Enter a loan amount, interest rate, repayment term and estimated origination fee to calculate your monthly payment, total interest, repayment cost and estimated net loan proceeds.
Adjust the loan amount, APR, repayment term and fee assumptions to compare borrowing scenarios.
A longer repayment period can lower the monthly payment while increasing estimated total interest.
| Loan Term | Monthly Payment | Total Loan Payments | Total Interest | Amount Financed |
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This annual summary shows the estimated principal and interest paid throughout the selected loan term.
| Year | Beginning Balance | Payments | Principal Paid | Interest Paid | Ending Balance |
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A typical fixed-rate installment loan uses the amount financed, interest rate and repayment term to determine a scheduled monthly payment.
Each payment generally includes both interest and principal. Early in the repayment schedule, a larger share may go toward interest, while the principal portion generally increases as the balance declines.
The stated interest rate is used here to calculate the payment. A lender's disclosed APR may also reflect certain fees and can therefore differ from the note interest rate.
Some personal loans charge an origination fee. A lender may deduct the fee from the money you receive, add it to the financed balance, or structure it another way.
Extending the repayment term usually lowers the required monthly payment because the balance is spread over more months. However, borrowing for longer can increase total interest.
Two loans can have similar monthly payments while carrying different rates, terms and fees. Looking at total repayment and estimated proceeds can give a clearer picture of the borrowing cost.
Lenders may calculate APR, fees and payment timing differently. Use the terms in an actual loan offer for a more specific comparison.
A typical fixed-rate installment payment is calculated from the amount financed, monthly interest rate and number of scheduled monthly payments.
The interest rate reflects the cost of borrowing the principal. APR is a broader annualized measure that may also incorporate certain loan fees, depending on the lender and applicable disclosure rules.
An origination fee is a charge some lenders assess for making or processing a loan. It may be expressed as a percentage of the loan amount and may be deducted from proceeds or otherwise incorporated into the loan.
If an origination fee is deducted from the loan proceeds, the lender may calculate payments using the stated loan amount while sending you a smaller net amount after the fee is withheld.
Usually. Spreading repayment over more months generally reduces the required monthly payment, but it can increase total interest paid over the life of the loan.
Many personal loans allow early repayment, but terms vary. Review the loan agreement for prepayment provisions and confirm how additional payments are applied.
Actual offers may use different rates, APR calculations, fee structures, payment dates, rounding methods and loan terms. This calculator provides an educational estimate rather than a lender quote.