Personal Loan Interest Calculator
Estimate your monthly payment, total interest, and payoff schedule.
Monthly payment
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- Principal —
- Interest —
- Total of payments
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- Total interest
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- Origination fee
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- Amount received
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- Payoff
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Estimate for a fixed-rate personal loan with equal monthly payments. Your actual rate and terms depend on the lender and your credit.
How this was calculated
Standard fixed-rate amortization:
M = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P — loan amount
- r — monthly rate (APR ÷ 12)
- n — number of payments (years × 12)
Yearly amortization schedule
| Year | Interest paid | Principal paid | Balance |
|---|
Worked example
With the starting values: a 15,000 loan at 12.5% a year over 3 years, with no origination fee.
- Monthly payment ≈ 501.80
- Total interest ≈ 3,065 over the 36 payments
Watch the origination fee
Many lenders charge a fee of 1% to 3% (called a processing fee in India), taken from the amount you receive. With a 2% fee on 15,000, you receive 14,700 but repay the full 15,000 plus interest. Enter the fee to see the amount you actually receive. When you compare loans, compare the total cost, not just the interest rate.
Frequently asked questions
How can I pay less interest?
Choose a shorter term, make extra payments towards the principal, or get a lower rate. Even small extra payments early in the loan save a lot, because interest is charged on the balance still owed.
Why is most of the early payment interest?
Interest is charged on the balance you still owe. At the start the balance is highest, so more of each payment goes to interest. Later, more goes to the principal. The yearly schedule shows this.
What is APR?
The annual percentage rate. It is the yearly cost of the loan as a percentage. Some lenders quote an APR that already includes fees, so check what is included.
Please note: this calculator gives estimates for learning and planning only. It is not financial advice. Your real rate, fees and repayment terms depend on the lender. Check the loan offer before you sign.