Estimate monthly payments, total cost, and compare loan terms
| Term | Payment | Interest | Total |
|---|---|---|---|
| 24 mo | $682 | $1,364 | $16,664 |
| 36 moCURRENT | $474 | $2,046 | $17,346 |
| 60 mo | $308 | $3,465 | $18,765 |
Month-by-month payment breakdown
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1(Yr 1) | $474 | $367 | $106 | $14,633 |
| 2(Yr 1) | $474 | $370 | $104 | $14,263 |
| 3(Yr 1) | $474 | $372 | $101 | $13,890 |
| 4(Yr 1) | $474 | $375 | $98 | $13,515 |
| 5(Yr 1) | $474 | $378 | $96 | $13,137 |
| 6(Yr 1) | $474 | $380 | $93 | $12,757 |
| 7(Yr 1) | $474 | $383 | $90 | $12,374 |
| 8(Yr 1) | $474 | $386 | $88 | $11,988 |
| 9(Yr 1) | $474 | $389 | $85 | $11,599 |
| 10(Yr 1) | $474 | $391 | $82 | $11,208 |
| 11(Yr 1) | $474 | $394 | $79 | $10,814 |
| 12(Yr 1) | $474 | $397 | $77 | $10,417 |
| 13(Yr 2) | $474 | $400 | $74 | $10,017 |
| 14(Yr 2) | $474 | $403 | $71 | $9,615 |
| 15(Yr 2) | $474 | $405 | $68 | $9,209 |
| 16(Yr 2) | $474 | $408 | $65 | $8,801 |
| 17(Yr 2) | $474 | $411 | $62 | $8,390 |
| 18(Yr 2) | $474 | $414 | $59 | $7,976 |
| 19(Yr 2) | $474 | $417 | $56 | $7,559 |
| 20(Yr 2) | $474 | $420 | $54 | $7,139 |
| 21(Yr 2) | $474 | $423 | $51 | $6,716 |
| 22(Yr 2) | $474 | $426 | $48 | $6,290 |
| 23(Yr 2) | $474 | $429 | $45 | $5,861 |
| 24(Yr 2) | $474 | $432 | $42 | $5,429 |
This calculator computes the fixed monthly payment for a personal loan from the amount, APR, and term, and breaks the total cost into principal and interest. Use it to compare offers or to see what a different term does to affordability and total cost.
Personal loans are amortized: every payment covers that month's interest plus some principal, so the interest portion shrinks over time while the principal portion grows. A shorter term raises the payment but can cut total interest substantially.
M = P · r(1 + r)^n / ((1 + r)^n − 1)The interest rate is the cost of borrowing the principal. APR adds required fees (like origination fees) and expresses the true annual cost, which makes it the better number for comparing offers side by side.
Rates vary widely with credit score, income, and term — strong credit might see rates in the high single digits to low teens, while weaker credit can be quoted 20–35%. Prequalifying with several lenders uses soft credit pulls and won't hurt your score.
A shorter term costs less overall but demands a higher payment. Pick the shortest term whose payment fits comfortably in your budget. If a lender offers no prepayment penalty, you can take the longer term for safety and pay it like the shorter one.
Usually yes, and most mainstream lenders don't charge prepayment penalties — but check the loan agreement. Early payoff saves the remaining scheduled interest, since interest only accrues on the outstanding balance.
Two loans with the same interest rate can cost very different amounts. How APR, origination fees, and term length reveal a personal loan's true price.