{
    "name": "Repayment Calculator",
    "url": "https://calculators.geekmidst.com/calculators/repayment-calculator",
    "markdown": "https://calculators.geekmidst.com/calculators/repayment-calculator.md",
    "category": "Finance",
    "description": "Find the monthly repayment to clear a loan in a set term, or how long a fixed monthly payment takes to repay it, with interest and a yearly schedule.",
    "summary": "Work in either direction: fix the term to get the monthly repayment, or fix what you can pay each month to see when the loan is cleared.",
    "also_called": [
        "Loan repayment calculator",
        "Loan payoff calculator"
    ],
    "applies_to": "Worldwide",
    "last_updated": "2026-10-29",
    "computation": "Results are computed in the visitor’s browser on the HTML page. This API describes the calculator; it does not compute results.",
    "inputs": [
        {
            "name": "mode",
            "label": "Work out",
            "type": "segmented",
            "default": "term",
            "options": {
                "term": "Monthly repayment",
                "payment": "Time to repay"
            }
        },
        {
            "name": "principal",
            "label": "Loan balance",
            "type": "number",
            "default": "100000"
        },
        {
            "name": "rate",
            "label": "Interest rate (per year)",
            "type": "number",
            "default": "6",
            "unit": "%"
        },
        {
            "name": "years",
            "label": "Term",
            "type": "number",
            "default": "20",
            "unit": "years",
            "shown_when": {
                "mode": "term"
            }
        },
        {
            "name": "payment",
            "label": "Monthly payment",
            "type": "number",
            "default": "1000",
            "shown_when": {
                "mode": "payment"
            }
        },
        {
            "name": "currency",
            "label": "Currency",
            "type": "currency",
            "default": "USD"
        }
    ],
    "outputs": [
        {
            "key": "payment",
            "label": "Monthly repayment",
            "format": "currency"
        },
        {
            "key": "time",
            "label": "Time to repay",
            "format": "text"
        },
        {
            "key": "months",
            "label": "Number of payments",
            "format": "integer"
        },
        {
            "key": "total_interest",
            "label": "Total interest",
            "format": "currency"
        },
        {
            "key": "total_paid",
            "label": "Total repaid",
            "format": "currency"
        }
    ],
    "formula": {
        "text": "Payment = P × r ÷ (1 − (1 + r)^−n);  Time for a fixed payment: n = −ln(1 − P × r ÷ Payment) ÷ ln(1 + r), rounded up (the last payment is smaller)",
        "variables": {
            "P": "loan balance",
            "r": "annual rate ÷ 12",
            "n": "number of monthly payments"
        }
    },
    "worked_example": {
        "inputs": {
            "mode": "term",
            "principal": "100000",
            "rate": "6",
            "years": "20",
            "payment": "1000",
            "currency": "USD"
        },
        "steps": [
            "r = 6% ÷ 12 = 0.005; n = 240.",
            "Payment = 100,000 × 0.005 ÷ (1 − 1.005^−240) = 716.43.",
            "Total repaid = 716.4311 × 240 = 171,943.45, so interest is 71,943.45."
        ],
        "result": "A 100,000 loan at 6% over 20 years costs 716.43 a month and 71,943.45 in interest."
    },
    "interpretation": "Switch to “Time to repay” and enter a slightly higher payment to see how much sooner the loan is cleared: on long loans, a small increase removes years of interest.",
    "assumptions": [
        "Fixed interest rate, charged monthly at the annual rate ÷ 12.",
        "Payments are made at the end of each month with no fees."
    ],
    "limitations": [
        "Variable-rate loans, payment holidays and lender fees are not modelled.",
        "Some lenders calculate interest daily, which changes the figures slightly."
    ],
    "rules": null,
    "faqs": [
        {
            "question": "How is this different from the EMI calculator?",
            "answer": "The EMI calculator gives the payment for a term. This one also works backwards from a payment you choose to the time it takes, and shows the schedule year by year."
        },
        {
            "question": "Why is the last payment smaller?",
            "answer": "With a fixed payment the balance rarely divides exactly, so the final payment is just what is left."
        }
    ],
    "sources": [],
    "related": [
        {
            "name": "EMI Calculator",
            "url": "https://calculators.geekmidst.com/calculators/emi-calculator"
        },
        {
            "name": "Loan Amortization Calculator",
            "url": "https://calculators.geekmidst.com/calculators/loan-amortization-calculator"
        },
        {
            "name": "Student Loan Calculator",
            "url": "https://calculators.geekmidst.com/calculators/student-loan-calculator"
        },
        {
            "name": "Debt Payoff Calculator",
            "url": "https://calculators.geekmidst.com/calculators/debt-payoff-calculator"
        }
    ],
    "disclaimer": "This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ.",
    "publisher": "GM¹X CalcVerse"
}