Loan calculator
Work out the monthly payment, total interest and total cost of a personal loan or any fixed-rate loan.
Monthly payment
- Total interest
- Total paid
Estimates only, for illustration.
Amortization by year
| Year | Principal paid | Interest paid | Balance at year end |
|---|---|---|---|
How this calculator works
Enter the amount you want to borrow, the APR and how long you'll take to repay it. The calculator uses the standard formula for a fixed-rate loan, where every monthly payment is the same and covers that month's interest plus some of the balance.
Early payments are mostly interest; later payments are mostly balance. Open the year-by-year table to see how that changes over the loan.
Comparing loan offers
- Use the APR, not just the interest rate, so fees are included.
- Compare the total cost, not just the monthly payment. A lower payment over a longer term often costs more.
- Check for an origination fee taken from the loan amount. If you need a set amount in hand, you may need to borrow a little more.
This works for most fixed-rate loans. For a mortgage, use the mortgage calculator, and for a car, the car loan calculator, which include taxes and other costs.
Common questions
The interest rate is the cost of borrowing the money. The APR also includes most fees, such as an origination fee, so it's the better number for comparing loans.
A shorter term means higher monthly payments but much less interest overall. A longer term lowers the payment but costs more in total. Choose the shortest term with a payment you can comfortably afford.
Usually, and it saves interest. Check your loan agreement for a prepayment penalty first; most personal loans don't have one.