Estimate your monthly loan payment and total interest cost
Enter the loan amount, interest rate and term in months or years. The calculator returns your monthly payment, total interest, total cost, and payoff time — a quick estimate for personal loans, debt consolidation, or any fixed-rate borrowing.
Add extra each month to pay off faster and save on interest.
M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r the monthly interest rate, and n the number of payments. This standard formula produces identical payments each month, with interest decreasing and principal increasing over time.
Borrowing $25,000 at 7.5% over 49 months gives a monthly payment of $604 and total interest of $4,015. Extending the term to 72 months would cut the payment to around $430 but push total interest above $6,000.
This calculator works for any amortizing loan including personal loans, student loans, debt consolidation loans, and home equity loans. The same formula applies to most installment loans.
Adding extra money to your monthly payment reduces the principal faster, which means you pay less interest overall and pay off the loan sooner. Even small extra payments can save you thousands of dollars over the life of a loan.
Personal loan interest rates vary widely based on credit score. Excellent credit (750+) might qualify for rates around 6-10%, while fair credit (600-650) could see rates of 15-25% or higher. Always compare offers from multiple lenders.
Paying off a loan early saves you interest, but make sure there's no prepayment penalty. Also consider whether you could earn a higher return by investing the extra money instead. It's a personal financial decision that depends on your goals.