How to use the Repayment Calculator
The repayment calculator shows how long a fixed monthly payment takes to repay a loan and the total interest.
Open the Repayment Calculator →
What you need to enter
- Loan amount ($)
- Interest rate (%)
- Monthly payment ($)
The formula
Months = −ln(1 − P × r ÷ payment) ÷ ln(1 + r).
Worked example
Using the default values in the calculator:
- Loan amount ($): 25000
- Interest rate (%): 6
- Monthly payment ($): 600
| Time to repay | 3 yr 11 mo |
| Total interest | $3,103.81 |
| Total repaid | $28,103.81 |
Tips for better results
- Increase the payment to see how much sooner you finish.
- Use it to test different budgets.
Common mistakes to avoid
- Choosing a payment below monthly interest.
- Forgetting the loan's fees.
Please note: Calculators and guides give general estimates, not financial, tax or investment advice. Real offers depend on your lender, location and personal situation. See our Disclaimer.