Example 1
$10,000 over 3 years at 9%
About $318 a month, $11,448 total, and roughly $1,448 in interest.
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Personal Loan Calculator
Calculate your monthly personal loan payment, total interest, APR, and view a full month-by-month amortization schedule.
Loan details
Adjust the values to estimate your personal loan payment.
$
%
Monthly payment
$329.89
Total payment
$19,793.35
Total interest paid
$4,793.35
Annual percentage rate (APR)
12.13%
Loan amount: $15,000.00Term: 60 monthsRate: 11.5%
Amortization schedule
Month-by-month breakdown of principal, interest, and remaining balance.
| Month | Payment | Principal | Interest | Remaining balance |
|---|---|---|---|---|
| 1 | $329.89 | $186.14 | $143.75 | $14,813.86 |
| 2 | $329.89 | $187.92 | $141.97 | $14,625.94 |
| 3 | $329.89 | $189.72 | $140.17 | $14,436.21 |
| 4 | $329.89 | $191.54 | $138.35 | $14,244.67 |
| 5 | $329.89 | $193.38 | $136.51 | $14,051.29 |
| 6 | $329.89 | $195.23 | $134.66 | $13,856.06 |
| 7 | $329.89 | $197.10 | $132.79 | $13,658.96 |
| 8 | $329.89 | $198.99 | $130.90 | $13,459.97 |
| 9 | $329.89 | $200.90 | $128.99 | $13,259.07 |
| 10 | $329.89 | $202.82 | $127.07 | $13,056.25 |
| 11 | $329.89 | $204.77 | $125.12 | $12,851.48 |
| 12 | $329.89 | $206.73 | $123.16 | $12,644.75 |
| 13 | $329.89 | $208.71 | $121.18 | $12,436.04 |
| 14 | $329.89 | $210.71 | $119.18 | $12,225.33 |
| 15 | $329.89 | $212.73 | $117.16 | $12,012.60 |
| 16 | $329.89 | $214.77 | $115.12 | $11,797.84 |
| 17 | $329.89 | $216.83 | $113.06 | $11,581.01 |
| 18 | $329.89 | $218.90 | $110.98 | $11,362.10 |
| 19 | $329.89 | $221.00 | $108.89 | $11,141.10 |
| 20 | $329.89 | $223.12 | $106.77 | $10,917.98 |
| 21 | $329.89 | $225.26 | $104.63 | $10,692.72 |
| 22 | $329.89 | $227.42 | $102.47 | $10,465.31 |
| 23 | $329.89 | $229.60 | $100.29 | $10,235.71 |
| 24 | $329.89 | $231.80 | $98.09 | $10,003.91 |
| 25 | $329.89 | $234.02 | $95.87 | $9,769.90 |
| 26 | $329.89 | $236.26 | $93.63 | $9,533.63 |
| 27 | $329.89 | $238.53 | $91.36 | $9,295.11 |
| 28 | $329.89 | $240.81 | $89.08 | $9,054.30 |
| 29 | $329.89 | $243.12 | $86.77 | $8,811.18 |
| 30 | $329.89 | $245.45 | $84.44 | $8,565.73 |
| 31 | $329.89 | $247.80 | $82.09 | $8,317.93 |
| 32 | $329.89 | $250.18 | $79.71 | $8,067.75 |
| 33 | $329.89 | $252.57 | $77.32 | $7,815.18 |
| 34 | $329.89 | $254.99 | $74.90 | $7,560.19 |
| 35 | $329.89 | $257.44 | $72.45 | $7,302.75 |
| 36 | $329.89 | $259.90 | $69.98 | $7,042.85 |
| 37 | $329.89 | $262.40 | $67.49 | $6,780.45 |
| 38 | $329.89 | $264.91 | $64.98 | $6,515.54 |
| 39 | $329.89 | $267.45 | $62.44 | $6,248.09 |
| 40 | $329.89 | $270.01 | $59.88 | $5,978.08 |
| 41 | $329.89 | $272.60 | $57.29 | $5,705.48 |
| 42 | $329.89 | $275.21 | $54.68 | $5,430.27 |
| 43 | $329.89 | $277.85 | $52.04 | $5,152.42 |
| 44 | $329.89 | $280.51 | $49.38 | $4,871.91 |
| 45 | $329.89 | $283.20 | $46.69 | $4,588.71 |
| 46 | $329.89 | $285.91 | $43.98 | $4,302.80 |
| 47 | $329.89 | $288.65 | $41.24 | $4,014.14 |
| 48 | $329.89 | $291.42 | $38.47 | $3,722.72 |
| 49 | $329.89 | $294.21 | $35.68 | $3,428.51 |
| 50 | $329.89 | $297.03 | $32.86 | $3,131.48 |
| 51 | $329.89 | $299.88 | $30.01 | $2,831.60 |
| 52 | $329.89 | $302.75 | $27.14 | $2,528.84 |
| 53 | $329.89 | $305.65 | $24.23 | $2,223.19 |
| 54 | $329.89 | $308.58 | $21.31 | $1,914.61 |
| 55 | $329.89 | $311.54 | $18.35 | $1,603.06 |
| 56 | $329.89 | $314.53 | $15.36 | $1,288.54 |
| 57 | $329.89 | $317.54 | $12.35 | $971.00 |
| 58 | $329.89 | $320.58 | $9.31 | $650.41 |
| 59 | $329.89 | $323.66 | $6.23 | $326.76 |
| 60 | $329.89 | $326.76 | $3.13 | $0.00 |
Calculator guide
How It Works
The calculator turns your annual interest rate into a monthly rate, multiplies the term in years by 12 to count payments, and uses the standard amortization formula to find one fixed installment that repays the loan on schedule. Each month, interest is charged on the remaining balance and the rest of the payment reduces principal, which produces the full month-by-month amortization schedule.
Loan amount is the money you receive. Annual interest rate is the lender's yearly charge for borrowing. Loan term, from one to seven years, sets how long you repay. A shorter term means higher payments but much less interest; a longer term eases the monthly bill but costs more overall. The displayed APR reflects the annual borrowing cost; lender fees can push a real APR higher. Knowing these trade-offs lets you compare offers on equal terms and pick a payment you can keep up with for the entire loan.
For a deeper explanation, read Setting a Realistic Repayment Strategy: Step-by-Step.
What the Numbers Mean
- Monthly payment
- The fixed installment. High relative to income raises the risk of missed payments; low payments usually mean a longer term.
- Total payment
- Everything repaid. Compare offers using this, not just the monthly figure.
- Total interest
- The cost of borrowing. High interest suggests a shorter term or a lower-rate lender.
- APR
- Annual cost of credit. A lower APR is the cheaper loan.
- Amortization schedule
- Shows how quickly your balance shrinks each month.
Common Scenarios
Example 2
$20,000 over 5 years at 10%
About $425 a month with nearly $5,500 in interest.
Example 3
Shopping for a better rate
On $15,000 for four years, dropping from 14% to 9% saves about $36 a month and over $1,700 total.
Frequently Asked Questions
What determines the interest rate on a personal loan?
Credit score, income, and loan amount all factor into the rate a lender offers. Stronger credit typically unlocks lower rates and better terms.
How does loan term length affect monthly payments?
A shorter term raises the monthly payment but lowers total interest paid. A longer term lowers the payment while increasing the total cost over time.
Are personal loans better than credit cards for large expenses?
Personal loans typically carry lower interest rates than credit cards and offer a fixed payoff timeline. This makes them often better suited for large, one-time expenses.
Does this calculator include origination fees?
The calculator estimates payments based on loan amount, rate, and term, and origination fees, when charged, should be added separately to the total cost.
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