Calculate your monthly loan payment, total interest, and full amortization schedule for any loan.
Rates as of Q2 2025 (example)
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A loan calculator estimates the monthly payment, total interest, and full amortization schedule for any fixed-rate, fixed-term loan — whether it's a personal loan, debt consolidation loan, or any other installment loan. Enter the loan amount, interest rate, and term, and it shows you exactly how much you'd pay each month and over the life of the loan.
The monthly payment is calculated using the standard loan amortization formula, which assumes equal monthly payments over the life of the loan:
Formula: M = P × [r(1+r)n] / [(1+r)n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the loan term in months.
Example: For a $20,000 loan over 5 years at an 8% interest rate (example rate — enter your actual rate), the monthly payment is roughly $406, with total interest of about $4,360 over the life of the loan. (Note: all figures in this example are for illustration purposes only and do not represent actual rates or market conditions.)
Personal loans in the US are commonly used for debt consolidation, home improvement, medical expenses, or other large purchases, and typically have fixed rates and terms ranging from 1 to 7 years. Unlike mortgages or auto loans, personal loans are often unsecured, meaning the rate you're offered depends heavily on your credit score and income — rates can range widely from single digits to 30% or more for borrowers with lower credit scores (example rate used in this calculator — actual rates vary by lender and borrower). Some lenders also charge an origination fee, which is not included in this calculator's inputs.
This calculator works for any fixed-rate, fixed-term loan with equal monthly payments, including personal loans, debt consolidation loans, and other installment loans — as long as you enter the correct loan amount, rate, and term.
No — the default rate is an example only. Personal loan rates vary widely based on your credit score, income, and the lender, and can range from single digits to 30% or more, so always use a rate from an actual loan offer.
No. Some personal loans charge an origination fee deducted from the loan proceeds or added to the balance. This calculator does not account for such fees, so your actual cost may be higher than shown.
Extra payments reduce your principal balance faster, which lowers the total interest you pay and can help you pay off the loan sooner than the original term.
The amortization schedule shows, for each payment, how much goes toward interest and how much reduces your principal balance, along with the remaining balance after each payment.
Yes, the underlying formula is the same, but for a more tailored experience with mortgage- or auto-loan-specific inputs (like down payment, trade-in, or property tax), use the dedicated Mortgage Calculator or Auto Loan Calculator instead.
Disclaimer: The information, rates, and figures provided on this page are for educational and illustrative purposes only. All rates and examples shown are sample values and do not reflect current or actual market rates. Financial rules and regulations change frequently. Always consult a qualified financial advisor or lender before making any financial decisions.