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Personal Loan Calculator
Calculate personal loan payments, interest, and total cost with amortization
Personal Loan Calculator
$
%
months
%
Monthly Payment
$488
Fixed payment each month
Total Interest Paid
$2,551
Over loan term
Origination Fee
$450
3% of loan amount
Total Loan Cost
$18,001
Loan + interest + fees
Effective APR
6.88%
Including origination fee
Payoff Date
November 2028
Final payment date
Loan Amortization
Payment Schedule (First Year)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $488 | $356 | $131 | $14,644 |
| 2 | $488 | $359 | $128 | $14,284 |
| 3 | $488 | $363 | $125 | $13,922 |
| 4 | $488 | $366 | $122 | $13,556 |
| 5 | $488 | $369 | $119 | $13,187 |
| 6 | $488 | $372 | $115 | $12,815 |
| 7 | $488 | $375 | $112 | $12,440 |
| 8 | $488 | $379 | $109 | $12,061 |
| 9 | $488 | $382 | $106 | $11,679 |
| 10 | $488 | $385 | $102 | $11,294 |
| 11 | $488 | $389 | $99 | $10,905 |
| 12 | $488 | $392 | $95 | $10,513 |
Personal Loan Tips
- Shop Around: Compare rates from banks, credit unions, and online lenders
- Check Your Credit: Better credit scores get rates as low as 6-8%
- Watch Fees: Origination fees typically 1-8% of loan amount
- Consider Terms: Shorter terms = higher payments but less total interest
- Avoid Prepayment Penalties: Ensure you can pay off early without fees