# Repayment Calculator

> 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.

Category: Finance · Applies to: Worldwide · Last updated: 2026-10-29
Interactive calculator: https://calculators.geekmidst.com/calculators/repayment-calculator

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.

## Inputs
- Work out (options: Monthly repayment, Time to repay; default term)
- Loan balance (default 100000)
- Interest rate (per year) (unit %; default 6)
- Term (unit years; default 20)
- Monthly payment (default 1000)
- Currency

## Results
- Monthly repayment
- Time to repay
- Number of payments
- Total interest
- Total repaid

## Formula

```
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)
```

Where:
- P: loan balance
- r: annual rate ÷ 12
- n: number of monthly payments

## Worked example
1. r = 6% ÷ 12 = 0.005; n = 240.
2. Payment = 100,000 × 0.005 ÷ (1 − 1.005^−240) = 716.43.
3. 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.

## What the result means

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 and limits
- Fixed interest rate, charged monthly at the annual rate ÷ 12.
- Payments are made at the end of each month with no fees.
- Variable-rate loans, payment holidays and lender fees are not modelled.
- Some lenders calculate interest daily, which changes the figures slightly.

## Questions

### How is this different from the EMI calculator?

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.

### Why is the last payment smaller?

With a fixed payment the balance rarely divides exactly, so the final payment is just what is left.

## Related calculators
- [EMI Calculator](https://calculators.geekmidst.com/calculators/emi-calculator)
- [Loan Amortization Calculator](https://calculators.geekmidst.com/calculators/loan-amortization-calculator)
- [Student Loan Calculator](https://calculators.geekmidst.com/calculators/student-loan-calculator)
- [Debt Payoff Calculator](https://calculators.geekmidst.com/calculators/debt-payoff-calculator)

_This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ._

Source: GM¹X CalcVerse — https://calculators.geekmidst.com/calculators/repayment-calculator