About the Repayment Calculator
Find how long it takes to repay a debt with a fixed payment, or the payment needed to clear it by a set date. This tool is free, works in your browser and needs no sign-up.
How to use the Repayment Calculator
Choose a mode. To find the time, enter the amount owed, rate and monthly payment. To find the payment, enter the amount, rate and number of months.
Formula used
Months = −ln(1 − B × r ÷ P) ÷ ln(1 + r). Payment = B × r × (1 + r)^n ÷ ((1 + r)^n − 1).
Example
With Amount owed 15000, Interest rate (% per year) 9, Monthly payment (for how long) 400, Months to repay (for payment needed) 36, the calculator shows: Time to repay = 3 years 9 months; Total interest = 2,678.86; Total repaid = 17,678.86.
Frequently asked questions
What if my payment is too low?
If the payment is not larger than the monthly interest, the balance never goes down. Raise the payment above the interest amount to make progress.
Is the Repayment Calculator free to use?
Yes. It is completely free and you can use it as many times as you like.
How accurate is the Repayment Calculator?
The calculator uses standard formulas, so the maths is exact. Real life results can differ because of fees, taxes, rounding or personal factors, so treat the answer as an estimate.
Do you store the numbers I enter?
No. All calculations run in your browser. The values you type are not sent to our server.
Disclaimer: results are estimates for information only. They are not financial, medical or professional advice.