Personal Loan Calculator

Calculate your monthly personal loan payment, total interest, and view a full amortization schedule.

Loan Amount

Annual Interest Rate

Loan Term

Origination Fee

Monthly Payment

$487.54

Total Interest

$2,551.32

Total Repaid

$17,551.32

Principal + interest

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$487.54	$356.29	$131.25	$14,643.71
2	$487.54	$359.4	$128.13	$14,284.31
3	$487.54	$362.55	$124.99	$13,921.76
4	$487.54	$365.72	$121.82	$13,556.04
5	$487.54	$368.92	$118.62	$13,187.12
6	$487.54	$372.15	$115.39	$12,814.97
7	$487.54	$375.41	$112.13	$12,439.56
8	$487.54	$378.69	$108.85	$12,060.87
9	$487.54	$382	$105.53	$11,678.87
10	$487.54	$385.35	$102.19	$11,293.52
11	$487.54	$388.72	$98.82	$10,904.8
12	$487.54	$392.12	$95.42	$10,512.68
13	$487.54	$395.55	$91.99	$10,117.13
14	$487.54	$399.01	$88.52	$9,718.12
15	$487.54	$402.5	$85.03	$9,315.62
16	$487.54	$406.02	$81.51	$8,909.59
17	$487.54	$409.58	$77.96	$8,500.02
18	$487.54	$413.16	$74.38	$8,086.85
19	$487.54	$416.78	$70.76	$7,670.08
20	$487.54	$420.42	$67.11	$7,249.65
21	$487.54	$424.1	$63.43	$6,825.55
22	$487.54	$427.81	$59.72	$6,397.74
23	$487.54	$431.56	$55.98	$5,966.18
24	$487.54	$435.33	$52.2	$5,530.85
25	$487.54	$439.14	$48.39	$5,091.71
26	$487.54	$442.98	$44.55	$4,648.72
27	$487.54	$446.86	$40.68	$4,201.86
28	$487.54	$450.77	$36.77	$3,751.09
29	$487.54	$454.71	$32.82	$3,296.38
30	$487.54	$458.69	$28.84	$2,837.68
31	$487.54	$462.71	$24.83	$2,374.98
32	$487.54	$466.76	$20.78	$1,908.22
33	$487.54	$470.84	$16.7	$1,437.38
34	$487.54	$474.96	$12.58	$962.42
35	$487.54	$479.12	$8.42	$483.31
36	$487.54	$483.31	$4.23	$0

Results are estimates only and should not be considered financial advice. Always consult a qualified professional before making financial decisions.

Formula

M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly rate, and n is the total number of months.

Worked Example

A $15,000 loan at 10.5% over 36 months: monthly ≈ $487.94, total interest ≈ $2,565.93.

Frequently Asked Questions

What is a personal loan and how is it different from a credit card?

A personal loan provides a lump sum of money upfront that you repay in fixed monthly installments over a set term. A credit card offers a revolving line of credit you can draw from repeatedly. Personal loans typically have lower interest rates and a clear payoff date, while credit cards often carry higher APRs and can become a long-term debt trap if you only make minimum payments.

What is an origination fee?

An origination fee is a one-time charge deducted from your loan amount by the lender to cover processing costs. For example, a 2% origination fee on a $15,000 loan means you receive $14,700 but repay the full $15,000 plus interest. It effectively increases your cost of borrowing, so compare the APR with and without the fee.

What is a good interest rate for a personal loan?

A good personal loan rate depends on your credit score, income, and debt-to-income ratio. Borrowers with excellent credit (750+) can often secure rates between 6% and 9%. Average credit scores typically see rates from 10% to 15%. It is always worth shopping around and pre-qualifying with multiple lenders to find the best rate available to you.

Does a personal loan affect my credit score?

Applying for a personal loan may cause a small temporary dip in your credit score due to a hard inquiry. However, consistently making on-time payments will positively impact your credit over time. Additionally, adding a personal loan can improve your credit mix, which is a factor in your credit score calculation.

Can I pay off a personal loan early?

Many personal loans allow early payoff without a penalty, but some lenders charge a prepayment fee. Paying off early saves you money on interest. Always check your loan agreement for prepayment terms before committing to extra payments.

What is the difference between a secured and unsecured personal loan?

An unsecured personal loan does not require collateral, meaning the lender cannot seize an asset if you default. A secured personal loan requires collateral such as a savings account, car, or other asset, which typically results in a lower interest rate. Unsecured loans are more common but may carry higher rates to offset the lender's risk.

Month

Payment

Principal

Interest

Balance

$487.54

$356.29

$131.25

$14,643.71

$487.54

$359.4

$128.13

$14,284.31

$487.54

$362.55

$124.99

$13,921.76

$487.54

$365.72

$121.82

$13,556.04

$487.54

$368.92

$118.62

$13,187.12

$487.54

$372.15

$115.39

$12,814.97

$487.54

$375.41

$112.13

$12,439.56

$487.54

$378.69

$108.85

$12,060.87

$487.54

$382

$105.53

$11,678.87

$487.54

$385.35

$102.19

$11,293.52

$487.54

$388.72

$98.82

$10,904.8

$487.54

$392.12

$95.42

$10,512.68

$487.54

$395.55

$91.99

$10,117.13

$487.54

$399.01

$88.52

$9,718.12

$487.54

$402.5

$85.03

$9,315.62

$487.54

$406.02

$81.51

$8,909.59

$487.54

$409.58

$77.96

$8,500.02

$487.54

$413.16

$74.38

$8,086.85

$487.54

$416.78

$70.76

$7,670.08

$487.54

$420.42

$67.11

$7,249.65

$487.54

$424.1

$63.43

$6,825.55

$487.54

$427.81

$59.72

$6,397.74

$487.54

$431.56

$55.98

$5,966.18

$487.54

$435.33

$52.2

$5,530.85

$487.54

$439.14

$48.39

$5,091.71

$487.54

$442.98

$44.55

$4,648.72

$487.54

$446.86

$40.68

$4,201.86

$487.54

$450.77

$36.77

$3,751.09

$487.54

$454.71

$32.82

$3,296.38

$487.54

$458.69

$28.84

$2,837.68

$487.54

$462.71

$24.83

$2,374.98

$487.54

$466.76

$20.78

$1,908.22

$487.54

$470.84

$16.7

$1,437.38

$487.54

$474.96

$12.58

$962.42

$487.54

$479.12

$8.42

$483.31

$487.54

$483.31

$4.23

Frequently Asked Questions

What is a personal loan and how is it different from a credit card?

What is an origination fee?

What is a good interest rate for a personal loan?

Does a personal loan affect my credit score?

Can I pay off a personal loan early?

What is the difference between a secured and unsecured personal loan?

Personal Loan Calculator

Amortization Schedule

Formula

Worked Example

Frequently Asked Questions

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Personal Loan Calculator

Amortization Schedule

Formula

Worked Example

Frequently Asked Questions

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