Personal Loan Calculator
Estimate the monthly payment on a personal loan from the amount you borrow, the interest rate (APR), and the repayment term — plus the total interest and total cost over the life of the loan.
Personal loans are fixed-rate installment loans, so the payment is the same every month; this calculator uses the standard amortization formula and shows a full year-by-year schedule.
Monthly payment
$333.67
- Loan amount
- $15,000
- Total interest paid
- $5,020
- Total cost
- $20,020
Amortization schedule (yearly)
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $2,329 | $1,675 | $12,671 |
| 2 | $2,625 | $1,379 | $10,046 |
| 3 | $2,958 | $1,046 | $7,088 |
| 4 | $3,333 | $671 | $3,755 |
| 5 | $3,755 | $249 | $0 |
Calculation Formulas
P is the amount borrowed, r is the monthly interest rate (APR ÷ 12), and n is the number of monthly payments (years × 12). Personal loans are fixed-rate, so this payment is the same every month.
Example:
A $15,000 loan at 12% APR over 5 years → M ≈ $334/month, about $5,000 of total interest.
Every payment over the term, minus the amount borrowed, is the interest; the sum of all payments is the total cost of the loan.
Key Figures
| Figure | Value | Description |
|---|---|---|
| Typical terms | 2–7 years | Shorter terms cost less interest; longer terms lower the monthly payment. |
| Origination fees | Often 1–8% | Some lenders deduct a fee from proceeds — not included in the payment math. |
Note: Results are estimates for planning purposes. Rates, fees, taxes, and insurance vary by lender and location — confirm exact figures with a licensed professional before making financial decisions.
Standards & Sources
Last verified: July 2026
- Truth in Lending Act (TILA) — APR disclosure
Lenders must disclose the APR, which folds in certain fees, making it the right figure to compare loan offers and to enter here.
- Standard installment-loan amortization
Uses the same fixed-rate amortization engine as our mortgage and auto loan calculators, so payment and interest figures are directly comparable across loan types.
How to Use This Calculator
- Enter the loan amount you want to borrow.
- Enter the interest rate (APR) the lender quoted.
- Choose the repayment term in years.
- Read your monthly payment, total interest, and total cost, then review the amortization schedule.
Frequently Asked Questions
How is a personal loan payment calculated?
Personal loans are fixed-rate installment loans, so the monthly payment comes from the standard amortization formula: M = P · r · (1 + r)^n / ((1 + r)^n − 1), where P is the amount borrowed, r is the monthly rate (APR ÷ 12), and n is the number of monthly payments.
What’s a typical personal loan term?
Most personal loans run 2 to 7 years. A shorter term means a higher monthly payment but less total interest; a longer term lowers the payment but costs more overall. Compare terms here to find the balance that fits your budget.
What APR should I expect on a personal loan?
Personal loan APRs vary widely with credit profile — from single digits for excellent credit to well over 30% for poor credit. Use the actual APR a lender quotes (not just the interest rate) for the most accurate payment, since APR includes certain fees.
Are there fees this calculator doesn’t include?
Some personal loans charge an origination fee (often 1–8%), which may be deducted from your loan proceeds or added to the balance. This calculator models principal and interest; factor any origination fee in separately when comparing offers.
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