Loan calculator
United States · 2026 rates
Also for CanadaFind out what a personal loan or other fixed-rate loan will cost each month, how much interest you will pay in total, and how quickly the balance comes down.
Year-by-year payoff schedule
| Year | Principal paid | Interest paid | Balance left |
|---|
How loan payments are calculated
Personal loans, auto loans and most other installment loans are repaid in equal monthly payments. Each payment covers that month's interest, and the rest pays down the balance. Early on, more of each payment is interest; later, more goes toward the principal.
The monthly payment uses the standard formula payment = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is the monthly interest rate and n is the number of payments.
Example: a $15,000 personal loan
At 11% APR over 5 years, the payment is $326.14 a month and the total interest is about $4,568. Over 3 years the payment rises to $491.08, but the interest drops to about $2,679.
Frequently asked questions
What is a good APR on a personal loan?
It depends mostly on your credit score and income. Borrowers with excellent credit get the lowest rates, while fair or poor credit can mean rates of 20% or more. Compare offers using the APR, which includes most fees.
Does an origination fee change my payment?
Many lenders take an origination fee out of the loan before you receive it, so you get less cash but repay the full amount. Enter the full loan amount and the APR to see the true cost.
Can I pay off a loan early?
Most personal loans have no prepayment penalty, so paying extra each month or paying off early saves interest. Check your loan agreement to be sure.
Estimates for guidance only. Your lender's figures may differ slightly because of fees and payment dates.
Last checked and updated: October 2026