Loans and Credit: Loan repayment calculator

• The amount of money you are borrowing from your lender.
• The yearly or annual interest rate compounded monthly.
• How much of the principal you would like to pay down per month.

Principal loan amount

Annual interest rate

Monthly payment

Calculate

Find how long it will take to pay down your loan

This loan calculator will show you how long it will take to pay down your credit card debt or other personal loans. It assumes monthly compounding and therefore is unsuitable for Canadian mortgages.

Increasing your monthly payments by even a small amount relative to the loan can be of great help in shaving off lots of time and decreasing the interest you will pay. Try out some numbers and hopefully you will be able to pay down that debt much faster.

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