How this calculator works
Most personal loans have a fixed rate and a fixed monthly payment. Early payments are mostly interest; later payments are mostly principal. This calculator builds the full amortization schedule so you can see exactly where each dollar goes.
If your lender charges an origination fee, it's usually taken out of the loan before you receive the money, so you repay the full amount but get less cash.
The formula
P is the loan amount, r the monthly rate (APR ÷ 12) and n the number of payments.
Example calculation
A $15,000 loan at 11.5% APR over 3 years:
- Loan amount
- $15,000.00
- Total interest
- $2,807.04
- Monthly payment
- $494.64
Ways to borrow for less
- Compare at least three lenders. Rates for the same borrower can vary widely.
- Choose the shortest term you can afford. Shorter terms usually have lower rates and far less interest.
- Watch for fees. A loan with a lower rate and a 6% fee can cost more than one with no fee.
- Improve your credit first. Paying down card balances before applying can lower your rate.
Frequently asked questions
Does checking my rate hurt my credit?
Prequalification usually uses a soft inquiry, which doesn’t affect your score. A hard inquiry happens only when you formally apply.
Can I pay off a personal loan early?
Most lenders allow it without a penalty, which saves you interest. Check your loan agreement to be sure.
What is a good personal loan APR?
It depends on your credit. Borrowers with excellent credit get the lowest rates, while fair credit can mean rates above 20%.