Monthly payment
What leaves your account each month, fixed for the whole term. Lenders quote this number because it sounds small — check the total before you judge a loan by it.
Free tool — no signup, no credit check
Personal Loan Calculator
Move the sliders to see your monthly payment, total interest and the full cost of any personal loan. It runs in your browser using the same amortization math lenders use — nothing is submitted, and your credit is never touched.
The math
How the personal loan calculator works
Personal loans are amortizing: you pay the same amount every month, and each payment is split between interest and principal. The calculator uses the standard formula lenders use:
M = P × r ÷ (1 − (1 + r)−n)
M = monthly payment · P = amount borrowed · r = APR ÷ 12 · n = number of months
M = monthly payment · P = amount borrowed · r = APR ÷ 12 · n = number of months
Why the split changes over time
Each month, interest is charged on what you still owe. Early on the balance is large, so most of your payment is interest. As the balance falls, more of the same payment goes to principal.
On a $10,000 loan at 15% over 60 months, your first payment is roughly $125 interest and $113 principal. By the last year, almost all of it is principal. That is why paying extra early saves far more than paying extra late.
What each slider does
- Amount — moves the payment proportionally. Double the amount, double the payment.
- APR — the cost lever. It barely moves the payment on short terms but compounds hard on long ones.
- Term — the trap. A longer term lowers the payment but raises total interest.
At a glance
Monthly payment by amount and rate
Real payments on a 60-month term, so you can sanity-check the slider.
| Loan amount | 8% APR | 15% APR | 24% APR | 36% APR |
|---|---|---|---|---|
| $5,000 | $101 | $119 | $144 | $181 |
| $10,000 | $203 | $238 | $288 | $361 |
| $20,000 | $406 | $476 | $575 | $723 |
| $35,000 | $710 | $833 | $1,007 | $1,265 |
Read across a row and the cost of bad credit becomes obvious: the same $20,000 costs $317 more every month at 36% than at 8%. That is roughly $19,000 in extra interest over five years — which is why improving your rate matters more than shopping the amount.
Reading your estimate
What each number means
Total interest
What the loan costs you on top of what you borrowed. This is the number that grows when you stretch the term, and the one worth optimising.
Total repaid
Principal plus interest — the true price of the loan. Compare offers on this figure and on APR, never on the monthly payment alone.
An estimate, not an offer. Great Plains Lending is a loan-matching service, not a lender. This tool assumes a fixed rate and equal monthly payments, and does not include origination fees, which some lenders deduct from your funds. Your actual amount, APR and schedule are set by the lender and shown in full before you sign.
Answers
Personal loan calculator FAQ
How do you calculate a personal loan payment?
Personal loans use standard amortization: M = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is your APR divided by 12, and n is the number of monthly payments. Each payment covers that month's interest first; the rest reduces the balance, so the interest share shrinks as the loan ages.
Is a personal loan calculator accurate?
The math is exact for a fixed-rate loan with equal monthly payments, which is how nearly all personal loans work. It will differ from a lender's quote if they charge an origination fee deducted from your funds, or if your real APR differs from what you entered. Use it to compare scenarios, then confirm on the lender's disclosure.
What APR should I enter?
Enter the rate you realistically expect for your credit: roughly 7–18% for good credit (670+), 15–29% for fair, and 24–36% for bad credit. If you are unsure, run it at two rates to see the range you are working with.
Does a longer term make a loan cheaper?
No — that is the most common mistake. A longer term lowers the monthly payment but raises total interest, because you carry the balance longer. The cheapest loan is the shortest term whose payment still fits your budget comfortably.
Does using this calculator affect my credit score?
No. It runs entirely in your browser, asks for no personal information, and performs no credit check. Nothing is submitted anywhere when you move the sliders.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR includes the interest rate plus lender fees such as origination, expressed as a yearly rate, so it reflects the true cost. Always compare loans on APR.
How much of my payment goes to interest?
Early payments are interest-heavy, later ones principal-heavy. On $10,000 at 15% over 60 months, the first payment is about $125 interest and $113 principal; in the final year almost all of it is principal. Extra payments made early save the most.
Estimates are useful. Real offers are better.
See the actual rate you qualify for in about 5 minutes. Soft check — it won't affect your credit score.
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Keep reading
Related guides
- Personal loans for fair credit — the APRs to expect in the 580–669 range.
- How to get a $5,000 personal loan — requirements and payments by credit.
- Personal loan vs. credit card — which costs less for your situation.
- Debt consolidation — roll several debts into one lower payment.