Personal Loan Calculator – Monthly Payment & Total Interest

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Personal Loan Calculator

See the true cost of any personal loan — monthly payment, total interest, payoff date and a full month-by-month amortization schedule. Add extra payments to see how much interest you'd save. Free, instant, private.

✓ Monthly Payment · ✓ Total Interest · ✓ Amortization Table · ✓ Extra-Payment Savings

💳 Loan Payment Calculator

🔧 JS ⏳ · Input — · Payment — · Engine ⏳

Loan amount ($)

Interest rate (%/yr)

Term (months)

Extra payment ($/mo) — optional

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MONTHLY PAYMENT

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Total interest

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Total repaid

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Payoff date

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🧮 Payment Formula & Math

M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P = amount, r = monthly rate, n = months.

📅 Amortization Schedule

How a Personal Loan Payment Is Calculated

Personal loans use the amortized payment formula — every equal payment splits between interest (charged on the remaining balance) and principal:

M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

Where M = monthly payment, P = loan amount, r = monthly interest rate (annual ÷ 12), and n = number of months. Worked example: $15,000 at 11.5% for 36 months → monthly rate = 0.115 ÷ 12 ≈ 0.009583 → payment ≈ $494.73. Total repaid: $17,810.28 — meaning $2,810.28 in interest, about 18.7% of the loan. Early payments are interest-heavy: month 1 sends ~$143.75 to interest and only ~$350.98 to principal; by month 36 it's flipped almost entirely to principal. That's why extra payments are so powerful early — every extra dollar kills principal directly, eliminating all future interest it would have generated.

Why Use This Personal Loan Payment Calculator?

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True Monthly Cost

Exact amortized payment to the cent — compare loan offers on real numbers.

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Full Amortization

Month-by-month interest vs principal split — see exactly where every dollar goes.

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Extra-Payment Savings

Add $50/month and instantly see months saved and interest eliminated.

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Payoff Date

Know the exact month you'll be debt-free, with and without extra payments.

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100% Private

Loan amounts never leave your browser — no lender gets your data from this tool.

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Instant & Offline

Pure browser math — compare offers side by side at your own pace.

Popular Use Cases

• 🏦 Compare personal loan offers from multiple lenders on identical terms
• 💳 Price debt consolidation — is the new loan actually cheaper than your cards?
• 🚗 Model auto or home-improvement financing before visiting the dealer
• 🚀 Test extra-payment strategies to see months and dollars saved
• 🎓 Understand amortization visually before signing anything
• 🏠 Budget monthly obligations against your take-home pay

Pro Tips for Personal Loans

• APR is the comparison number: quoted "rates" may exclude origination fees (1–10% of the loan). APR folds fees in — compare APRs, not headline rates.
• Shorter term = dramatically less interest: $15K at 11.5% costs ~$2,810 over 36 months but ~$4,610 over 60 months. Pick the shortest term whose payment fits your budget.
• Autopay discounts are real: many lenders shave 0.25–0.5% APR for enrolling in autopay — enter the discounted rate to see years of savings.
• Check prepayment penalties: the extra-payment feature only helps if your loan has no prepay fee — most personal loans don't, but verify before signing.
• Debt-consolidation math: total your current card interest rates, weight them by balance, and enter the weighted average here versus the consolidation loan's APR — then decide.

Frequently Asked Questions

Use the amortized formula: M = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ−1), where P is the amount, r is the monthly rate and n is months. A $15,000 loan at 11.5% for 36 months pays about $494.73 monthly. Enter your numbers above and the payment, totals and full schedule appear instantly.

Lenders typically offer $1,000–$100,000 based on credit score, income and debt-to-income ratio. Reverse the math here: decide the maximum monthly payment your budget supports, then test amount/term/rate combinations until the payment fits.

Rates generally run roughly 7–36% APR depending on credit: excellent credit sees single digits, average credit mid-teens, poor credit 25%+. Terms usually span 12–84 months. Enter your quoted APR to see its exact cost before signing.

Yes, significantly — extra dollars go straight to principal, eliminating all future interest that principal would have generated. Enter any extra monthly amount above and the calculator shows months saved and total interest eliminated versus the standard schedule.

Generally no — personal loan interest isn't deductible for personal expenses (unlike mortgage or student loan interest in qualifying cases). If funds are used for business purposes, different rules can apply; a tax professional can confirm specifics.

Not at all — this tool computes math in your browser with no credit checks and no data leaving your device. Even formal rate-shopping is usually counted as one inquiry if done within a 14-day window.

Interest accrues on the outstanding balance, which is highest at the start — so early payments are interest-heavy and later ones principal-heavy. Scroll the amortization schedule to watch the split flip over the loan's life.

No. All calculations happen in your browser with JavaScript. Amounts, rates and schedules are never transmitted or stored — refreshing the page clears everything.