Personal Loan Payment Calculator: Monthly Cost & Interest

Your estimate

—

estimated monthly payment

Total interest—
Total repayment—
Interest as % of amount borrowed—

Principal
Interest

Balance at the end of each year
Year	Interest paid	Principal paid	Balance

Estimates only. Figures are rounded and assume the inputs stay the same for the whole period.

Estimates only: Results are based on the numbers you enter and simplified assumptions. They are not a loan offer, rate quote or financial advice. Actual terms depend on the lender and your situation.

How to use the loan payment calculator

Enter the amount you plan to borrow, the APR from your loan offer and the repayment term in months. The calculator returns your estimated monthly payment, the total interest over the life of the loan and the total amount you will repay, plus a year-by-year view of how the balance falls.

If you are still shopping, run the numbers at two or three different APRs. Personal loan pricing depends heavily on your credit score, income and existing debt, and the difference between a 9% and a 19% APR on a $15,000, four-year loan is more than $3,000 in interest.

The loan payment formula

Installment loans use a standard amortization formula:

M = P × r ÷ (1 − (1 + r)⁻ⁿ)

M — monthly payment
P — amount borrowed
r — monthly rate (APR ÷ 12 ÷ 100)
n — number of monthly payments

Early payments are mostly interest because interest is charged on a larger balance. As the balance falls, more of each payment goes to principal — which is why extra payments made early in a loan save the most.

Example: $15,000 over different terms

Payments on a $15,000 loan at 11.5% APR
Term	Monthly payment	Total interest
36 months	$495	$2,807
48 months	$391	$3,784
60 months	$330	$4,793

Figures assume an 11.5% APR and are rounded to the nearest dollar.

Before you borrow

Compare the total cost, not just the payment. Our guide to personal loans explains fees, prequalification and what lenders look at, and personal loan vs. credit card covers when an installment loan is the cheaper option. If you want to combine several balances into one payment, try the debt consolidation calculator.

Frequently asked questions

How is a personal loan payment calculated?

Most personal loans are fully amortizing installment loans. The payment is M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the APR divided by 12 and n is the number of monthly payments. Each payment covers that month’s interest first; the rest reduces the balance.

Does APR include the origination fee?

Yes. Under the Truth in Lending Act, a loan’s APR reflects the interest rate plus certain finance charges such as origination fees, expressed as a yearly rate. That is why APR is the best number for comparing offers — two loans with the same interest rate can have different APRs.

Is a longer loan term better?

A longer term lowers the monthly payment but increases the total interest you pay, and lenders often charge higher rates on longer terms. Choose the shortest term whose payment fits comfortably in your budget.

Can I pay off a personal loan early?

Many lenders allow early payoff without a penalty, which cuts your total interest. Check the loan agreement for a prepayment penalty before you sign.

Learn more

How Auto Loans Work: Rates, Terms and Getting the Best Deal — How auto loans work: what affects auto loan rates, dealer vs. bank financing, choosing a loan term, down payments, negative equity and add-ons to watch for.
Personal Loan vs. Credit Card: Which Is Better for Your Situation? — Personal loan vs. credit card: compare interest rates, fees, repayment structure and credit impact, with examples showing when each option costs less.
Student Loan Repayment Options: How Student Loans Work and How to Pay Them Off — How student loans work and your repayment options: federal standard and income-driven plans, forgiveness programs, refinancing and paying less interest.
What Is APR? How Annual Percentage Rate Works on Loans and Cards — What APR means, how it differs from the interest rate and APY, how APR works on credit cards, mortgages and personal loans, and how to use it to compare offers.