This free personal loan calculator is a genuine working tool: enter your loan amount, rate, and term, and your payment, total interest, and full amortization schedule update instantly — supporting monthly, biweekly, or weekly payments with the math actually recalculated for each frequency, not just divided. It also includes an extra-payment payoff tool and a side-by-side comparison for two loan offers.
Loan Amortization Schedule
See exactly how each payment splits between principal and interest, and how your balance declines over time.
Extra Payment Calculator
See the estimated effect of paying more than the required amount. These results are estimates based on the extra amounts you enter, applied consistently to reduce principal.
Without Extra Payments
With Extra Payments
Compare Two Loans
Enter a second loan scenario to compare against your main calculator inputs above (used as Loan A). This assumes both scenarios are otherwise comparable — it doesn’t account for differing fees unless you factor them into the amount.
Loan A (from calculator above)
Loan B
What Is a Personal Loan?
A personal loan is a lump sum you borrow from a bank, credit union, or online lender and repay in fixed installments over a set period, typically with a fixed interest rate.
How Does a Personal Loan Work?
- Borrowing the principal — you receive the loan amount upfront.
- Interest being charged — the lender charges interest on the outstanding balance.
- Regular repayments — you make fixed payments on a set schedule, each covering part interest and part principal.
- Loan payoff — once all scheduled payments are made, the loan is fully repaid.
How Is a Personal Loan Payment Calculated?
Where P is the loan principal, r is the periodic interest rate (APR divided by the number of payments per year), and n is the total number of payments. For a 0% loan, the formula simplifies to Payment = Principal ÷ Number of Payments, since there’s no interest to spread across the term.
What Affects Your Personal Loan Payment?
- Loan amount — a larger principal means a larger payment, all else equal.
- Interest rate — a higher rate increases both the payment and total interest paid.
- Loan term — a longer term lowers the payment but increases total interest.
- Payment frequency — more frequent payments change how interest accrues between payments.
- Fees — origination and other fees can add to the effective cost even when they’re not reflected in the stated payment.
Shorter vs. Longer Loan Terms
Shorter Term
- Higher monthly payments
- Less total interest paid
- Faster payoff
Longer Term
- Lower monthly payments
- More total interest paid
- Longer repayment period
Neither is universally better — the right term depends on what payment fits your budget against how much total interest you’re willing to pay.
APR vs. Interest Rate
The interest rate is the cost of borrowing the principal, expressed as a yearly percentage. APR (annual percentage rate) can incorporate certain additional borrowing costs, such as some fees, depending on the loan and jurisdiction — but APR does not necessarily include every possible fee a lender might charge, so it’s worth reviewing your specific loan terms rather than assuming APR captures the full cost.
Personal Loan Costs
Beyond interest, personal loans can carry additional costs, including:
- Origination fees
- Late payment fees
- Prepayment fees (less common, but worth checking for)
- Other lender-specific charges
This calculator’s core payment estimate reflects principal and interest only; it won’t include any fees unless you factor them into the loan amount yourself.
Tips for Comparing Personal Loans
- Compare offers from multiple lenders, not just the first one you find.
- Review the APR, not just the headline interest rate.
- Check the total repayment cost over the full term, not just the monthly payment.
- Choose a repayment period that fits comfortably into your budget.
- Read the loan agreement carefully before signing.
- Understand all fees that could apply.
- Avoid borrowing more than you actually need.
- Consider how the payment fits alongside your other monthly obligations.
Worked Example
Loan Amount = $20,000, Interest Rate = 8%, Loan Term = 5 years (monthly payments)
Monthly rate: 8% ÷ 12 = 0.6667%. Number of payments: 5 × 12 = 60.
Estimated monthly payment: ≈ $405.53
Total of all payments: 60 × $405.53 ≈ $24,332
Total interest paid: $24,332 − $20,000 ≈ $4,332
Load these exact numbers into the calculator above to see the full amortization schedule and chart.
Related Finance Calculators
FAQs
It applies the standard fixed-rate loan formula to your loan amount, rate, and term to estimate your payment, total interest, and full amortization schedule.
Using Payment = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is principal, r is the periodic rate, and n is the number of payments.
It depends on your loan amount, interest rate, and term — the calculator above shows your specific estimated total interest instantly.
Not universally — a shorter term means less total interest but a higher payment, while a longer term lowers the payment but increases total interest. The better fit depends on your budget and goals.
Yes. A higher rate increases both the required payment and the total interest paid over the life of the loan, all else equal.
The interest rate is the base cost of borrowing; APR can incorporate certain additional costs depending on the loan, though it doesn’t necessarily include every possible fee.
Many personal loans allow early payoff, though some lenders charge a prepayment fee — check your specific loan agreement.
Generally yes, since extra payments reduce the principal balance faster, which reduces the interest that accrues on it going forward — see the Extra Payment Calculator above for an estimate specific to your loan.
Loan amount, interest rate, loan term, payment frequency, and any fees rolled into the loan all affect the payment amount.
No — they’re estimates based on the figures you enter. Actual payments can differ due to lender-specific terms, fees, rounding, and payment timing.
Calculation Methodology: This calculator uses the standard fixed-rate amortization formula, applying a periodic interest rate matched to your chosen payment frequency (monthly, biweekly, or weekly) rather than simply dividing a monthly figure. The amortization schedule recalculates the principal/interest split for every payment based on the declining balance. The extra-payment tool re-runs this same schedule with your additional amounts applied to principal each period. Results assume a fixed rate and on-time payments with no fees unless included in your loan amount.
Disclaimer: This calculator provides estimates for general informational purposes only and does not constitute financial advice or a loan offer. Actual loan payments, rates, and terms depend on the lender, your creditworthiness, fees, taxes, payment timing, and other conditions, and may differ from these estimates. This tool does not guarantee loan approval, rates, savings, or eligibility of any kind.
Last updated / reviewed: