Personal Loan Payment Calculator

Amortization Schedule

See how much of each payment goes to principal vs. interest.

Typical APR by Credit Score (2026)

Use this table to estimate what rate to enter in the calculator based on your credit profile:

Rates are estimates based on published lender ranges as of 2026. Your actual rate depends on income, state, loan amount, and other factors.

How to Use This Calculator

This calculator uses the standard amortization formula for installment loans with a fixed interest rate. Here's how to get the most out of it:

1. Set your loan amount — the total amount you want to borrow. If you're paying off existing debt, include that amount plus any buffer you need.
2. Enter your expected APR — use the credit score table above as a guide. If you've already received a prequalification offer, enter that rate for the most accurate estimate.
3. Choose a loan term — longer terms lower your monthly payment but increase the total interest you pay. Shorter terms cost less overall but require a higher monthly payment.
4. Read the amortization schedule — this shows how each payment is split between principal and interest. In the early months of a loan, most of your payment goes to interest; toward the end, most goes to principal.

Use the "Enter exact values manually" option if you have a specific APR (like 24.75%) that falls between the slider's preset increments.

Understanding Your Loan Costs

The monthly payment is only one number to watch. The total interest paid over the life of the loan is often more important — and it's dramatically affected by the interest rate.

As an example: a $5,000 loan at 24% APR over 36 months carries a monthly payment of approximately $197 and total interest of about $1,086. The same loan at 36% APR costs about $217 per month and over $1,800 in total interest — a $700 difference from a 12-point rate difference. This is why comparing even one or two lenders before accepting an offer can save a meaningful amount of money.

Origination fees matter too. Many near-prime lenders charge an origination fee (1%–10% of the loan amount) deducted from your proceeds at funding. If you borrow $5,000 with a 5% origination fee, you receive $4,750 but repay the full $5,000 — which effectively raises your true APR above what the stated rate suggests. Always ask about origination fees when comparing lenders.

Tips to Reduce Your Total Interest

• Borrow only what you need. Every extra dollar borrowed costs you in interest. Use the calculator to find the minimum amount that covers your actual need.
• Choose the shortest term you can afford. A 24-month loan typically costs significantly less in total interest than a 48-month loan — even if the monthly payment is higher.
• Get at least two rate quotes. Prequalifying with two lenders costs you nothing (soft credit pull) and can reveal a meaningfully lower rate. A 3-point APR difference on a $7,000 loan saves over $400 in total interest.
• Pay more than the minimum when possible. Even paying an extra $20 per month on a 36-month loan can shave months off the term and reduce total interest substantially. Confirm there is no prepayment penalty first.
• Consider a secured loan if your rate is very high. Both Regional Finance and OneMain offer loans secured by a vehicle title, which often come with a lower rate than unsecured options for the same credit profile.

Frequently Asked Questions