Loan Calculator
Enter the amount, rate and term to get your monthly payment and total interest, see how extra payments shorten the loan, and view the full payoff schedule.
Personal loan payments at 12% APR
| Loan | 3 years | 5 years | 5-yr interest |
|---|---|---|---|
| $5,000 | $166.07 | $111.22 | $1,673 |
| $10,000 | $332.14 | $222.44 | $3,347 |
| $20,000 | $664.29 | $444.89 | $6,693 |
| $35,000 | $1,162.50 | $778.56 | $11,713 |
| $50,000 | $1,660.72 | $1,112.22 | $16,733 |
Payments use the standard amortization formula, M = P × r ÷ (1 − (1 + r)−n), where r is the monthly rate and n the number of payments. Early payments are mostly interest; the principal share grows each month. Paying extra each month shortens the loan and cuts total interest, as long as your lender has no prepayment penalty.
Frequently asked questions
How is a loan payment calculated?
With the amortization formula M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly interest rate (APR ÷ 12) and n the number of monthly payments.
How much does an extra $100 a month save?
Enter it in 'Extra payment per month'. On a $20,000, 5-year loan at 9%, an extra $100 a month pays it off about 13 months early and saves about $1,200 of interest.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR adds most lender fees and is the better number for comparing offers. This calculator treats the rate you enter as the APR.