Mortgage Loan Repayment Calculator

Personal Loan Repayment Calculator

Results Summary

Monthly Repayment: $0.00

Total Interest Paid: $0.00

Total Amount Payable: $0.00

function calculateRepayment() { var principal = parseFloat(document.getElementById('loanAmount').value); var annualRate = parseFloat(document.getElementById('interestRate').value); var years = parseFloat(document.getElementById('loanTerm').value); var resultArea = document.getElementById('resultArea'); if (isNaN(principal) || isNaN(annualRate) || isNaN(years) || principal <= 0 || annualRate < 0 || years <= 0) { alert("Please enter valid positive numbers for all fields."); return; } var monthlyRate = (annualRate / 100) / 12; var numberOfPayments = years * 12; var monthlyPayment; if (monthlyRate === 0) { monthlyPayment = principal / numberOfPayments; } else { monthlyPayment = (principal * monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1); } var totalPayable = monthlyPayment * numberOfPayments; var totalInterest = totalPayable – principal; document.getElementById('monthlyPayment').innerHTML = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalInterest').innerHTML = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalPayable').innerHTML = "$" + totalPayable.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); resultArea.style.display = "block"; }

How to Use the Personal Loan Repayment Calculator

Planning a major purchase or consolidating debt requires a clear understanding of your financial commitments. Our Personal Loan Repayment Calculator is designed to provide instant clarity on your monthly obligations. By entering three simple variables, you can forecast your financial future with precision.

Understanding the Key Metrics

• Loan Amount: This is the total sum you intend to borrow from a lender.
• Annual Interest Rate: The percentage charged by the lender for borrowing the money. Even a small difference in this rate can significantly impact the total cost of the loan.
• Loan Term: The duration over which you agree to repay the loan. Longer terms result in lower monthly payments but higher total interest costs.

A Practical Example: Buying a Car

Imagine you are looking to borrow $15,000 for a pre-owned vehicle at an interest rate of 6.5% over a 5-year period (60 months).

Using the calculator, your results would look like this:

• Monthly Payment: ~$293.49
• Total Interest Paid: ~$2,609.40
• Total Amount Payable: ~$17,609.40

Why Calculating Repayments Matters

Before signing a loan agreement, it is crucial to perform a "stress test" on your budget. If the calculated monthly payment exceeds 15-20% of your take-home pay, you may want to consider a smaller loan amount or a longer term. However, remember that extending the term increases the total interest paid over the life of the loan.

Frequently Asked Questions

What is an APR?
The Annual Percentage Rate (APR) includes both the interest rate and any mandatory fees charged by the lender, giving you a more accurate picture of the total cost.

Can I pay off my loan early?
Most modern personal loans allow for early repayment, but some lenders charge a "prepayment penalty." Always check your loan terms to see if extra payments will save you money on interest.

How does my credit score affect these numbers?
Your credit score is the primary factor determining your interest rate. Borrowers with "Excellent" credit (750+) typically qualify for the lowest rates shown in these calculations.