Personal Loan Calculator
A personal loan is repaid in fixed monthly installments. Enter the amount, the APR and how long you have to pay it back to see the installment — and how much of the total is pure interest.
Your numbers
Result
- Total paid
- $19,336.27
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $322.27 | $131.02 | $191.25 | $14,808.75 |
| 2 | $322.27 | $129.35 | $192.92 | $14,615.83 |
| 3 | $322.27 | $127.66 | $194.61 | $14,421.22 |
| 4 | $322.27 | $125.96 | $196.31 | $14,224.91 |
| 5 | $322.27 | $124.25 | $198.02 | $14,026.89 |
| 6 | $322.27 | $122.52 | $199.75 | $13,827.14 |
| 7 | $322.27 | $120.77 | $201.50 | $13,625.64 |
| 8 | $322.27 | $119.01 | $203.26 | $13,422.38 |
| 9 | $322.27 | $117.24 | $205.03 | $13,217.35 |
| 10 | $322.27 | $115.45 | $206.82 | $13,010.53 |
| 11 | $322.27 | $113.64 | $208.63 | $12,801.90 |
| 12 | $322.27 | $111.82 | $210.45 | $12,591.45 |
How the payment is worked out
The loan is amortized with the standard fixed-payment formula:
payment = L × i / (1 - (1 + i)^-n)
where L is the amount borrowed, i is the monthly rate (the APR divided down to a month) and n is the number of monthly payments. Every installment is the same size; what changes is the split between interest and principal.
APR is the number that matters
Lenders compete on the APR — the yearly cost of the loan as a percentage. A lower APR or a shorter term both cut the total interest, but they pull in opposite directions on the monthly payment: a shorter term raises the installment while slashing total interest. Try a couple of terms and compare the two totals, not just the monthly figure.
What the APR may not include
Some lenders add an origination fee, taken out of the amount you receive or added to the balance. A prepayment penalty, late fees and optional insurance can also apply. The APR is meant to fold in most mandatory costs, but always read the loan agreement and compare the total repayable, not the advertised rate alone.
Informational and educational result. Not a substitute for professional advice.
Frequently asked questions
Sources
- Consumer Financial Protection Bureau (CFPB) — What is a personal loan / APR
- Standard amortization formula for fixed-rate loans
Embed this calculator
Copy the code and paste it into your site or blog. Credit with a link back to Contania is included, and the height adjusts itself.
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<script>window.addEventListener("message",function(e){if(e.data&&e.data.type==="contania:embed-height"){var f=document.querySelector('iframe[src="https://contania.app/embed/finance/personal-loan"]');if(f){f.style.height=e.data.height+"px"}}});</script>Related calculators
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