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Personal loan payment

What are the monthly payment, interest, and total repayment?

Your numbers

$
%
yrs

Monthly payment

$326.11

Total repaid$15,653
Total interest$3,153

Tip. Compare total interest, not just the monthly payment, when the terms differ.

Assumptions

  • Fixed-rate amortizing loan with monthly payments.
  • Excludes origination fees unless rolled into principal.

Explore the numbers

Examples and charts

Start with a scenario, then read the response curve to see which input actually moves the answer.

Example 1

Shorter term

A higher payment that clears the loan in three years for much less interest.

Monthly payment

$412.20

Example 2

Four-year loan

The common shape of an unsecured personal loan.

Monthly payment

$326.11

Example 3

Longer term

A friendlier payment, and noticeably more interest over six years.

Monthly payment

$241.14

Sweeps apr from half to one and a half times your value, holding everything else fixed.

Response curve

How apr moves the result

Monthly payment

$326.11

$300$320$340$3606.0%8.0%10%12%14%16%
Chart axis: APRNow 12% → $326

Timeline

Balance falling as interest accumulates
$0$2.0k$4.0k$6.0k$8.0k$10k$12kStartY2Y4
  • Remaining balance
  • Interest paid

What this calculates

Estimates the fixed monthly payment and total interest for an amortizing personal loan at a stated APR and term. The timeline chart shows the balance falling while interest accumulates, which is where the real cost of a long term becomes visible.

How to use it

  1. Start with loan amount and work down the form, or load an example to begin from a realistic case.
  2. Read the headline result alongside the supporting rows, which show the intermediate figures behind it.
  3. Check the assumptions. They decide what the number includes and, more importantly, what it leaves out.
  4. Sweep apr on the response curve to see how much it actually moves the answer.
  5. Run a cautious case as well as an optimistic one before using the estimate in a decision.

Common mistakes

  • Picking the longest term because the payment looks friendlier.
  • Comparing a secured loan rate to an unsecured one without noting the collateral risk.
  • Forgetting that a personal loan payment counts toward debt-to-income on your next application.

Formula

M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1), r = APR/12, n = years · 12

Inputs

  • Loan amount
  • APR (%)
  • Term (yrs)

FAQ

Does this include origination fees?

Only if you add them to the principal. Many lenders deduct the fee from what they disburse, so you receive less than the amount you are paying interest on.

Why is the APR I was quoted different from the interest rate?

APR folds required fees into an annualised cost, so it is usually the higher of the two and the better number for comparing offers. If you enter APR here, the payment will be slightly conservative.

Why does the payment barely move when I extend the term?

Beyond about five years, extra months mostly add interest rather than reducing the payment. Switch the response curve to the term field and the flattening is obvious.

Are these numbers financial advice?

No. They are educational estimates based on the inputs and assumptions on this page. Confirm important decisions with a qualified professional and your own documents.

Read the full guidePersonal loan payment guide

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