Balance over time
Remaining balanceYear-by-year schedule
| Year | Principal | Interest | Balance |
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This free loan calculator estimates the monthly payment and total interest on any fixed-rate loan — personal loan, debt consolidation, home improvement, or auto. Enter the amount, APR, and term and the numbers update instantly.
How to use it
Enter the loan amount, the APR your lender quoted, and the term in months. The result shows your monthly payment, total interest, and total repaid. Shorter terms raise the payment but cut interest sharply.
How it is calculated
Fixed loans use amortization: M = P × r(1+r)n ÷ [(1+r)n − 1], where P is the amount, r the monthly rate, and n the months. Early payments are mostly interest; later payments mostly principal.
Related
Loan Calculator FAQ
How much is a $15,000 loan per month?
At 11.5% APR over 36 months, a $15,000 personal loan runs about $495/month with roughly $2,800 in total interest. Over 60 months it drops to about $330/month but costs more interest overall.
What is a good personal loan interest rate?
In 2026, strong credit can get personal-loan APRs around 8%–12%, while fair credit often sees 15%–25%. Compare several lenders and check your rate with a soft pull before applying.
How is loan interest calculated?
Each month, interest is charged on the remaining balance (balance × APR ÷ 12). Your fixed payment covers that interest first, and the rest reduces the principal, so the balance shrinks faster over time.
Does a longer term lower my payment?
Yes — spreading the loan over more months lowers each payment but increases the total interest you pay. Pick the shortest term whose payment fits your budget.
Can I pay off a personal loan early?
Usually yes, and most reputable lenders charge no prepayment penalty. Paying extra toward principal shortens the term and saves interest — check your loan agreement to confirm.
Written by Nicolas William, Lead Financial Editor at Finances News. Estimates for planning only. Last updated 2026.