About This Tool
What is Loan Repayment Calculator?
A tool that calculates loan repayment schedules for both equal payment (amortized) and equal principal methods. Enter loan amount, interest rate, and term to see monthly payments, total repayment, and total interest.
How to Use
- Enter the loan amount.
- Enter the annual interest rate (%).
- Enter the repayment period (months).
- Select repayment type (equal payment/equal principal) and calculate.
Key Features
- Equal payment / equal principal repayment methods
- Monthly repayment schedule display
- Total payment and total interest calculation
- Monthly principal/interest ratio breakdown
Tips
- Equal payment maintains the same monthly amount, making budgeting easier.
- Equal principal has higher initial payments but less total interest, better long-term.
- A 1% interest rate difference over 30 years can mean tens of thousands in total interest difference.
Loan Repayment Calculator
Calculate loan repayment schedule with equal payment or equal principal
Frequently Asked Questions
What is the difference between equal payment and equal principal repayment?โผ
Equal payment (amortization) keeps your monthly payment the same throughout the loan โ early payments are mostly interest, shifting to mostly principal over time. Equal principal repayment pays the same principal amount each month plus decreasing interest, so payments start high and decrease. Equal principal results in less total interest paid.
How is monthly payment calculated for equal payment loans?โผ
The formula uses the annuity equation: M = P ร [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal, r is the monthly interest rate (annual rate / 12), and n is the total number of payments. This ensures the loan is fully paid off by the end of the term.
Should I choose a shorter or longer loan term?โผ
Shorter terms mean higher monthly payments but significantly less total interest paid. Longer terms reduce monthly payments but increase total interest substantially. For example, a $200,000 loan at 5%: 15-year term costs $82,860 in interest; 30-year term costs $186,512 โ more than double. Choose based on what monthly payment you can comfortably afford.
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