Estimate the monthly payment and total cost of a personal loan. Enter the loan amount, annual interest rate and repayment term to see your expected payment, total interest and repayment schedule. You can also explore supported origination-fee and extra-payment scenarios to understand how they affect the cost of borrowing.
Contractual annual rate divided by 12 to amortize the loan balance each month.
| Year | Date | Beginning Balance | Payment | Principal | Interest | Ending Balance |
|---|---|---|---|---|---|---|
| Year 1 | Aug 2027 | $20,000.00 | $5,099.29 | $3,245.36 | $1,853.93 | $16,754.64 |
| Year 2 | Aug 2028 | $16,754.64 | $5,099.30 | $3,585.20 | $1,514.10 | $13,169.44 |
| Year 3 | Aug 2029 | $13,169.44 | $5,099.29 | $3,960.61 | $1,138.68 | $9,208.83 |
| Year 4 | Aug 2030 | $9,208.83 | $5,099.28 | $4,375.33 | $723.95 | $4,833.49 |
| Year 5 | Aug 2031 | $4,833.49 | $5,099.29 | $4,833.51 | $265.78 | $0.00 |
For a fixed-rate, fully amortizing loan with equal monthly payments, the calculator spreads repayment over the selected term. Each payment covers interest on the outstanding balance and reduces the principal by the remainder.
In this example, the estimated monthly payment is $424.94. Over 60 payments, the unrounded total is approximately $25,496.45, including approximately $5,496.45 in interest. Using the calculator's full-precision amortization schedule (based on the unrounded payment of $424.940894... amortized over 60 periods), the final balance reaches exactly $0.00.
For a standard fixed-rate personal loan with equal monthly payments, installments are calculated using the closed-end ordinary annuity formula:
Or equivalently: PMT = P × [i(1 + i)ⁿ] / [(1 + i)ⁿ − 1]
Where the annual nominal interest rate is represented as a decimal and the calculator assumes monthly rate conversion, i = annual rate / 12. For a zero-interest loan (i = 0), the limiting payment formula simplifies directly to PMT = P / n.
The formula assumes a standard fully amortizing loan with equal payments and a consistent periodic rate. Additional fees, different payment timing, variable rates, or unusual loan terms can require other calculations. The base payment formula alone models contractual installment amortization and does not represent a regulatory APR.
For a fixed loan amount and annual rate, extending the repayment term generally reduces the monthly payment but increases the number of payments over which interest accrues. A shorter term generally produces higher monthly payments and lower total interest under the same rate and repayment model.
The quoted annual rate also matters. A higher rate increases the interest charged on the outstanding balance, affecting both the monthly payment and total repayment. Compare the monthly payment alongside total interest and total scheduled payments. The lowest monthly payment is not necessarily the lowest-cost loan.
| Term Horizon | Monthly Payment | Total Interest | Total Repayment | Interest % of Loan |
|---|---|---|---|---|
| 2 Years (24 Months) | $922.90 | $2,149.57 | $22,149.57 | 10.7% |
| 3 Years (36 Months) | $645.34 | $3,232.37 | $23,232.37 | 16.2% |
| 4 Years (48 Months) | $507.25 | $4,348.06 | $24,348.06 | 21.7% |
| 5 Years (60 Months) | $424.94 | $5,496.45 | $25,496.45 | 27.5% |
| 7 Years (84 Months) | $332.61 | $7,939.26 | $27,939.26 | 39.7% |
Some personal loans charge an origination fee. Depending on the loan arrangement, the fee may be deducted from the amount disbursed, paid separately, or handled in another documented way.
A fee can reduce the cash the borrower receives without reducing the gross principal on which the repayment schedule is based. This means the monthly payment and the effective cost of borrowing may tell different parts of the story. Check how a fee is handled before comparing loans. The calculator's estimated fee-adjusted rate is based on its stated cash-flow assumptions; it is not a substitute for a lender's official disclosure.
*Accounting Rule: The monthly payment remains based on the gross principal in this model, while the fee reduces net proceeds. Total scheduled payments ($25,496.45) is not mixed with the $1,000 fee, preventing double-counting.
An amortization schedule shows how each scheduled payment is divided between interest and principal. Early payments usually contain a larger interest component because the outstanding balance is higher. As principal is repaid, the interest calculated on the remaining balance decreases.
The schedule also tracks the remaining balance after each payment. Use it to review the repayment timeline and reconcile the total principal, interest and payments shown by the calculator.
The interactive calculator above includes an expandable Amortization Schedule Table supporting both Annual and Monthly views, beginning balance and ending balance tracking, CSV data export, and complete printable PDF reports.
Additional principal payments can shorten the repayment period and reduce the interest that accrues over the remaining life of a loan. The effect depends on the outstanding balance, interest rate, timing of the extra payment and the loan's repayment rules.
Compare the original schedule with a second schedule that includes the extra payment. Review the revised payoff period and total interest to see the modeled savings.
*Prepayment Caveat: Actual savings can differ if the lender applies additional payments differently or charges a prepayment fee. Borrowers should always verify specific prepayment terms in their promissory note.
This calculator provides an estimate based on the loan amount, annual interest rate, repayment term, payment frequency and any additional settings you enter. It assumes the repayment model described on this page and does not determine which loan a lender will approve you for.
Actual payment amounts may differ because of lender-specific rounding, dates, fees, insurance, variable rates, payment timing, and other contract provisions.
Any fee-adjusted annualized borrowing-cost estimate depends on how fees and cash flows are modeled. It does not automatically constitute an official APR disclosure.
The results are for educational and planning purposes, not personalized financial, legal or tax advice. Review the actual loan agreement and lender disclosures before making a borrowing decision.
Client-Side Computation Guarantee: 100% of mathematical calculations execute locally within your browser using client-side JavaScript. No financial inputs, loan parameters, or personal data are transmitted to external servers or remote databases.
Enter the loan amount, annual interest rate and repayment term. The calculator estimates the fixed monthly payment required to repay the amortizing loan under the displayed assumptions.
Under a standard monthly amortization model with a 10% nominal annual rate and no upfront fees, a $30,000 loan over 48 payments has an estimated payment of about $760.88 per month. The total interest is approximately $6,522.12 using unrounded scheduled payments.
Total scheduled payments include the loan's scheduled installments. Total interest is the portion of those payments above the principal in a standard fee-free amortizing model. If an origination fee applies, review it separately and check whether the fee is deducted from the proceeds, paid separately, or financed into the balance.
The interest rate is the rate used to calculate interest under a loan's terms. APR is a broader annualized cost measure that may include applicable finance charges. The exact disclosure method depends on the loan product and the applicable rules.
It depends on how the fee is handled. If the fee is deducted from proceeds while repayment is still based on the original gross principal, the scheduled payment may remain unchanged while the borrower receives less cash. If the fee is financed into the principal, the payment can change.
Yes, if the amortization schedule is enabled. It breaks each payment into its interest and principal components and tracks the remaining balance.
Under a typical amortizing-loan model, additional payments applied to principal can shorten the repayment period and reduce future interest. Actual results depend on timing, how the lender applies extra funds and any applicable prepayment terms.
No. It estimates repayments for the values you enter. It does not perform credit underwriting, determine eligibility or provide a binding offer from a lender.