Personal Loan Calculator
See the monthly payment, total interest, and full amortization schedule for a fixed-rate personal loan — and how much faster extra payments clear the balance.
Understanding your personal loan
Personal loans are usually fixed-rate and fully amortizing: you borrow a lump sum and repay it in equal monthly installments over a set term, commonly two to seven years. Enter the loan amount, the APR, and the term to see your payment and exactly how much of your money goes to interest versus principal.
Because personal loans often carry higher rates than secured loans, the total interest can be significant on longer terms. Shortening the term or adding an extra monthly payment can save a meaningful amount — the calculator shows the new payoff date instantly.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortization formula using your loan amount, monthly rate (APR ÷ 12) and number of payments. Interest is charged on the remaining balance each month; the rest reduces principal.
What’s the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR also folds in certain fees (like origination), so it reflects the true annual cost. Compare loans by APR.
Can I pay it off early?
Usually yes, and most reputable lenders charge no prepayment penalty. Add an extra monthly payment above to see how much interest you’d save.
BriskToolbox provides estimates for general information only and is not financial advice.