Loan details
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%/yr
years
Results
Monthly payment
–
Total interest
–
Total repaid
–
Principal: –
Interest: –
Interest rate: –
Balance over time
What if you...
Amortization schedule
| Month | Payment | Principal | Interest | Balance |
|---|
Scenario comparison
Compare your current loan against an alternative scenario.
%/yr
years
How to use this calculator
Enter your loan amount, annual interest rate, and term in years. Results update instantly as you type or drag the sliders. The amortization table shows a full month-by-month breakdown of principal and interest payments.
The loan payment formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M = monthly payment | P = principal | r = monthly rate | n = payments
M = monthly payment | P = principal | r = monthly rate | n = payments
Tips for a lower rate
Your credit score is the biggest driver of the rate you're offered. A score above 750 typically unlocks the best rates. Shopping at least 3 lenders and paying down existing debt before applying can meaningfully reduce your cost of borrowing.
FAQ
What is APR vs interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the rate plus fees like origination costs, giving a truer picture of the annual cost.
How do I lower my monthly payment?
Choose a longer term, secure a lower rate (improve your credit score or shop around), or borrow less. A longer term reduces monthly payments but increases total interest paid.
Can I pay off my loan early?
Most personal loans allow early repayment. Some lenders charge a prepayment penalty — check your agreement. Extra principal payments each month reduce total interest significantly.
What credit score do I need?
Most lenders require 580–600 minimum. The best rates go to borrowers above 720–740. Credit unions often offer better rates than traditional banks for fair-credit borrowers.
Is this calculator accurate?
This uses the standard amortization formula with fixed rate and no fees. For exact figures including origination fees and APR, always confirm with your lender directly.