Personal loan calculator — monthly payment & total interest
Use this free personal loan calculator to estimate your monthly payment, total interest, and payoff date from loan amount, APR, and term. It fits typical unsecured installment loans (debt consolidation, home improvement, major purchases). Defaults: $15,000 at 11.5% for 5 years. Switch amortizing vs equal principal, try biweekly payments, add extra payments, and open the full amortization schedule on the same numbers.
How to use this personal loan calculator
- Enter loan amount (what you borrow or owe), annual interest rate (%), and term in years or months (5 years = 60 months).
- Choose amortizing (fixed payment, most personal loans) or equal principal (declining payment).
- Optional: loan start date for payoff date; biweekly (amortizing only); extra payments monthly, yearly, or one-time.
- Read payment, total interest, total paid, months to payoff, and comparison vs no extras.
- Schedule by year or month; CSV, print, or copy link to share your scenario.
Example: $15,000 personal loan at 11.5% for 5 years
On a fixed amortizing schedule, the payment is about $330 per month (principal and interest only). Over 60 months you pay roughly $4,800 in interest on top of the $15,000 borrowed—early payments are mostly interest. Adding $50/month extra toward principal in the calculator above can cut months off the term and reduce total interest.
Example: $10,000 at 14% for 3 years
Shorter terms raise the payment but usually lower total interest. At 14% for 36 months, amortizing payment is near $342/month with about $2,300 total interest. Compare 3-, 5-, and 7-year terms in the tool to balance payment size vs total cost.
Personal loan payment formula (amortizing)
M = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P = loan amount, r = annual APR ÷ 12 (as a decimal), n = number of months. Lenders may round per period; use results for planning, not as a binding loan agreement.
Amortizing vs equal principal
Most U.S. personal loans use a fixed payment amortizing schedule. Equal principal repays the same principal each month plus interest on the balance, so payments start higher and fall over time and total interest is often lower on the same rate and term. Toggle both on identical inputs to compare.
APR, fees, and what this calculator includes
Enter the APR or interest rate your lender quotes on the loan amount you repay. Common fees not modeled here unless you adjust manually:
- Origination fee—often 1%–8% of the loan; sometimes deducted from cash you receive while payments are based on the full principal.
- Prepayment penalty—less common on personal loans; check before paying off early.
- Late fees—not included; pay on time to avoid them.
For a focused early payoff or lump-sum plan from today’s balance, try the loan payoff calculator or extra loan payment calculator.
Personal loan vs other borrowing
Credit cards are revolving with minimum payments and variable rates—different math. A personal loan is usually a fixed-rate installment with a set end date. Auto loans are often secured by the vehicle—use our auto loan calculator for price and down payment. Mortgages add taxes and insurance—see the mortgage calculator. Student loans may use IDR plans not modeled here—see the student loan calculator for fixed-rate estimates.
Extra payments and biweekly
Extra money toward principal after each required payment reduces interest and can shorten the loan. The results panel compares your plan with zero extras. Biweekly payments (half the monthly amount every two weeks) can pay off slightly sooner than 12 full monthly payments at the same nominal rate when extras are off.
Frequently asked questions
How do I calculate personal loan payments?
Enter amount, APR, and term—or use the formula above. The calculator shows payment, total interest, schedule, and payoff date when you add a start date.
What is a typical personal loan amount and term?
Often $1,000–$50,000 and 2–7 years, depending on credit and lender. Change defaults to match your pre-qualification or offer letter.
Does APR include origination fees?
Enter the rate on the principal you repay. If fees reduce cash received, compare offers using both payment and total cost; some lenders disclose APR that includes certain fees.
Amortizing vs equal principal for personal loans?
Fixed payment each month vs declining payment with flat principal—use the toggle and compare total interest.
Can I pay off a personal loan early?
Model extras in the form or use the payoff calculator. Confirm prepayment rules with your lender.
Personal loan vs the general loan calculator?
Same engine. This page uses personal-loan defaults and copy; the loan calculator is the hub for all P&I-only installment math.
Can I export the schedule or share my inputs?
Copy link, CSV, and print are in the schedule toolbar above this article.