Personal Loan Repayment Calculator
Explore how much you'll pay monthly and overall, including interest and an origination fee.
Additional Information and Definitions
Loan Principal
The total amount borrowed for your personal loan. This is the base debt before interest.
Annual Interest Rate (%)
The yearly rate charged on your loan balance. Enter a number like 6 for 6%.
Term (Months)
The number of months you have to repay this loan in full.
Extra Monthly Payment
Any additional amount you'd like to pay each month to shorten the payoff time.
Origination Fee
A one-time fee some lenders charge for creating the loan. This increases your total debt cost.
Plan Your Loan Payoff
Compute the monthly payment and finalize your loan with ease.
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Understanding Personal Loan Terms
Key definitions to help you interpret your loan repayment progress.
Principal:
The initial amount borrowed that must be repaid. It excludes any added interest or fees.
Annual Interest Rate:
The percentage charged yearly on your outstanding balance, dividing down to monthly in real calculations.
Term Months:
How many monthly installments are scheduled for full repayment. A longer term may lower monthly cost but raise total interest.
Origination Fee:
A one-time setup fee from the lender. It raises the overall cost of your loan if it's financed with the principal.
Additional Payment:
Any extra amount paid monthly on top of the regular payment, reducing the loan faster and lowering total interest.
Amortization Schedule:
A series of monthly breakdowns showing how each payment is allocated to interest or principal.
5 Intriguing Facts About Personal Loans
Did you know personal loans can be for just about any life purpose, from consolidating debt to financing a wedding? Check out these five insights.
1.They Can Cover Big or Small Dreams
A personal loan doesn't have to be huge—some folks take small ones for small home projects. It's a versatile way to access extra funds without complex collateral.
2.Origination Fees Vary Widely
One lender might charge no fee at all, while another could levy a few percentage points. That difference can add up fast, so compare carefully.
3.Early Payoffs Can Save a Ton
By paying more than scheduled, you slash the principal quicker, meaning less interest stacks up. Even an extra $20 or $50 helps.
4.Credit Health Matters
A better credit score typically earns you lower interest rates, making the loan cheaper overall. It's worth building and maintaining good credit before borrowing.
5.Flexibility in Usage
Unlike mortgages or auto loans earmarked for a specific purchase, personal loans can fund a range of needs. It's a finance tool for many situations.