Personal Loan Calculator
Calculate your monthly personal loan payments and total borrowing costs. Factor in upfront origination fee deductions and solve for your true Effective APR.
Personal Loan Terms
Monthly Payment & Cost
Financial Disclaimer: This tool provides mathematical estimates for informational and planning purposes only. It does not constitute formal financial, investment, lending, or tax advice. Consult a qualified financial advisor or licensed professional before making major financial commitments.
Personal Loan Amortization Schedule
Month-by-month principal payoff tracking and declining interest charges.
| Month | Payment | Principal Paid | Interest Paid | Total Interest | Remaining Balance |
|---|---|---|---|---|---|
| Month 1 | $424.94 | $258.27 | $166.67 | $166.67 | $19,741.73 |
| Month 2 | $424.94 | $260.43 | $164.51 | $331.18 | $19,481.30 |
| Month 3 | $424.94 | $262.60 | $162.34 | $493.53 | $19,218.70 |
| Month 4 | $424.94 | $264.79 | $160.16 | $653.68 | $18,953.92 |
| Month 5 | $424.94 | $266.99 | $157.95 | $811.63 | $18,686.93 |
| Month 6 | $424.94 | $269.22 | $155.72 | $967.35 | $18,417.71 |
| Month 7 | $424.94 | $271.46 | $153.48 | $1,120.84 | $18,146.25 |
| Month 8 | $424.94 | $273.72 | $151.22 | $1,272.05 | $17,872.53 |
| Month 9 | $424.94 | $276.00 | $148.94 | $1,420.99 | $17,596.52 |
| Month 10 | $424.94 | $278.30 | $146.64 | $1,567.63 | $17,318.22 |
| Month 11 | $424.94 | $280.62 | $144.32 | $1,711.95 | $17,037.60 |
| Month 12 | $424.94 | $282.96 | $141.98 | $1,853.93 | $16,754.64 |
| Month 13 | $424.94 | $285.32 | $139.62 | $1,993.55 | $16,469.32 |
| Month 14 | $424.94 | $287.70 | $137.24 | $2,130.79 | $16,181.62 |
| Month 15 | $424.94 | $290.09 | $134.85 | $2,265.64 | $15,891.53 |
| Month 16 | $424.94 | $292.51 | $132.43 | $2,398.07 | $15,599.02 |
| Month 17 | $424.94 | $294.95 | $129.99 | $2,528.06 | $15,304.07 |
| Month 18 | $424.94 | $297.41 | $127.53 | $2,655.60 | $15,006.66 |
| Month 19 | $424.94 | $299.89 | $125.06 | $2,780.65 | $14,706.78 |
| Month 20 | $424.94 | $302.38 | $122.56 | $2,903.21 | $14,404.39 |
| Month 21 | $424.94 | $304.90 | $120.04 | $3,023.25 | $14,099.49 |
| Month 22 | $424.94 | $307.45 | $117.50 | $3,140.74 | $13,792.04 |
| Month 23 | $424.94 | $310.01 | $114.93 | $3,255.67 | $13,482.03 |
| Month 24 | $424.94 | $312.59 | $112.35 | $3,368.02 | $13,169.44 |
| Month 25 | $424.94 | $315.20 | $109.75 | $3,477.77 | $12,854.25 |
| Month 26 | $424.94 | $317.82 | $107.12 | $3,584.89 | $12,536.43 |
| Month 27 | $424.94 | $320.47 | $104.47 | $3,689.36 | $12,215.95 |
| Month 28 | $424.94 | $323.14 | $101.80 | $3,791.16 | $11,892.81 |
| Month 29 | $424.94 | $325.83 | $99.11 | $3,890.27 | $11,566.98 |
| Month 30 | $424.94 | $328.55 | $96.39 | $3,986.66 | $11,238.43 |
| Month 31 | $424.94 | $331.29 | $93.65 | $4,080.31 | $10,907.14 |
| Month 32 | $424.94 | $334.05 | $90.89 | $4,171.20 | $10,573.09 |
| Month 33 | $424.94 | $336.83 | $88.11 | $4,259.31 | $10,236.26 |
| Month 34 | $424.94 | $339.64 | $85.30 | $4,344.61 | $9,896.62 |
| Month 35 | $424.94 | $342.47 | $82.47 | $4,427.09 | $9,554.16 |
| Month 36 | $424.94 | $345.32 | $79.62 | $4,506.70 | $9,208.83 |
| Month 37 | $424.94 | $348.20 | $76.74 | $4,583.44 | $8,860.63 |
| Month 38 | $424.94 | $351.10 | $73.84 | $4,657.28 | $8,509.53 |
| Month 39 | $424.94 | $354.03 | $70.91 | $4,728.20 | $8,155.50 |
| Month 40 | $424.94 | $356.98 | $67.96 | $4,796.16 | $7,798.52 |
| Month 41 | $424.94 | $359.95 | $64.99 | $4,861.15 | $7,438.57 |
| Month 42 | $424.94 | $362.95 | $61.99 | $4,923.13 | $7,075.62 |
| Month 43 | $424.94 | $365.98 | $58.96 | $4,982.10 | $6,709.64 |
| Month 44 | $424.94 | $369.03 | $55.91 | $5,038.01 | $6,340.61 |
| Month 45 | $424.94 | $372.10 | $52.84 | $5,090.85 | $5,968.51 |
| Month 46 | $424.94 | $375.20 | $49.74 | $5,140.59 | $5,593.31 |
| Month 47 | $424.94 | $378.33 | $46.61 | $5,187.20 | $5,214.98 |
| Month 48 | $424.94 | $381.48 | $43.46 | $5,230.66 | $4,833.49 |
| Month 49 | $424.94 | $384.66 | $40.28 | $5,270.94 | $4,448.83 |
| Month 50 | $424.94 | $387.87 | $37.07 | $5,308.01 | $4,060.96 |
| Month 51 | $424.94 | $391.10 | $33.84 | $5,341.85 | $3,669.87 |
| Month 52 | $424.94 | $394.36 | $30.58 | $5,372.43 | $3,275.51 |
| Month 53 | $424.94 | $397.65 | $27.30 | $5,399.73 | $2,877.86 |
| Month 54 | $424.94 | $400.96 | $23.98 | $5,423.71 | $2,476.90 |
| Month 55 | $424.94 | $404.30 | $20.64 | $5,444.35 | $2,072.60 |
| Month 56 | $424.94 | $407.67 | $17.27 | $5,461.62 | $1,664.93 |
| Month 57 | $424.94 | $411.07 | $13.87 | $5,475.50 | $1,253.87 |
| Month 58 | $424.94 | $414.49 | $10.45 | $5,485.95 | $839.38 |
| Month 59 | $424.94 | $417.95 | $6.99 | $5,492.94 | $421.43 |
| Month 60 | $424.94 | $421.43 | $3.51 | $5,496.45 | $0.00 |
How Personal Loans & APR Math Work
A personal loan is a fixed-term installment loan typically issued without requiring collateral (unsecured). Borrowers receive a lump sum upfront and repay the balance through equal monthly installments combining principal and interest over 12 to 84 months.
Unlike credit cards with variable compounding rates, personal loans provide fixed payment certainty. However, calculating your true borrowing cost requires evaluating the Annual Percentage Rate (APR), which incorporates upfront origination fees alongside the stated nominal interest rate.
Impact of Origination Fees on Real Borrowing Cost
Suppose you borrow $20,000 at a 10.0% nominal rate for 5 years (60 months) with a 3.0% origination fee ($600) deducted from your loan disbursement:
- Contract Loan Amount: $20,000 (Monthly payment = $424.94)
- Net Cash Deposited in Bank:
$20,000 − $600 = $19,400 - Total Interest Paid: $5,496.45
- Total All-in Cost: $25,496.45 (Principal + Interest + $600 Fee)
- True Effective APR: 11.38% (1.38% higher than the advertised nominal rate!)
Frequently Asked Questions
The interest rate is the base percentage charged on your borrowed principal. The Annual Percentage Rate (APR) includes both the interest rate AND any upfront origination fees, application fees, or mandatory prepaid charges, reflecting your true all-in annualized borrowing cost.