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Online Personal Loan Calculator
Calculate your fixed-rate personal loan monthly payments, total payment, and interest using our easy online calculator. Plan your finances accurately with precise amortization calculations.
Personal Loan
Monthly Payment ($): 207.58
Total Payments ($): 12,454.80
Total Interest ($): 2,455.07
Payoff Date: Dec. 2027
Interest
Principal
Balance
1 yr
2 yr
3 yr
4 yr
5 yr
| № | BEGINNING BALANCE ($) | INTEREST ($) | PRINCIPAL ($) | ENDING BALANCE ($) |
|---|---|---|---|---|
| 1 | Dec. 2023 | 832.70 | 1,658.26 | 8,341.74 |
| 2 | Dec. 2024 | 677.15 | 1,813.81 | 6,527.93 |
| 3 | Dec. 2025 | 507.00 | 1,983.96 | 4,543.97 |
| 4 | Dec. 2026 | 320.89 | 2,170.07 | 2,373.90 |
| 5 | Dec. 2027 | 117.32 | 2,373.64 | 0.27 |
| № | BEGINNING BALANCE ($) | INTEREST ($) | PRINCIPAL ($) | ENDING BALANCE ($) |
|---|---|---|---|---|
| 1 | Jan. 2023 | 75.00 | 132.58 | 9,867.42 |
| 2 | Feb. 2023 | 74.01 | 133.57 | 9,733.85 |
| 3 | Mar. 2023 | 73.00 | 134.58 | 9,599.27 |
| 4 | Apr. 2023 | 71.99 | 135.59 | 9,463.68 |
| 5 | May. 2023 | 70.98 | 136.60 | 9,327.08 |
| 6 | Jun. 2023 | 69.95 | 137.63 | 9,189.45 |
| 7 | Jul. 2023 | 68.92 | 138.66 | 9,050.80 |
| 8 | Aug. 2023 | 67.88 | 139.70 | 8,911.10 |
| 9 | Sep. 2023 | 66.83 | 140.75 | 8,770.35 |
| 10 | Oct. 2023 | 65.78 | 141.80 | 8,628.55 |
| 11 | Nov. 2023 | 64.71 | 142.87 | 8,485.68 |
| 12 | Dec. 2023 | 63.64 | 143.94 | 8,341.74 |
| #1 | ||||
| 13 | Jan. 2024 | 62.56 | 145.02 | 8,196.73 |
| 14 | Feb. 2024 | 61.48 | 146.10 | 8,050.62 |
| 15 | Mar. 2024 | 60.38 | 147.20 | 7,903.42 |
| 16 | Apr. 2024 | 59.28 | 148.30 | 7,755.12 |
| 17 | May. 2024 | 58.16 | 149.42 | 7,605.70 |
| 18 | Jun. 2024 | 57.04 | 150.54 | 7,455.16 |
| 19 | Jul. 2024 | 55.91 | 151.67 | 7,303.50 |
| 20 | Aug. 2024 | 54.78 | 152.80 | 7,150.69 |
| 21 | Sep. 2024 | 53.63 | 153.95 | 6,996.74 |
| 22 | Oct. 2024 | 52.48 | 155.10 | 6,841.64 |
| 23 | Nov. 2024 | 51.31 | 156.27 | 6,685.37 |
| 24 | Dec. 2024 | 50.14 | 157.44 | 6,527.93 |
| #2 | ||||
| 25 | Jan. 2025 | 48.96 | 158.62 | 6,369.31 |
| 26 | Feb. 2025 | 47.77 | 159.81 | 6,209.50 |
| 27 | Mar. 2025 | 46.57 | 161.01 | 6,048.49 |
| 28 | Apr. 2025 | 45.36 | 162.22 | 5,886.28 |
| 29 | May. 2025 | 44.15 | 163.43 | 5,722.84 |
| 30 | Jun. 2025 | 42.92 | 164.66 | 5,558.19 |
| 31 | Jul. 2025 | 41.69 | 165.89 | 5,392.29 |
| 32 | Aug. 2025 | 40.44 | 167.14 | 5,225.15 |
| 33 | Sep. 2025 | 39.19 | 168.39 | 5,056.76 |
| 34 | Oct. 2025 | 37.93 | 169.65 | 4,887.11 |
| 35 | Nov. 2025 | 36.65 | 170.93 | 4,716.18 |
| 36 | Dec. 2025 | 35.37 | 172.21 | 4,543.97 |
| #3 | ||||
| 37 | Jan. 2026 | 34.08 | 173.50 | 4,370.47 |
| 38 | Feb. 2026 | 32.78 | 174.80 | 4,195.67 |
| 39 | Mar. 2026 | 31.47 | 176.11 | 4,019.56 |
| 40 | Apr. 2026 | 30.15 | 177.43 | 3,842.13 |
| 41 | May. 2026 | 28.82 | 178.76 | 3,663.36 |
| 42 | Jun. 2026 | 27.48 | 180.10 | 3,483.26 |
| 43 | Jul. 2026 | 26.12 | 181.46 | 3,301.80 |
| 44 | Aug. 2026 | 24.76 | 182.82 | 3,118.98 |
| 45 | Sep. 2026 | 23.39 | 184.19 | 2,934.80 |
| 46 | Oct. 2026 | 22.01 | 185.57 | 2,749.23 |
| 47 | Nov. 2026 | 20.62 | 186.96 | 2,562.27 |
| 48 | Dec. 2026 | 19.22 | 188.36 | 2,373.90 |
| #4 | ||||
| 49 | Jan. 2027 | 17.80 | 189.78 | 2,184.13 |
| 50 | Feb. 2027 | 16.38 | 191.20 | 1,992.93 |
| 51 | Mar. 2027 | 14.95 | 192.63 | 1,800.30 |
| 52 | Apr. 2027 | 13.50 | 194.08 | 1,606.22 |
| 53 | May. 2027 | 12.05 | 195.53 | 1,410.69 |
| 54 | Jun. 2027 | 10.58 | 197.00 | 1,213.69 |
| 55 | Jul. 2027 | 9.10 | 198.48 | 1,015.21 |
| 56 | Aug. 2027 | 7.61 | 199.97 | 815.24 |
| 57 | Sep. 2027 | 6.11 | 201.47 | 613.78 |
| 58 | Oct. 2027 | 4.60 | 202.98 | 410.80 |
| 59 | Nov. 2027 | 3.08 | 204.50 | 206.30 |
| 60 | Dec. 2027 | 1.55 | 206.03 | 0.27 |
| #5 | ||||
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What Is This Tool?
This tool calculates the monthly payment amount, total payment, and total interest for fixed-rate personal loans. It uses the standard amortization formula to help you understand your loan repayment schedule based on the loan amount, interest rate, and term.
How to Use This Tool?
- Enter the loan amount you plan to borrow (principal)
- Input the annual percentage rate (APR)
- Specify the loan term in years
- Click the calculate button to view your monthly payment, total payment, and total interest
- Review the results to assess your loan affordability and repayment plan
Key Features
- Calculates monthly payment using the standard fixed-rate amortization formula
- Provides total loan payment and total interest paid over the loan term
- Uses monthly interest rate derived from annual percentage rate (APR)
- Accurate floating-point calculations for reliable financial estimates
- Easy-to-use interface for quick loan evaluation
Examples
- For a $12,000 loan at 10% APR over 4 years (48 months), the monthly payment is approximately $304.35.
- Total payment over 48 months is about $14,608.80 and total interest paid is approximately $2,608.80.
Common Use Cases
- Borrowers comparing fixed-rate personal loan offers
- Financial planners evaluating debt affordability for clients
- Lenders demonstrating repayment scenarios to customers
Tips & Best Practices
- Ensure you input the correct loan amount, APR, and term to obtain accurate results
- Use the monthly interest rate calculated as APR divided by 12 for precise calculation
- Review total interest to understand the cost of borrowing over time
- Compare multiple loan offers by calculating monthly payments and total costs
- Remember the calculator assumes fixed APR and equal monthly payments throughout the term
Limitations
- Assumes a fixed annual percentage rate and equal monthly payments
- Does not account for origination fees, late fees, or other additional loan charges
- Not suitable for variable-rate loan structures or loans with irregular payments
Frequently Asked Questions
- What does the monthly payment represent?
- The monthly payment is the fixed amount you need to pay each month to fully repay your personal loan within the specified term.
- How is the monthly interest rate calculated?
- The monthly interest rate is calculated by dividing the annual percentage rate (APR) by 12.
- Can this calculator be used for variable-rate loans?
- No, this calculator is designed for fixed-rate personal loans with equal monthly payments and does not support variable-rate loans.
- Does this calculator include loan fees?
- No, it does not include origination fees, late fees, or other charges; it only calculates payments and interest based on principal, rate, and term.
Key Terminology
- P (Principal)
- The amount of money borrowed in a personal loan.
- r (Monthly Interest Rate)
- The interest rate applied monthly, calculated by dividing the annual percentage rate (APR) by 12.
- n (Number of Payments)
- The total number of monthly payments to be made, determined by multiplying the loan term in years by 12.
- M (Monthly Payment)
- The fixed monthly amount required to repay the loan over the specified loan term.