Personal Loan Calculator

Calculate monthly payments, total interest, and amortization schedule for personal loans. See how extra payments reduce your payoff time and total cost. Compare different loan terms and rates side by side.

Loan Amount ($)

$1,000$100,000

Interest Rate / APR (%)

1%36%

Loan Term (months)

Origination Fee (%)

One-time fee deducted from your loan proceeds (typically 1-6%)

Extra Monthly Payment ($) — optional

Additional amount paid each month beyond the minimum. See how much time and interest you can save.

Monthly Payment

$384.05

48 months at 10.5% APR — Payoff: March 2030

Loan Amount

$15,000.00

Total Interest

$3,434.43

Total Cost

$18,434.43

Payoff Date

March 2030

Payment Breakdown

Ratio

81:19

Principal

$15,000.00 (81.4%)

Interest

$3,434.43 (18.6%)

Origination Fee

$300.00 (2%)

Principal: $15,000.00Interest: $3,434.43

APR vs Interest Rate

Stated Interest Rate

10.5%

Rate used to calculate monthly interest charges

Effective APR

11.58%

True cost including 2% origination fee

Loan Amount$15,000.00

Origination Fee (2%)-$300.00

Amount You Receive$14,700.00

The APR (Annual Percentage Rate) includes all fees and charges, giving you the true annual cost of borrowing. The interest rate only reflects the cost of interest itself. When comparing loan offers, always compare APRs for an apples-to-apples comparison.

Principal vs. Interest Over Time

$14,747

$14,235

$13,714

$13,183

$12,644

M11

$12,094

M13

$11,535

M15

$10,967

M17

$10,388

M19

$9,799

M21

$9,200

M23

$8,590

M25

$7,970

M27

$7,338

M29

$6,696

M31

$6,042

M33

$5,377

M35

$4,700

M37

$4,011

M39

$3,310

M41

$2,597

M43

$1,871

M45

$1,132

M47

$381

M48

PrincipalInterest

Year-by-Year Summary

Year	Payments	Principal Paid	Interest Paid	Balance
Year 1	$4,608.61	$3,183.94	$1,424.66	$11,816.06
Year 2	$4,608.61	$3,534.83	$1,073.78	$8,281.23
Year 3	$4,608.61	$3,924.38	$684.23	$4,356.86
Year 4	$4,608.61	$4,356.86	$251.75	$0.00

Amortization Schedule

48 payments total

Month	Payment	Principal	Interest	Cumul. Interest	Balance
1	$384.05	$252.80	$131.25	$131.25	$14,747.20
2	$384.05	$255.01	$129.04	$260.29	$14,492.19
3	$384.05	$257.24	$126.81	$387.09	$14,234.94
4	$384.05	$259.49	$124.56	$511.65	$13,975.45
5	$384.05	$261.77	$122.29	$633.94	$13,713.68
6	$384.05	$264.06	$119.99	$753.93	$13,449.63
7	$384.05	$266.37	$117.68	$871.61	$13,183.26
8	$384.05	$268.70	$115.35	$986.97	$12,914.56
9	$384.05	$271.05	$113.00	$1,099.97	$12,643.51
10	$384.05	$273.42	$110.63	$1,210.60	$12,370.09
11	$384.05	$275.81	$108.24	$1,318.84	$12,094.28
12	$384.05	$278.23	$105.82	$1,424.66	$11,816.06
... 33 more payments ...
46	$384.05	$374.14	$9.91	$3,424.47	$758.14
47	$384.05	$377.42	$6.63	$3,431.10	$380.72
48	$384.05	$380.72	$3.33	$3,434.43	$0.00

Full Cost Summary

Loan Amount$15,000.00

Origination Fee (2%)-$300.00

Amount You Receive$14,700.00

Monthly Payment x 48$384.05 x 48

Total Interest Paid+$3,434.43

Total Amount Repaid$18,434.43

Loan Payment Formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

M = Monthly payment ($384.05)

P = Principal amount ($15,000.00)

r = Monthly rate (0.008750)

n = Total payments (48)

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How to Use Personal Loan Calculator

1Enter the loan amount and interest rate.
2Select the loan term in months or years.
3Optionally add extra monthly payments.
4View monthly payment, total interest, and amortization.

Frequently Asked Questions

How is the monthly payment calculated?▾

Monthly payment uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly rate, and n is number of payments. The calculator handles this automatically.

What is a good personal loan rate?▾

Personal loan rates range from 6-36% depending on credit score. Excellent credit (720+) typically qualifies for 6-12%, good credit (680-719) for 12-18%, and fair credit (640-679) for 18-25%.

How do extra payments help?▾

Extra payments go directly toward principal, reducing the balance faster. Even small extra payments can shave months or years off your loan and save significant interest over the life of the loan.

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About Personal Loan Calculator

NexTool's Personal Loan Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.