Calculate monthly payments for any loan — with full amortization schedule and payoff date
$0/mo
Monthly Payment
Loan Amount
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Total Interest
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Total Cost
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Payoff Date
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Interest / $ borrowed
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Effective APR
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Amortization Schedule (first 24 months)
Month
Payment
Principal
Interest
Balance
FREQUENTLY ASKED QUESTIONS
How is a loan payment calculated?
The monthly payment formula is: P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the number of months. This produces a fixed payment where early months pay more interest and later months pay more principal.
What is an amortized loan?
An amortized loan has fixed payments where each payment covers interest first, with the remainder reducing principal. The payment stays the same throughout the loan, but the interest/principal split changes — more principal paid each month as the balance decreases.
What is an interest-only loan?
Interest-only loans require you to pay only the interest each month. The principal balance never decreases unless you make extra payments. At the end of the term, the full principal is due. These are rare and higher-risk.
What is a good interest rate for a personal loan?
In 2026, excellent credit (750+) typically qualifies for 7-12% APR. Good credit (700-749): 12-17%. Fair credit (650-699): 17-25%. Below 650: 25-36%. Compare offers from multiple lenders before accepting.