Estimate monthly payments and total interest on any personal or installment loan. Free amortization schedule included.
How to use this loan calculator
Enter the amount you want to borrow, the interest rate (APR), and the repayment term. You'll instantly see your monthly payment, the total interest, and a year-by-year breakdown of how your balance shrinks over time.
Personal loans, student loans, and more
This works for any fixed-rate installment loan — personal loans, debt consolidation, student loans, or financing a large purchase. For car loans, try our dedicated auto loan calculator, which also handles down payments, trade-ins, and sales tax.
Estimates for educational purposes only — not financial advice. Actual rates and terms depend on your lender and credit profile.
Frequently asked questions
How does a loan calculator work?
It uses the amortization formula to spread your loan amount and interest evenly across fixed monthly payments. Each payment covers the interest accrued that month, with the rest reducing your principal balance.
What is APR and how does it affect my payment?
APR (annual percentage rate) is the yearly cost of borrowing, including interest. A higher APR means more of each payment goes to interest, raising both your monthly payment and the total you repay.
How can I pay off my loan faster?
Add an extra amount to each monthly payment — it applies entirely to principal, cutting the interest you owe and shortening your term. Use the extra payment field to see the savings.
Is this calculator free and private?
Yes. It's completely free with no sign-up, and every calculation runs in your browser, so your numbers are never sent anywhere.