See when you will be debt-free with extra payments and what payment you need for a target date.
Optional extra payments
Goal
| Year | Payments | Principal | Interest | Ending balance |
|---|---|---|---|---|
| 2026 | $1,050.00 | $543.07 | $506.93 | $29,456.93 |
| 2027 | $4,200.00 | $2,266.71 | $1,933.29 | $27,190.22 |
| 2028 | $4,200.00 | $2,425.74 | $1,774.26 | $24,764.48 |
| 2029 | $4,200.00 | $2,595.93 | $1,604.07 | $22,168.55 |
| 2030 | $4,200.00 | $2,778.06 | $1,421.94 | $19,390.49 |
| 2031 | $4,200.00 | $2,972.97 | $1,227.03 | $16,417.52 |
| 2032 | $4,200.00 | $3,181.55 | $1,018.45 | $13,235.97 |
| 2033 | $4,200.00 | $3,404.77 | $795.23 | $9,831.20 |
| 2034 | $4,200.00 | $3,643.65 | $556.35 | $6,187.55 |
| 2035 | $4,200.00 | $3,899.29 | $300.71 | $2,288.26 |
| 2036 | $2,338.54 | $2,288.26 | $50.28 | $0.00 |
Please do not make financial decisions based on these results.
What is the Repayment Calculator?
A repayment calculator shows when you will be debt-free with your current payment and extras, and what payment you need to finish by a target date.
Paying debt down
Extra payments shorten a loan and cut interest. Use the repayment calculator for one loan and the debt payoff calculator when you owe several. Credit cards are a special case; see the credit card payoff calculator.
How to use the Repayment Calculator
- Enter your numbers. The inputs are Loan balance ($), Interest rate (% per year), Your current monthly payment ($), I want to be debt-free in (years). Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Debt-free in, and the cards below show Total interest, Total repaid, Without extras: time / interest. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Repayment Calculator using the default values shown in the calculator above:
Inputs
| Loan balance ($) | 30,000 |
|---|---|
| Interest rate (% per year) | 6.8 |
| Your current monthly payment ($) | 350 |
| I want to be debt-free in (years) | 5 |
Results
| Debt-free in | 9 yrs 10 mo |
|---|---|
| Total interest | $11,188.54 |
| Total repaid | $41,188.54 |
| Without extras: time / interest | 9 yrs 10 mo / $11,188.54 |
| Interest saved | $0.00 |
| Payment needed for your goal | $591.21 / mo |
With these inputs the calculator returns Debt-free in: 9 yrs 10 mo. Change any value in the calculator to see how the result moves.
What the results tell you
The results panel of the Repayment Calculator reports Debt-free in, total interest, total repaid, without extras: time / interest, interest saved and payment needed for your goal. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Tips for better results
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
Can I use it for any loan?
Yes, for any fixed-rate loan where you know the balance, rate and payment.
How can I repay a loan faster?
Pay more than the minimum, make biweekly or extra yearly payments, and avoid extending the term.
What is APR and why does it matter?
APR is the yearly cost of a loan including fees. Use it, rather than the interest rate alone, to compare offers.
Can I enter the term in years and months?
Yes. Enter years and months together, for example 6 years and 2 months.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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