Personal Loan Calculator: Monthly Payment, Interest and Payoff Schedule
Calculate your monthly personal loan payments, total interest, and payoff schedule. Estimate costs for fixed-rate US loans with origination fee support.
Last updated: 16 October 2026
Personal loan calculator
This is a loan calculator for monthly payment: enter your numbers below and the headline result is the scheduled payment. Every result updates as you type and stays on your device. The example values are hypothetical and exist so the page has something to show before you type; they are not a market rate and not an offer.
Estimate based on a fixed rate and equal monthly payments. Your lender's disclosure controls; lenders can use different day-count or rounding conventions.
| Total interest | $0.00 |
|---|---|
| Total amount repaid | $0.00 |
| Number of payments | 0 |
| Payoff date | – |
| Origination fee | $0.00 |
|---|---|
| Net loan proceeds after fee | $0.00 |
| Total finance charge (interest + fee) | $0.00 |
| Estimated APR including the fee | No fee entered |
| New payoff date | – |
|---|---|
| Payments made | – |
| Months saved | – |
| Interest saved | – |
| Year | Interest | Principal |
|---|
Personal loan amortization schedule
This personal loan amortization schedule shows every scheduled payment: how much pays interest, how much reduces principal, and the balance after each payment. Yearly totals come first; the full monthly schedule is expandable. Schedule totals always equal the headline results above.
Yearly amortization summary
| Year | Payments | Interest | Principal | Ending balance |
|---|
Totals: interest $0.00 · amount repaid $0.00
Full monthly amortization schedule
| Payment number | Payment | Interest | Principal | Balance |
|---|
Copy the schedule as CSV
If downloads are blocked in your environment, use this box to copy the schedule as comma-separated text.
Columns: Month, Payment, Interest, Principal, Balance.How to use this personal loan monthly payment calculator
Three inputs drive every result: the amount you borrow, the annual rate on your offer, and the number of monthly payments. Everything else is optional detail. This personal loan repayment calculator is a calculator for loan repayment planning: use it when you are comparing offers, deciding between a shorter and a longer term, or checking what extra payments would do.
- Loan amount
- The sum you borrow, before any fee. If your lender deducts an origination fee from the proceeds, enter the fee below so the page can show what you actually receive.
- Interest rate
- The annual rate from your offer. This is what drives the monthly payment. The APR is a broader cost measure that includes certain fees; see the fee section.
- Loan term
- The number of months you will make payments. Common personal loan terms run from about 12 to 84 months, but this tool accepts 1 to 480 months as a calculator range, not a lender rule. A shorter term raises the payment and lowers total interest.
- First payment month and year
- Used only to date the schedule and the payoff date.
- Origination fee
- Quoted by some lenders as a percentage of the loan or as a fixed amount. It reduces the cash you receive and raises the total cost; it does not change the scheduled payment in this model.
- Extra monthly payment
- An amount you plan to pay above the scheduled payment each month, applied to principal.
- Gross monthly income
- Optional. Shows the payment as a percentage of income. Not stored.
Personal loan interest rates depend on your credit profile, income, debts, the amount and length of the loan, and the interest rates permitted by state law, according to the CFPB. Enter the rate a lender has actually quoted you; this page never claims a current market rate for you.
How to calculate a loan payment: the monthly payment formula
To calculate monthly payment for a fixed-rate, fully amortizing loan, use this formula:
M = P × i ÷ (1 − (1 + i)−n)
- M — the scheduled monthly payment. Your value: $332.14.
- P — the principal, or amount borrowed. Your value: $10,000.00.
- i — the monthly interest rate = annual rate ÷ 12. Your value: 1.000000%.
- n — the number of monthly payments. Your value: 36.
This loan payment formula is the same one lenders use for standard fixed-payment amortization with monthly compounding. When the rate is 0%, the payment simplifies to P ÷ n. These steps cover calculating loan payments and calculating loan interest for any fixed-rate installment loan, not only personal loans. With just an amount, a rate and a term, the same arithmetic acts as a loan interest calculator or a personal loan interest calculator, returning each period's interest share and the total interest over the term.
Worked substitution (hypothetical example). Take P = $10,000.00, an annual rate of 12.00%, and n = 36 months. The monthly rate is i = 0.12 ÷ 12 = 0.01. Then (1 + i)n = 1.0136 ≈ 1.4307688, so M = 10,000 × 0.01 × 1.4307688 ÷ (1.4307688 − 1) = $332.14. In month one, interest is $10,000 × 0.01 = $100.00 and principal is $332.14 − $100.00 = $232.14, leaving a balance of $9,767.86.
Fees. No origination fee entered, so the amount you receive equals the loan amount. The origination fee does not change the payment formula; it changes what you keep and what the loan costs you in total.
Rounding policy. The scheduled payment is rounded to the nearest cent. Each month's interest is computed on the prior balance and rounded to the nearest cent. Payments 1 through n−1 pay the scheduled amount; the final payment equals the remaining balance plus that month's interest, so the last payment absorbs every rounding difference and the balance ends at exactly $0.00. All arithmetic runs in integer cents; display formatting never changes the numbers. This is the calculator's documented convention, not a legal rule; a lender's own disclosure controls.
Estimated APR method. When you enter an origination fee, the page solves for the monthly rate that makes the present value of all scheduled payments equal the net loan proceeds, then multiplies that monthly rate by 12. That is the actuarial method described in Regulation Z (12 CFR 1026.22), which the CFPB publishes. The result is labeled an estimate because the legal APR also depends on which charges Regulation Z places in the finance charge for your specific transaction, and because a lender may use the United States Rule method or the Bureau's APR tables. For regular transactions, Regulation Z considers a disclosed APR accurate within 1/8 of 1 percentage point of the exact actuarial figure.
Worked examples (hypothetical, computed by this page's engine)
Every figure below was produced by the calculation engine on this page using the inputs shown, with the rounding policy above. The inputs are hypothetical and test arithmetic; they are not offers, benchmarks or predictions of any rate you will receive.
| Inputs (hypothetical) | Monthly payment | Month-1 interest | Month-1 principal | Final payment | Total interest | Total repaid |
|---|---|---|---|---|---|---|
| $10,000 · 12.00% · 36 months | $332.14 | $100.00 | $232.14 | $332.28 | $1,957.18 | $11,957.18 |
| $25,000 · 9.50% · 60 months | $525.05 | $197.92 | $327.13 | $524.80 | $6,502.75 | $31,502.75 |
| $5,000 · 0.00% · 24 months (zero rate) | $208.33 | $0.00 | $208.33 | $208.41 | $0.00 | $5,000.00 |
| $1,000 · 5.99% · 12 months | $86.06 | $4.99 | $81.07 | $86.09 | $32.75 | $1,032.75 |
| $100,000 · 8.99% · 84 months | $1,608.40 | $749.17 | $859.23 | $1,608.50 | $35,105.70 | $135,105.70 |
| $10,000 · 12.00% · 36 months · $100 extra each month | $332.14 + $100.00 | $100.00 | $332.14 | $195.29 (payment 27 of 27) | $1,430.93 | $11,430.93 |
| $15,000 · 7.99% · 48 months · 5.00% origination fee | $366.12 | $99.88 | $266.24 | $366.33 | $2,573.97 | $17,573.97 repaid; $14,250.00 received; estimated APR 10.6851% |
Reading the extra-payment row: 26 payments of $432.14 plus a final payment of $195.29 equals $11,430.93, which is $10,000 of principal plus $1,430.93 of interest, $526.25 less interest than the same loan without extra payments. Reading the fee row: the $750 fee is deducted from the proceeds ($15,000 − $750 = $14,250) while payments are computed on $15,000; the estimated APR of 10.6851% is higher than the 7.99% note rate because the fee is part of the cost of credit.
Loan term calculator: compare 24, 36, 48, 60 and 84 months
The same amount at the same rate costs different amounts over different terms. A longer term lowers the monthly payment and raises total interest; a shorter term does the reverse. This table is decision tool number one: use it when you are choosing between a payment you can live with and a total cost you can tolerate. Your current term is highlighted.
| Term | Monthly payment | Total interest | Total repaid | Payoff date |
|---|
Rate sensitivity: what would change this result
Decision tool number two shows how a small change in the rate moves both the monthly payment and the lifetime interest, at your amount and term. Use it to see what a slightly better or worse offer would actually cost. It is not a rate forecast.
| Rate | Monthly payment | Change per month | Change in total interest |
|---|
| Component | Amount | Share of total cost |
|---|
| Term | Monthly payment | Total repaid (incl. your fee) |
|---|
Personal loan calculator with extra payments
This section is the personal loan payoff calculator part of the page. Add an extra monthly payment above and the results box reports your new payoff date, the number of payments, months saved and interest saved against the base schedule. Together with the term table, it works as a loan early payoff calculator: the cheapest schedule is usually the one you can keep paying through thick and thin.
Extra money goes straight to principal in this model, so the balance shrinks faster and every later month charges interest on a smaller amount. Lenders set their own rules about how extra payments are applied and whether any prepayment penalty exists; check your agreement. Most modern US unsecured personal loans do not charge a prepayment penalty, but that is a contractual term, not a federal guarantee, and this page does not verify your contract.
Review your full amortization schedule · Compare other loan terms
Origination fees and the estimated APR
Enter an origination fee and this page becomes a personal loan origination fee calculator: it shows the fee, the net loan proceeds you would receive, the total finance charge (interest plus fee), and an estimated APR that includes the fee. In that limited, clearly labeled sense it also works as a personal loan APR calculator.
Why the distinction matters: the interest rate prices the balance you owe, while the APR adds certain fees charged to get the loan, including origination charges. A $15,000 loan with a 5.00% origination fee puts $14,250 in your hands; you repay based on $15,000, so the real yearly cost is higher than the note rate. The CFPB recommends comparing APR to APR, never APR to interest rate, when you shop. The figure this page produces is an estimate with limitations: the method follows Regulation Z's actuarial concept, but the legal APR for your loan depends on which charges belong in the finance charge for your transaction, and only your lender's Truth in Lending disclosure is official.
Other common fees on personal installment loans, per the CFPB, include documentation fees, credit insurance and disability insurance (generally optional), non-filing insurance when the loan is secured, and late fees. This calculator models none of those; it models only the origination fee you enter.
Common mistakes when estimating a personal loan
- Treating the note rate as the APR. If there is an origination fee, the APR is higher. Compare APR to APR across offers.
- Ignoring the fee when judging proceeds. A 5% origination fee on $15,000 means $750 less cash. Ask whether the fee is deducted from disbursement or added to the balance; this page models deduction.
- Comparing offers on the monthly payment alone. A lower payment can hide a much higher total cost. Check total interest and total repaid in the term table.
- Using a published average as your rate. Federal statistics describe averages across banks; your rate depends on your profile. Enter the rate you were quoted.
- Assuming extra payments apply themselves. Confirm with your lender that extra amounts reduce principal and that no prepayment penalty applies to your contract.
- Expecting taxes or insurance in the number. Unsecured personal loans generally have no escrow for taxes or insurance; those appear in mortgage calculators, not here.
- Feeding this tool the wrong product. Variable-rate loans, interest-only loans, balloon loans, payday, title and pawn loans, student loans, auto loans, mortgages and credit cards follow different rules and need their own calculators.
- Worrying that the income box stores data. It does not. Nothing you type on this page is saved, sent or written to a URL.
- Confusing months with years in the custom term. The custom field counts months: three years is 36, not 3.
- Treating the estimate as an approval. Only a lender can approve a loan and state final terms. This page is arithmetic, not advice.
Frequently asked questions
How to calculate personal loan payments?
To calculate personal loan payments, use the fixed-payment formula M = P x i / (1 - (1 + i)^(-n)). P is the amount you borrow, i is your annual interest rate divided by 12, and n is the number of monthly payments. For example, a $10,000 loan at 12.00% for 36 months gives i = 0.01 and n = 36, so M = $332.14 per month. Then, if the lender charges an origination fee, subtract it from the cash you receive; the fee does not change the scheduled payment. The same steps answer how to calculate loan payments for any fixed-rate installment loan. This page performs those steps for you and shows the full amortization schedule.
How do I calculate interest on a loan?
Interest on a fixed-rate personal loan is charged on the outstanding balance. Each month, multiply the current balance by your annual rate divided by 12. On a $10,000 loan at 12.00%, the first month's interest is $10,000 x 0.12 / 12 = $100.00. If the payment is $332.14, then $232.14 reduces the principal, leaving $9,767.86. Because the balance falls every month, the interest portion shrinks over time; that process is called amortization. Calculating loan interest this way matches the schedule this calculator builds.
How to calculate the interest rate on a loan?
The interest rate is normally given to you by the lender, not calculated by hand from the payment. Rate, term and payment are linked: raise the rate and the required payment rises for the same amount and term; shorten the term and the payment rises while total interest falls. If you know the amount financed, the payment and the number of payments, finding the implied rate requires solving for the internal rate of return, which this page does not do for the contract rate. It does estimate an APR when you enter an origination fee, using the actuarial method described in the method section above.
What is the difference between an interest rate and an APR?
A loan's interest rate is the cost you pay to the lender for borrowing money. The Annual Percentage Rate (APR) is a measure of the interest rate plus the additional fees charged with the loan, including origination charges and other fees charged when the loan is made. The federal Truth in Lending Act requires lenders to disclose the APR so you can compare offers on the same basis. Compare APR to APR, not APR to interest rate; the monthly payment itself is driven by the interest rate.
What is an origination fee, and how does it change what I receive?
An origination fee is a fee some lenders charge when the loan is made, often quoted as a percentage of the loan amount. The CFPB lists origination fees among the common fees on personal installment loans. This calculator treats the fee as deducted from the cash you receive: on a $15,000 loan with a 5.00% fee, you receive $14,250 while payments are still computed on $15,000. The fee therefore raises the total cost and, when included, the estimated APR above the interest rate.
How much personal loan can I afford?
There is no single federal rule that sets an affordable personal-loan payment-to-income ratio. Start with your budget: list essential expenses, add the proposed payment, and see what remains for savings and unexpected costs. This page offers an optional affordability check that shows your payment as a percentage of the gross monthly income you enter, without judging the result. Lenders set their own approval standards using factors such as credit score and reports, income, debts, and the amount and length of the loan. The income figure you enter is never stored.
How do extra payments affect my payoff date and interest?
An extra monthly payment is applied to principal in the same month, so the balance falls faster and interest accrues on a smaller amount for less time. On the $10,000, 12.00%, 36-month example, adding $100 each month pays the loan off in 27 payments instead of 36 and cuts total interest from $1,957.18 to $1,430.93, a saving of $526.25. Confirm with your lender that extra payments are applied to principal and that no prepayment penalty applies.
What is a fixed rate personal loan, and how is it different from an adjustable rate?
With a fixed rate personal loan, the interest rate stays the same for the whole term, so the scheduled payment is the same every month until the final payment. With an adjustable (variable) rate, the rate can change, and the payment can change with it. The CFPB notes that interest rates for personal loans can be fixed or adjustable. This calculator models fixed-rate loans only; it does not project future rate resets.
How accurate is this calculator, and why might my lender's numbers differ?
This calculator is an estimate within the assumptions you enter. Lenders can differ in day-count conventions, the length of the first period, which fees they finance, how they round, and the exact payment due dates. The APR estimate that includes your origination fee follows the actuarial method described in Regulation Z, but the legal APR also depends on which charges belong in the finance charge for your transaction; the official tolerance for a regular transaction is 1/8 of a percentage point. Treat the lender's Truth in Lending disclosure as controlling.
Does this page check my credit, pre-qualify me, or find me offers?
No. All calculations run in your browser. The page does not request your name, Social Security number, credit score or ZIP code; it does not send your inputs anywhere; and it does not store them. It never matches you with lenders. For official consumer information about personal loans and how to complain about a lender, use the CFPB resources listed in the references section.
Glossary
- Principal
- The amount you borrow, and later the part of each payment that reduces what you owe.
- Interest
- The cost of borrowing the outstanding balance, charged each month as balance times the monthly rate.
- APR (annual percentage rate)
- A broader cost measure than the interest rate: the rate plus certain lender fees, disclosed under the Truth in Lending Act and Regulation Z.
- Origination fee
- A fee charged when the loan is made, often as a percentage of the loan amount; it reduces the cash you receive.
- Amortization
- Paying off a loan through scheduled payments that cover interest first and gradually shift toward principal.
- Term
- The number of monthly payments scheduled on the loan.
- Finance charge
- The total cost of credit: dollar amounts you pay, directly or indirectly, to get the loan. Here it is shown as interest plus the origination fee you enter.
- Actuarial method
- The calculation approach Regulation Z recognizes for determining an exact APR by equating the present value of payments to the amount financed.
- Fixed rate
- A rate that stays the same for the whole term, so the scheduled payment stays the same too.
- Net proceeds
- The cash you actually receive: the loan amount minus any origination fee deducted at funding.
Official references
Every source below was opened and checked on 16 October 2026. Only primary government sources are cited as support for rules; no lender or affiliate page is treated as authority.
- CFPB, 12 CFR 1026.22, Determination of annual percentage rate (Regulation Z, Truth in Lending Act), including the actuarial-method instruction in Appendix J and the 1/8-percentage-point accuracy tolerance. consumerfinance.gov
- CFPB Ask CFPB, "What is the difference between a loan interest rate and the APR?" (en-733): the APR is the interest rate plus additional fees including origination charges; TILA requires APR disclosure. consumerfinance.gov
- CFPB Ask CFPB, "What is a personal installment loan?" (en-2114): definition of installment repayment; fixed or adjustable rates; factors lenders consider, including state-law rate limits. consumerfinance.gov
- consumerfinance.gov
- Board of Governors of the Federal Reserve System, Consumer Credit G.19, release of October 7, 2026 (data through August 2026): 24-month personal loan rate at commercial banks, 11.90% (preliminary), expressed as an annual percentage rate under Regulation Z. Used on this page as dated context only. federalreserve.gov
- CFPB consumer resources and complaint portal (personal loans topic hub). consumerfinance.gov
Context figure, not a default: the G.19 24-month personal loan rate was 11.90% at commercial banks in August 2026 (preliminary, released 7 October 2026). That is a bank average, not an offer, and this calculator never fills your rate with it.
Limitations, assumptions and method
Method panel
- Formula: M = P × i ÷ (1 − (1 + i)−n), i = annual rate ÷ 12, n = months; at 0% the payment is P ÷ n.
- Interest each month: prior balance × annual rate ÷ 12, rounded to the nearest cent.
- Payments 1 through n−1 pay the scheduled amount; the final payment equals the remaining balance plus that month's interest, absorbing rounding.
- Extra payments are added to the scheduled payment and applied to principal in the same month; the payoff month's payment is capped at balance plus interest.
- Origination fee: deducted from net proceeds; the payment is computed on the full loan amount.
- Estimated APR: 12 × the monthly rate that equates the present value of scheduled payments with net proceeds (actuarial method concept, 12 CFR 1026.22); labeled estimate with limitations.
What this calculator does not do
- State-specific interest-rate caps, usury limits, lender licensing and state fee rules vary by state and are outside this calculator's scope; state law and the lender's disclosures apply.
- It does not model variable or adjustable rates, daily-accrual (actual/365) interest, interest-only periods, balloon payments, payday, title or pawn products, student, auto or mortgage loans, or credit cards.
- It does not model late fees, returned-payment fees, credit insurance or other add-on products, taxes, or any prepayment penalty (enter extra payments only if your contract allows them penalty-free).
- It does not predict your rate, check your credit, estimate approval odds, or pass your data to anyone. Varnda is not a lender, broker or financial advisor, offers no loans, and provides estimates only.
- The byline is the Varnda Editorial Team.
Rules changelog
- 1.0.0 (16 October 2026): initial release. Regulation Z 1026.22 APR method, the three CFPB personal-loan Ask CFPB pages, and the Federal Reserve G.19 August 2026 personal loan rate were opened and recorded. Amortization formula documented as a calculator convention with fixture-tested arithmetic.
Corrections and privacy
Found an error? Use the site's contact channel to report it. Each rule in the sources register carries a review owner and a review trigger. Privacy: nothing you enter is stored, transmitted or placed in the URL; there is no analytics payload, no account and no cookie set by this page for calculation purposes; the optional income figure is used only in the on-page percentage and is never kept.
Your summary
A printable summary of your estimate, including inputs, assumptions, the result state and the rules version. It contains no personal identifiers and stays on your device.
Next steps that stay informational: review your full amortization schedule, compare other loan terms, or print this summary and place it beside each lender's Truth in Lending disclosure. Compare the APR, the fees and the total cost across offers before you sign. No phone number, email address or Social Security number is requested anywhere on this page.
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