Personal Loan Calculator — monthly payment + total repayment.
Personal Loan Calculator
Estimate your monthly payment, total repayment, and total interest for a personal loan.
Loan inputs
Amortization schedule
| Month | Payment | Principal | Interest | Balance |
|---|
How personal loans are structured
A personal loan is typically an installment loan with a fixed payment over a defined term. Because the payment stays consistent, borrowers can plan more confidently around monthly budgeting.
In most amortizing loans, the early months carry more interest than principal. That means a larger share of your first payments goes toward the lender’s cost of borrowing, while later payments reduce the principal balance more aggressively.
Shorter repayment periods usually produce smaller total interest costs, while longer terms lower the monthly payment but increase total borrowing costs.
- Lower APR reduces both payment and total interest.
- Longer terms can lower monthly payment but raise total interest.
- Fees added to the loan can increase the effective cost of borrowing.
- Extra payments can reduce payoff time and interest paid.
Frequently asked questions
How is the monthly payment calculated?
The calculator uses a standard amortizing loan formula based on the loan amount, APR, and number of monthly payments.
What is total repayment?
Total repayment is the full amount paid over the life of the loan, including both principal and interest.
Do fees affect the cost?
Yes. Fees can raise the financed amount and may increase the effective cost of the loan, depending on the lender and loan terms.
Why does the balance decline slowly at first?
Because interest is calculated on the outstanding balance. When the balance is higher, interest is higher, so more of the early payment goes to interest.
Should I choose a shorter term?
A shorter term usually costs less in total interest, but the monthly payment is higher. The best fit depends on your budget and goals.
Is this a final lender offer?
No. Final loan terms depend on lender review, credit profile, eligibility, fees, and other underwriting requirements.