Personal loan calculator
A fixed-rate loan payment is calculated as principal × monthly rate divided by 1 minus (1 + monthly rate) to the power of minus the number of payments. A $15,000 loan at 9.5% over 5 years runs about $315 a month and around $3,900 in interest.
Formula: Payment = P × i / (1 − (1 + i)^−n), with i = APR / 12 and n = months.
Personal loan calculator
Monthly payment, total interest and the first twelve months of the amortization schedule.
| Payment | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $196.28 | $118.75 | $14,803.72 |
| 2 | $197.83 | $117.20 | $14,605.89 |
| 3 | $199.40 | $115.63 | $14,406.49 |
| 4 | $200.98 | $114.05 | $14,205.52 |
| 5 | $202.57 | $112.46 | $14,002.95 |
| 6 | $204.17 | $110.86 | $13,798.78 |
| 7 | $205.79 | $109.24 | $13,592.99 |
| 8 | $207.42 | $107.61 | $13,385.57 |
| 9 | $209.06 | $105.97 | $13,176.51 |
| 10 | $210.71 | $104.31 | $12,965.80 |
| 11 | $212.38 | $102.65 | $12,753.42 |
| 12 | $214.06 | $100.96 | $12,539.35 |
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How to use it
- Loan amount. The principal your lender advances.
- Annual interest rate. Use the note rate for the payment; the APR folds in fees.
- Term in years. A longer term lowers the payment but raises the total cost.
- Check the schedule. Early payments are mostly interest — that's why paying extra early matters most.
Rate, APR and real cost
The note rate is used to calculate the payment. The APR folds in origination fees and any required add-ons, and is the figure you should compare across offers. Two loans with the same rate can have very different APRs.
- Always compare APR to APR
- Add-on insurance can add several points of cost
- A longer term is almost never cheaper overall
The avalanche method for multiple debts
If you're carrying several loans, always pay extra on the highest-rate one first while making minimum payments on the rest. It's the strategy that pays the least total interest, and it's what netclariq's scenario planner uses to project your path out of debt.
Frequently asked questions
- Can I use this for a car or student loan?
- Yes. Any fixed-payment loan is calculated the same way, whether it's a personal loan, auto loan or student loan.
- What if there's a deferment period?
- During deferment you typically only pay interest and the balance doesn't shrink, so the total cost rises. This calculator assumes amortization starts with the first payment.