Personal Loan Calculator
Calculate personal loan monthly payments, total interest costs, origination fees, and complete amortization schedules. Use the interactive controls below to calculate exact figures, test different scenarios, and review detailed financial breakdowns.
Personal Loan Calculator
Calculate exact monthly loan payments, interest charges, origination fees, and full payoff schedules.
Adding just $50 to $100 extra to your monthly principal payment drastically cuts total interest costs and accelerates your debt-free milestone.
Monthly Amortization Schedule
| Month | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Month 1 | $473.51 | $367.26 | $106.25 | $14,633 |
| Month 2 | $473.51 | $369.86 | $103.65 | $14,263 |
| Month 3 | $473.51 | $372.48 | $101.03 | $13,890 |
| Month 4 | $473.51 | $375.12 | $98.39 | $13,515 |
| Month 5 | $473.51 | $377.78 | $95.73 | $13,137 |
| Month 6 | $473.51 | $380.46 | $93.06 | $12,757 |
| Month 7 | $473.51 | $383.15 | $90.36 | $12,374 |
| Month 8 | $473.51 | $385.86 | $87.65 | $11,988 |
| Month 9 | $473.51 | $388.60 | $84.92 | $11,599 |
| Month 10 | $473.51 | $391.35 | $82.16 | $11,208 |
| Month 11 | $473.51 | $394.12 | $79.39 | $10,814 |
| Month 12 | $473.51 | $396.91 | $76.60 | $10,417 |
| Month 13 | $473.51 | $399.73 | $73.79 | $10,017 |
| Month 14 | $473.51 | $402.56 | $70.96 | $9,615 |
| Month 15 | $473.51 | $405.41 | $68.10 | $9,209 |
| Month 16 | $473.51 | $408.28 | $65.23 | $8,801 |
| Month 17 | $473.51 | $411.17 | $62.34 | $8,390 |
| Month 18 | $473.51 | $414.08 | $59.43 | $7,976 |
| Month 19 | $473.51 | $417.02 | $56.50 | $7,559 |
| Month 20 | $473.51 | $419.97 | $53.54 | $7,139 |
| Month 21 | $473.51 | $422.95 | $50.57 | $6,716 |
| Month 22 | $473.51 | $425.94 | $47.57 | $6,290 |
| Month 23 | $473.51 | $428.96 | $44.55 | $5,861 |
| Month 24 | $473.51 | $432.00 | $41.52 | $5,429 |
| Month 25 | $473.51 | $435.06 | $38.46 | $4,994 |
| Month 26 | $473.51 | $438.14 | $35.37 | $4,556 |
| Month 27 | $473.51 | $441.24 | $32.27 | $4,115 |
| Month 28 | $473.51 | $444.37 | $29.14 | $3,670 |
| Month 29 | $473.51 | $447.52 | $26.00 | $3,223 |
| Month 30 | $473.51 | $450.69 | $22.83 | $2,772 |
| Month 31 | $473.51 | $453.88 | $19.63 | $2,318 |
| Month 32 | $473.51 | $457.09 | $16.42 | $1,861 |
| Month 33 | $473.51 | $460.33 | $13.18 | $1,401 |
| Month 34 | $473.51 | $463.59 | $9.92 | $937 |
| Month 35 | $473.51 | $466.88 | $6.64 | $470 |
| Month 36 | $473.51 | $470.18 | $3.33 | $0 |
Personal Loan Payment, APR & Amortization Mechanics
A personal loan is an unsecured installment loan issued with a fixed borrowing principal, a fixed Annual Percentage Rate (APR), and a specified payback duration (typically 12 to 84 months). Because personal loans do not require collateral like a house or automobile, interest rates depend primarily on credit profile, debt-to-income (DTI) ratio, and income stability.
The standard monthly payment formula is PMT = P × [ r(1 + r)^n ] / [ (1 + r)^n - 1 ], where P is loan principal, r is monthly interest rate (annual APR / 12), and n is total monthly installment payments.
Borrowing $15,000 on a 36-month personal loan at 8.5% APR results in a monthly payment of $473.51. Over the 3 years, you make 36 payments totaling $17,046.36, representing $15,000 in repaid principal and $2,046.36 in total interest charges.
Many personal loan lenders deduct an upfront origination fee (typically 1% to 8%) directly from loan proceeds. For example, a 3% fee on a $15,000 loan reduces net cash disbursed to $14,550 while you still repay the full $15,000 principal plus interest.
Personal loans in the United States and major Commonwealth nations cannot carry prepayment penalties under CFPB and consumer credit rules. Paying an extra $50 to $100 per month accelerates loan payoff and saves hundreds in interest.