FINANCIAL · PERSONAL LOAN
Personal Loan Calculator
Calculate monthly payments, total interest, and amortization for any personal or installment loan. Free and instant.
Monthly Payment
$322.67
Principal & Interest
Loan amount$10,000.00
Total interest$1,616.20
Total cost$11,616.20
| Category | Amount | Percentage |
|---|---|---|
| Principal | $10,000 | 86.1% |
| Total Interest | $1,616 | 13.9% |
| Period | Remaining Balance |
|---|---|
| Yr 1 | $6,993 |
| Yr 2 | $3,670 |
| Yr 3 | $0 |
Showing 3 of 3 years
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $3,872 | $3,007 | $865 | $6,993 |
| Year 2 | $3,872 | $3,322 | $550 | $3,670 |
| Year 3 | $3,872 | $3,670 | $202 | $0 |
| Total | $11,616 | $10,000 | $1,616 | — |
About This Calculator
Find your monthly payment and total interest cost for any fixed-rate personal loan. Enter your loan amount, APR, and term to get a full amortization breakdown instantly.
How It Works
Enter your loan amount, annual interest rate (APR), and repayment term in months. The calculator computes your fixed monthly payment, the total interest you will pay over the life of the loan, and a month-by-month amortization schedule showing how each payment is split between principal and interest.
The Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1]
- M
- monthly payment
- P
- loan principal
- r
- monthly rate (APR ÷ 12)
- n
- term in months
Frequently Asked Questions
- What is a personal loan?
- A personal loan is an unsecured installment loan with a fixed rate, fixed monthly payment, and a set repayment term — typically 1 to 7 years. Unlike an auto or mortgage loan, there is no collateral.
- How does the loan term affect my payment?
- A longer term lowers your monthly payment but increases the total interest you pay. A shorter term means a higher monthly payment but less interest overall and faster payoff.
- What APR should I expect on a personal loan?
- APR varies by credit score, lender, and loan amount. Borrowers with excellent credit (720+) may qualify for rates as low as 6–10%, while rates for lower credit scores can exceed 25–30%.