Calculate monthly payments, total interest, and amortization schedule for personal loans. See how extra payments reduce your payoff time and total cost. Compare different loan terms and rates side by side.
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Monthly payment uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly rate, and n is number of payments. The calculator handles this automatically.
Personal loan rates range from 6-36% depending on credit score. Excellent credit (720+) typically qualifies for 6-12%, good credit (680-719) for 12-18%, and fair credit (640-679) for 18-25%.
Extra payments go directly toward principal, reducing the balance faster. Even small extra payments can shave months or years off your loan and save significant interest over the life of the loan.
Using the Personal Loan Calculator is simple: visit the tool page, enter your data or input into the provided fields, and get instant results. No downloads, installations, or sign-ups are required. The tool runs directly in your web browser for maximum convenience.
Yes, the Personal Loan Calculator is 100% free to use with no limitations. There is no registration required, no daily usage caps, and no hidden fees. You can use it as many times as you need.
The Personal Loan Calculator uses industry-standard formulas and algorithms to deliver reliable results. While the tool is designed for accuracy, results should be used as estimates and guidance. For critical decisions, always consult a qualified professional.
No account is required. The Personal Loan Calculator is completely free to use without sign-up, login, or registration. Your financial data stays in your browser and is never sent to our servers.
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Calculate monthly payments, total interest, and amortization schedule for personal loans. See how extra payments reduce your payoff time and total cost. Compare different loan terms and rates side by side.
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One-time fee deducted from your loan proceeds (typically 1-6%)
Additional amount paid each month beyond the minimum. See how much time and interest you can save.
Monthly Payment
$384.05
48 months at 10.5% APR — Payoff: March 2030
Loan Amount
$15,000.00
Total Interest
$3,434.43
Total Cost
$18,434.43
Payoff Date
March 2030
Principal
$15,000.00 (81.4%)
Interest
$3,434.43 (18.6%)
Origination Fee
$300.00 (2%)
Stated Interest Rate
10.5%
Rate used to calculate monthly interest charges
Effective APR
11.58%
True cost including 2% origination fee
The APR (Annual Percentage Rate) includes all fees and charges, giving you the true annual cost of borrowing. The interest rate only reflects the cost of interest itself. When comparing loan offers, always compare APRs for an apples-to-apples comparison.
| Year | Payments | Principal Paid | Interest Paid | Balance |
|---|---|---|---|---|
| Year 1 | $4,608.61 | $3,183.94 | $1,424.66 | $11,816.06 |
| Year 2 | $4,608.61 | $3,534.83 | $1,073.78 | $8,281.23 |
| Year 3 | $4,608.61 | $3,924.38 | $684.23 | $4,356.86 |
| Year 4 | $4,608.61 | $4,356.86 | $251.75 | $0.00 |
| Month | Payment | Principal | Interest | Cumul. Interest | Balance |
|---|---|---|---|---|---|
| 1 | $384.05 | $252.80 | $131.25 | $131.25 | $14,747.20 |
| 2 | $384.05 | $255.01 | $129.04 | $260.29 | $14,492.19 |
| 3 | $384.05 | $257.24 | $126.81 | $387.09 | $14,234.94 |
| 4 | $384.05 | $259.49 | $124.56 | $511.65 | $13,975.45 |
| 5 | $384.05 | $261.77 | $122.29 | $633.94 | $13,713.68 |
| 6 | $384.05 | $264.06 | $119.99 | $753.93 | $13,449.63 |
| 7 | $384.05 | $266.37 | $117.68 | $871.61 | $13,183.26 |
| 8 | $384.05 | $268.70 | $115.35 | $986.97 | $12,914.56 |
| 9 | $384.05 | $271.05 | $113.00 | $1,099.97 | $12,643.51 |
| 10 | $384.05 | $273.42 | $110.63 | $1,210.60 | $12,370.09 |
| 11 | $384.05 | $275.81 | $108.24 | $1,318.84 | $12,094.28 |
| 12 | $384.05 | $278.23 | $105.82 | $1,424.66 | $11,816.06 |
| ... 33 more payments ... | |||||
| 46 | $384.05 | $374.14 | $9.91 | $3,424.47 | $758.14 |
| 47 | $384.05 | $377.42 | $6.63 | $3,431.10 | $380.72 |
| 48 | $384.05 | $380.72 | $3.33 | $3,434.43 | $0.00 |