in
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- Payoff date
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Year-by-year balance
| Year | Principal paid | Interest paid | Balance left |
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This calculator gives estimates for general information only and isn't financial advice. Check figures with your lender, accountant or tax office before making decisions.
How loan repayments are calculated
Most loans are amortising: every repayment is the same, but early repayments are mostly interest and later ones mostly principal. The calculator uses the standard formula, repayment = P × i ÷ (1 − (1 + i)^−n), where P is the amount borrowed, i the interest rate per repayment period and n the number of repayments.
Paying fortnightly instead of monthly, or adding a small extra amount each time, can cut years off a long loan and save a large amount of interest. Enter an extra repayment to see the difference instantly.
Before you sign
Lenders also charge fees and may use variable rates that change over time, so the real cost can differ. Compare offers using the comparison rate, which includes most fees.
Want the full explanation? Read our guide: How loan repayments work, and how to pay less interest.
Questions people ask
How much is the repayment on a $300,000 loan?
At 6% over 30 years, monthly repayments are about $1,799, and you'd pay around $347,500 in interest over the life of the loan.
Is it better to pay fortnightly?
Usually yes. Paying half the monthly amount every fortnight adds up to one extra month's repayment each year, which shortens the loan and cuts interest. This calculator shows the exact fortnightly amount needed for your term.
How much do extra repayments save?
Even small extras help on long loans. On a $300,000 30-year loan at 6%, an extra $200 a month pays the loan off almost 7 years sooner and saves about $91,000 in interest.
Does this work for car and personal loans?
Yes. Enter the amount, rate and term. Most car and personal loans run 1 to 7 years.