Personal Loan Calculator
Estimate your monthly payment, total interest, and amortization schedule for a fixed-rate personal loan. Adjust the amount, APR, and term to see how each changes the cost.
Monthly payment
$327.39
Total interest
$1,786.04
Total repaid
$11,786.04
Amortization schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $327.39 | $91.67 | $235.72 | $9,764.28 |
| 2 | $327.39 | $89.51 | $237.88 | $9,526.40 |
| 3 | $327.39 | $87.33 | $240.06 | $9,286.34 |
| 4 | $327.39 | $85.12 | $242.26 | $9,044.07 |
| 5 | $327.39 | $82.90 | $244.48 | $8,799.59 |
| 6 | $327.39 | $80.66 | $246.72 | $8,552.87 |
| 7 | $327.39 | $78.40 | $248.99 | $8,303.88 |
| 8 | $327.39 | $76.12 | $251.27 | $8,052.61 |
| 9 | $327.39 | $73.82 | $253.57 | $7,799.04 |
| 10 | $327.39 | $71.49 | $255.90 | $7,543.14 |
| 11 | $327.39 | $69.15 | $258.24 | $7,284.90 |
| 12 | $327.39 | $66.78 | $260.61 | $7,024.29 |
| … | … | … | … | … |
How loan payments work
A fixed-rate personal loan amortizes — every monthly payment is the same dollar amount, but the split between interest and principal shifts over time. Early payments are mostly interest because the outstanding balance is still high. As the balance falls, the interest portion shrinks and more of each payment goes to principal.
Your monthly payment is determined by three inputs: the amount you borrow (principal), the annual percentage rate (APR), and the loan term in months. Increasing the term lowers the monthly payment but raises the total interest you pay over the life of the loan. Increasing the APR raises both. Paying off early — especially in the first half of the term, when the balance is highest — saves the most interest.
This calculator assumes no origination fee, no prepayment penalty, and no variable-rate clauses. Lenders sometimes add an origination fee deducted from the disbursed amount; use our APR calculator to see how that affects the true cost of credit.
FAQs
Is the result an offer?
No. This calculator estimates monthly payment and total cost based on inputs you provide. Actual lender offers may differ based on your credit profile, state, and underwriting.
Does the calculator account for fees?
No — it assumes no origination fee. To estimate the true cost when a fee is involved, use the APR Calculator instead.
Why is early payment mostly interest?
Interest accrues on the outstanding balance each month. At month one the balance is highest, so interest is highest. As the balance falls each month, the interest portion of each payment shrinks and the principal portion grows.
What APR should I use?
Use the rate quoted to you in a prequalification or final loan offer. If you're shopping, run scenarios at multiple APRs to see how rate shopping changes the total cost.
Can I use this for auto loans or mortgages?
The math is the same for any fixed-rate amortizing loan, but mortgages typically include taxes and insurance in the monthly payment (PITI). This calculator only models the principal-and-interest portion.
Estimates only. Results assume fixed APR and equal monthly payments. Actual lender offers may differ. BankMinistry is not a lender — approval, rates, and terms are determined by lending partners. Not financial advice.