Personal Loan Calculator
Enter the amount, rate and term to see your monthly payment and total cost, then test extra payments to see how much interest you can save.
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Estimate the monthly payment, total interest and the effect of paying extra on a fixed-rate personal loan.
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How a personal loan payment is calculated
A personal loan is usually a fixed-rate installment loan: you borrow a lump sum and repay it in equal monthly payments over a set term. Each payment covers the interest accrued that month plus part of the principal. The monthly payment is P × r ÷ (1 − (1 + r)−n), where P is the amount, r the monthly rate (APR ÷ 12) and n the number of months.
Example payments on a $15,000 loan
| Rate | Term | Monthly payment | Total interest |
|---|---|---|---|
| 8% | 3 years | $470 | $1,922 |
| 11.5% | 5 years | $330 | $4,793 |
| 15% | 5 years | $357 | $6,411 |
| 20% | 7 years | $333 | $12,980 |
Ways to pay less
- Shorter term: higher payments but much less interest.
- Extra payments: even $50 a month extra shortens the loan and cuts interest; use the extra payment box above to see how much.
- Compare the APR, not just the rate: the APR includes the origination fee, which can be 1% to 8% of the loan and is often taken out of the money you receive.
- Check for prepayment penalties before you plan to pay early.
Figures are estimates for a fixed-rate loan with monthly payments; your lender’s quote is what counts. This is not financial advice. See also the loan calculator with amortization schedule and the mortgage calculator.
How to use the personal loan calculator
- Enter the loan amount, the interest rate or APR and the term.
- Add an origination fee if the lender charges one, and an optional extra monthly payment.
- Read the monthly payment, total interest and, with extra payments, the new payoff time and savings.
Frequently asked questions
How do I calculate a personal loan payment?
Use P × r ÷ (1 − (1 + r)^−n), where r is APR ÷ 12 and n is the number of months. $15,000 at 11.5% over 5 years is about $330 a month.
What is a good interest rate for a personal loan?
It depends on your credit score and lender. Excellent credit can see single-digit rates, while fair or poor credit can see 20% or more. Compare several offers before accepting.
Is the origination fee included in the monthly payment?
Usually not. It is a one-off charge, often deducted from the loan proceeds, so you receive less than you borrow but repay the full amount.
How much interest will I save by paying extra?
Enter the extra amount in the calculator. For example, +$100 a month on $15,000 at 11.5% over 5 years saves about $1,450 and shortens the loan by about 17 months.
Is a longer term better?
It lowers the monthly payment but increases total interest. Choose the shortest term you can comfortably afford.
Related tools: Loan calculator · Mortgage calculator · Car loan calculator