Personal Loan Calculator

Modify the values and click the Calculate button to use

Monthly pay: $424.94

Repayment

Total of 60 loan payments: $25,496.45
Total Interest: $5,496.45
Payoff Date: Nov 2031

78% Principal22% Interest

Amortization schedule

Year	Date	Interest	Principal	Ending balance
1	Nov 2027	$1,853.93	$3,245.36	$16,754.64
2	Nov 2028	$1,514.10	$3,585.19	$13,169.44
3	Nov 2029	$1,138.68	$3,960.61	$9,208.83
4	Nov 2030	$723.95	$4,375.34	$4,833.49
5	Nov 2031	$265.80	$4,833.49	$0.00

Balance, interest, and payments over time

Balance
Interest
Payments

What this personal loan calculator does

A personal loan is an unsecured installment loan, usually repaid in fixed monthly payments over a set term. This calculator estimates the monthly payment, total interest, payoff date, and amortization schedule for a fixed-rate personal loan.

It calculates principal and interest only. Origination fees, insurance, late fees, and other charges are not included in this version.

How to use this calculator

Enter the amount you plan to borrow.
Enter the annual interest rate.
Enter the loan term in years and months.
Choose the month the loan starts.
Click Calculate to see the monthly payment and amortization schedule.

Personal loan payment formula

The monthly payment for a fixed-rate loan is:

M = P × r × (1 + r)^n / ((1 + r)^n − 1)

P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. For a zero-interest loan, the monthly payment is P / n.

What the results include

Monthly pay: the scheduled principal and interest payment.
Total of N loan payments: the sum of all scheduled payments.
Total interest: the cost of borrowing over the life of the loan.
Payoff date: the month of the final scheduled payment.
Amortization schedule: annual and monthly views, plus a balance chart.

Frequently asked questions

Does this calculator include an origination fee?

No. Origination fees, insurance, and other charges are not included in this version. Ask your lender for the APR, which accounts for many of these costs.

What is the difference between a personal loan and a credit card?

A personal loan is an installment loan with a fixed payment and term. A credit card is revolving credit with a variable balance and minimum payment.

Can I pay off a personal loan early?

Many personal loans allow early payoff, but some charge a prepayment penalty. Check your loan agreement before making extra payments.

Source

Reference: Consumer Financial Protection Bureau — Personal Loans.

Disclaimer

This calculator is for informational and planning purposes only. It is not a loan offer, financial advice, or a guarantee of financing terms. Confirm all figures with a qualified lender or financial professional.

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