What's the difference between interest rate and APR?
Interest rate is the percentage charged on principal. APR includes interest plus fees, giving a more complete borrowing cost picture. Always compare APRs.
Debt Management
Personal Loan Repayment Calculator
Explore how much you'll pay monthly and overall, including interest and an origination fee.
Plan Your Loan Payoff
Compute the monthly payment and finalize your loan with ease.
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What this calculator does
A personal loan repayment calculator helps you understand the financial commitment of borrowing money. Personal loans are unsecured debts with fixed rates and payments, commonly used for debt consolidation, home improvements, or emergencies. This calculator projects monthly payments, total interest, and payoff timeline.
How it works
You input principal, interest rate, and term. The calculator uses amortization to determine monthly payment and creates a schedule showing principal and interest portions. Early payments are more interest-heavy; later payments shift toward principal. Extra payments accelerate payoff.
Formula
Monthly Payment = (P × r × (1 + r)^n) / ((1 + r)^n - 1), where P = principal, r = monthly rate (APR ÷ 12 ÷ 100), n = months. Total Interest = (Payment × n) − P.
Tips for using this calculator
- Pay extra when possible—even $25-50 extra monthly reduces total interest significantly
- Compare APRs across lenders before borrowing
- Shorter terms cost less in total interest but have higher monthly payments
- Factor in origination fees when comparing loans
- Use this calculator to negotiate with lenders
Frequently asked questions
How much will I save by paying extra each month?
Every extra dollar reduces principal, meaning less interest on future months. $50 extra on a $10,000 loan at 6% can save $500+ in interest.
Can I pay off early without penalties?
Most personal loans have no prepayment penalties. Check your loan agreement—some specialty loans may have restrictions.