Calculators / Loan Payment Calculator
Loan Payment Calculator
Estimate your monthly payment and total interest on a personal loan or debt consolidation loan based on the amount, rate, and term.
How this calculator works
Personal loans are typically amortized with equal monthly payments over a fixed term, with interest compounding monthly. This calculator uses the standard loan payment formula: payment = amount × r × (1+r)n ÷ ((1+r)n − 1), where r is your monthly interest rate and n is the number of monthly payments.
Example
A $15,000 loan at 9.99% over 5 years works out to about $319 a month, with roughly $4,140 in total interest over the life of the loan.
Frequently asked questions
Does a longer term lower my payment?
Yes — stretching the same loan amount over more months lowers the monthly payment, but you’ll pay more in total interest over the life of the loan.
What’s the difference between a personal loan and a line of credit?
A personal loan gives you a lump sum with a fixed payment and end date. A line of credit is revolving and usually carries a variable rate, letting you borrow and repay repeatedly up to your limit.
Can I pay off a personal loan early?
Many lenders allow it, but some charge a prepayment fee — check your loan agreement before making extra payments if you’re planning to pay it off ahead of schedule.
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