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    Loans / Payment

    Personal Loan Calculator

    The monthly payment, total interest and payoff schedule for a personal loan, with an optional extra payment that shortens the term.

    Monthly payment$525.05Total interest$6,503Total paid$31,503
    Monthly payment
    $525.05
    base $525.05
    Total interest
    $6,503
    60 payments
    Total paid
    $31,503
    Principal plus interest
    Months saved
    0
    No extra payment
    Payment schedule
    First five years, yearly.
    Payment schedule
    YearInterestPrincipalBalance
    1$2,199$4,101$20,899
    2$2,199$4,101$20,899
    3$2,199$4,101$20,899
    4$2,199$4,101$20,899
    5$2,199$4,101$20,899

    Interest dominates early; principal dominates late.

    Inspect the model
    Choose a quick result view, a scaled comparison, or the complete diagnostic set.
    Canonical equations
    The exact relationships implemented by this engine.

    M = P·i/(1 − (1+i)^−n) · i monthly, n months.

    M·n − P · Before fees.

    finance methodology

    A clear path from inputs to results.

    The monthly payment, total interest and payoff schedule for a personal loan, with an optional extra payment that shortens the term.

    Step-by-step methodWorked exampleAssumptions explained

    How to use

    1. Set loan amount ($).
    2. Set annual rate (%).
    3. Set term (months).
    4. Set extra per month ($).
    5. Read the headline metrics, then check the table for the detail.

    The formula

    M=P⋅i/(1−(1+i)−n)M = P·i/(1 − (1+i)^−n)

    Reference: Level payment amortisation M = P·i/(1 − (1+i)^−n) (Broverman, Mathematics of Investment and Credit).

    Worked example

    At the default inputs

    Inputs
    • Loan amount ($): 25000; Annual rate (%): 9.5; Term (months): 60; Extra per month ($): 0
    Calculation path
    1. 1

      Monthly rate → 0.7917% Payment → $525.05

    Result

    Monthly payment: $525.05 · Total interest: $6,503 · Total paid: $31,503

    Interpreting the result

    $25,000 at 9.50% over 60 months is $525.05 a month and $6,503 of interest.

    Assumptions & limitations

    • Fixed rate for the whole term.
    • Payments at the end of each month.
    • No origination fee or insurance.

    Frequently asked questions

    How much does an extra payment save?

    It goes straight to principal, so it shortens the term rather than reducing the payment.

    Does the APR match this rate?

    No — the APR includes fees, so it is higher than the nominal rate on the same loan.

    Why is most of the early payment interest?

    Interest is charged on the outstanding balance, which is highest at the start.

    Methodology last reviewed 2026-10-22. Results are informational and not financial or engineering advice — see our disclaimer.