Definition: The full amount a borrower is scheduled to pay over the life of a loan, including principal, interest and mandatory fees.
In plain words
Total repayment is every dollar you are scheduled to pay back: principal, interest and required fees.
Why it matters
A low payment can hide a high total repayment when the term is long. Compare both the payment and the total. It is the clearest way to compare offers. Put it next to the cash you actually receive: the gap is what the loan costs you.
Example
Illustrative example: You receive $480 after a $20 fee on a $500 loan, and repay $50 a month for 12 months. Total repayment is $600, so the loan costs you $120 for $480 in hand.
Always read the term in the context of your own agreement and local law.
Related terms and guides
Finance charge · Total cost of borrowing · Loan-cost calculator