What your monthly payment covers
Each fixed monthly payment is split between principal (the amount you borrowed) and interest (the cost of borrowing). Early payments are mostly interest; later payments put more toward principal.
Personal Loan Calculator
Personal Loan Calculator: Estimate Your Monthly Payment
See your estimated monthly payment, total interest, and full amortization schedule for a fixed-rate personal loan.
Important Disclaimer: SmartMortgageCalc is not a lender or financial advisor. These calculations are for educational purposes only and should not be considered an offer to lend or financial advice. Consult your lender and a financial advisor before making any borrowing decisions.
Looking to estimate your home loan payment? Try our Mortgage Calculator.
How Personal Loan Payments Work
How APR affects your payment
APR is the yearly cost of the loan expressed as a percentage. A lower APR means less interest over the life of the loan and a lower monthly payment for the same amount and term.
How loan term affects total interest
A longer term lowers your monthly payment but increases the total interest you pay because the lender charges interest for more months. A shorter term saves interest but raises the monthly payment.
How extra payments affect the loan
Paying extra toward principal each month reduces your balance faster. That means less interest charged going forward and an earlier payoff date, often by months or years.
What an amortization schedule shows
The amortization schedule lists every payment, breaking out how much goes to principal, how much to interest, and your remaining balance after each payment.
Principal and interest
Principal is the original loan balance. Interest is what the lender charges for letting you borrow it. Your total repayment is principal plus total interest.
Personal Loan FAQ
What is a fixed-rate personal loan?
A fixed-rate personal loan gives you a lump sum upfront and charges the same interest rate for the entire term. Your monthly payment stays the same until the loan is paid off.
Can I pay off a personal loan early?
Usually yes. Use the extra-payment field to see how additional principal payments shorten your loan. Check with your lender to confirm there are no prepayment penalties.
How is personal loan interest calculated?
Interest is calculated each month on your remaining balance. As you pay down principal, the interest portion of each payment shrinks and the principal portion grows.
What is a good APR for a personal loan?
APRs vary by credit score, income, and lender. Lower is better. Borrowers with strong credit often qualify for single-digit rates, while higher rates are common for shorter credit histories.
Does the calculator include fees?
This calculator estimates principal and interest only. Origination fees, late fees, or other charges from your lender are not included in the estimate.