Loan payment calculator 

Loan Payment Calculator (Personal Loans)

How to use: Enter the loan amount, yearly interest rate and the number of months to repay. You get the monthly payment and total interest.

How loan payments work

With a fixed-rate loan, each payment covers the interest that has built up plus part of the balance. Payments are equal every month, but early payments are mostly interest. This loan payment calculator works for personal loans, student loans and other installment loans with a fixed rate.

Example

A $15,000 personal loan at 11% over 36 months costs about $491 a month. You would repay roughly $17,675 in total, which means about $2,675 is interest.

Compare before you borrow

Try a few terms. A shorter term has a higher payment but costs less interest overall. Also look at origination fees, which some lenders charge up front and which raise the real cost of the loan. If you are borrowing to pay off credit cards, compare the result with the debt payoff calculator.

Frequently asked questions

Can I use this for a personal loan?

Yes. Enter the amount, the APR your lender quotes and the term in months. For a term in years, multiply by 12.

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Estimates for education only, not financial advice.