Calculate your exact monthly payment, total interest, and full amortization schedule in seconds. No signup required.
| Month | Payment | Principal | Interest | Balance |
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Your amortization schedule will appear here. Click "Calculate" above to get started. | ||||
This free personal loan calculator helps you estimate your monthly payment, total interest, and full repayment schedule before you apply for a loan. Simply enter your desired loan amount, the annual percentage rate (APR) offered by your lender, and the repayment term in months.
The calculator uses the standard amortization formula to compute your fixed monthly payment. Each payment covers the interest accrued that month plus a portion of the principal, so early payments are interest-heavy while later payments reduce the balance faster.
Use this tool to compare different loan scenarios — a shorter term means higher monthly payments but much less total interest, while a longer term lowers your monthly obligation but increases the total cost.
This calculator uses the standard loan amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1], where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. This formula ensures that each payment is equal and the loan is fully paid off at the end of the term.
A shorter loan term means higher monthly payments but significantly less total interest paid over the life of the loan. For example, a $20,000 loan at 8% APR over 24 months costs $1,748 in total interest, while the same loan over 60 months costs $4,332 — nearly 2.5× more. If you can afford the higher monthly payment, a shorter term is almost always financially better.
In 2025, personal loan rates typically range from 6.99% to 35.99% APR depending on your credit score, income, and lender. Borrowers with excellent credit (720+) often qualify for rates between 7–12%. Those with fair credit (580–669) may see rates of 18–28%. Credit unions and online lenders often offer lower rates than traditional banks.
No — this calculator computes the pure amortized payment based on principal, rate, and term only. Many lenders charge origination fees (typically 1–8% of the loan amount) which are either deducted from your payout or added to the principal. Always read your loan agreement carefully and ask your lender for the full APR which includes all fees.
There are four main ways to reduce your monthly payment: (1) Borrow less — only take what you truly need; (2) Extend the term — spreading payments over more months reduces each installment, though total interest rises; (3) Improve your credit score — a higher score qualifies you for lower rates; (4) Shop multiple lenders — rate differences of 2–5% are common between lenders for the same borrower profile.