How is the monthly payment calculated?

The calculator uses the standard amortizing loan formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This gives a fixed payment that fully repays the loan over the chosen term.

What is an amortization schedule?

An amortization schedule is a table showing every monthly payment over the life of the loan, broken down into the interest portion and the principal portion. Early payments are mostly interest; later payments are mostly principal. The schedule also shows the remaining balance after each payment.

What interest rate should I enter?

Enter the loan's interest rate for the exact payment. The APR also counts fees, so entering the APR gives a slightly higher payment, which is a safe estimate while you compare offers. Personal loan rates commonly run from about 6% to 36% depending on credit score, income and lender.

Does the calculator include fees or origination costs?

No. The calculator computes pure interest based on the rate and principal you enter. Many personal loans include an origination fee of 1%–8% that is either deducted from the disbursement or rolled into the loan balance. To account for an upfront fee, add the fee amount to your loan amount before calculating.

How does the loan term affect my total cost?

A shorter term means higher monthly payments but significantly less total interest paid. A longer term lowers the monthly payment but you pay more interest overall because the balance takes longer to decrease. Use this calculator to compare terms side by side before committing.

Is my data saved or sent anywhere?

No. All calculations happen entirely in your browser using JavaScript. No loan details, amounts, or personal information are transmitted to any server.

What is the monthly payment on a $10,000 personal loan?

At 10% interest it is $322.67 a month over 3 years (36 payments) or $212.47 over 5 years (60 payments). The 5-year loan has the smaller payment but costs $2,748.23 in interest instead of $1,616.19.

Personal Loan Calculator

Enter your loan amount, interest rate, and term to instantly see monthly payments, total interest cost, and a full amortization schedule.

Monthly payment = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the annual rate ÷ 12 and n is the number of months.

Loan Details

Loan Amount

Annual Interest Rate (%)

Loan Term

Quick select:

Monthly Payment

—

Total Interest

—

Total Repayment

—

Interest Share

—

Principal Interest

Principal: — Interest: —

Amortization Schedule

#	Payment	Principal	Interest	Balance

Enter your loan details and click Calculate to see results.

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Quick answer

Monthly payment = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the annual rate ÷ 12 and n is the number of months. A $10,000 loan at 10% for 36 months costs $322.67 a month and $1,616.19 in total interest.

Examples

Loan	Monthly payment	Total interest
$10,000, 10%, 36 months	$322.67	$1,616.19
$10,000, 10%, 60 months	$212.47	$2,748.23
$5,000, 15%, 24 months	$242.43	$818.40
$20,000, 8%, 48 months	$488.26	$3,436.41

Enter your loan to see the payment and the month-by-month schedule.

Summary

This personal loan calculator computes your fixed monthly payment using the standard amortization formula, then builds a complete month-by-month schedule showing how each payment is split between principal and interest. Enter the loan amount, annual interest rate, and repayment term to see exactly how much you will pay over the life of the loan. All calculations run locally in your browser — no data is sent to any server.

How it works

Enter the amount you want to borrow in the Loan Amount field.
Enter the annual interest rate as a percentage (for example, 9.5).
Choose the loan term in months or years using the dropdown.
Click Calculate to see your monthly payment, total interest, and total repayment.
Scroll down to view the full month-by-month amortization schedule.
Adjust any input and recalculate to compare different loan scenarios.

Use cases

Estimating the monthly payment on a debt consolidation loan before applying.
Comparing a 24-month versus 48-month personal loan to understand the interest cost trade-off.
Verifying that a lender's quoted monthly payment matches the stated rate and term.
Planning a home improvement loan to ensure payments fit within a monthly budget.
Understanding how much of each payment goes to interest versus principal in the early months.
Calculating the total cost of borrowing for a large purchase such as a vacation or medical bill.

Frequently Asked Questions

Last updated: 2026-05-23 · Reviewed by Nham Vu