Personal Loan Interest Calculator
Estimate your monthly personal loan payment, total interest, payoff date, fees and complete amortization schedule in seconds.
Enter your loan details
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Your numbers are calculated in your browser. No signup is required.
Estimate assumes a fixed interest rate and equal monthly payments. Actual lender APR, fees and rounding can differ.
Compare common loan terms
See how term length changes the estimated payment and total interest for the same loan amount and rate.
Try common personal loan amounts
Personal loan amortization schedule
See how each estimated payment is split between principal and interest.
| Payment | Payment amount | Principal | Interest | Balance |
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How to use this personal loan calculator
Enter the amount you plan to borrow, the annual interest rate and your repayment term. The calculator estimates your fixed monthly payment and shows the total interest you could pay over the life of the loan. You can also add an optional extra monthly payment to see how faster repayment may reduce interest.
How personal loan payments are calculated
For a standard fixed-rate amortizing personal loan, each monthly payment contains both principal and interest. Interest is calculated from the remaining balance, so the interest portion generally falls over time while the principal portion rises.
M = P × r × (1+r)n ÷ ((1+r)n − 1)
P = loan principal, r = monthly interest rate, and n = total monthly payments.
Interest rate vs. APR
The interest rate is the percentage charged on the borrowed balance. APR can include certain lender fees in addition to interest, so APR is often more useful when comparing loan offers. This calculator accepts an annual interest rate and displays an optional origination fee separately rather than pretending every lender calculates APR in exactly the same way.
How extra payments can change a personal loan
When a lender allows penalty-free extra principal payments, paying more than the scheduled amount can reduce the balance faster. That can shorten the payoff period and lower total interest. Before making extra payments, check your lender's agreement for prepayment rules and make sure extra funds are applied to principal.
Example: $10,000 personal loan
A $10,000 loan does not have one universal monthly payment. The result depends mainly on the rate and term. A shorter term normally produces a higher monthly payment but less total interest, while a longer term usually lowers the monthly payment and increases total interest. Use the calculator above to compare scenarios instead of relying on a single advertised payment.
What this calculator does not include automatically
Real loans can include origination charges, late fees, optional products, unusual first-payment periods or lender-specific rounding. The estimate above is designed for standard fixed-rate monthly amortization. Always compare the lender's official disclosure and repayment schedule before accepting a loan.
Personal loan calculator FAQ
Is this personal loan calculator free?
Yes. The calculator is free to use and does not require registration.
Can I calculate a personal loan monthly payment?
Yes. Enter the principal, annual interest rate and term to estimate the monthly payment, total interest and total repayment.
Does a lower interest rate reduce the payment?
For the same principal and term, a lower rate generally reduces both the monthly payment and total interest.
Can I use this as a USA personal loan calculator?
Yes. The calculator displays U.S. dollars and uses a conventional fixed-rate monthly amortization model commonly used for installment-loan estimates.
Are the results guaranteed by a lender?
No. Results are estimates. Actual rates, APR, fees, payment dates and lender calculations can differ.