Loan Amortization Calculator

Are you interested in getting a loan, but you want to know what it will cost you first? Are you looking at a personal loan offer and wondering how much you'll save on interest if you use it to consolidate your credit cards? If so, you can use this loan calculator to answer these questions. Enter your loan amount, interest rate, term, and start date, and this calculator will give you all the information you need nearly instantaneously! You can use this calculator for most loans, including auto loans, personal loans, mortgages, and more! Before you take the money from your lender, see precisely how much it's going to cost you.

$
%
 

$794.99

Monthly Payment
 

$3,620

Total Interest Paid
 

$28,620

Total of 36 Payments
 
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Mar, 2024 Feb, 2027
Loan Closing Loan Payoff


Amortization Schedule

Date Interest Principal Balance
Mar, 2024 $188 $607 $24,393
Apr, 2024 $183 $612 $23,780
May, 2024 $178 $617 $23,164
Jun, 2024 $174 $621 $22,543
Jul, 2024 $169 $626 $21,917
Aug, 2024 $164 $631 $21,286
Sep, 2024 $160 $635 $20,651
Oct, 2024 $155 $640 $20,011
Nov, 2024 $150 $645 $19,366
Dec, 2024 $145 $650 $18,716
2024 $1,666 $6,284 $18,716
Jan, 2025 $140 $655 $18,061
Feb, 2025 $135 $660 $17,402
Mar, 2025 $131 $664 $16,737
Apr, 2025 $126 $669 $16,068
May, 2025 $121 $674 $15,393
Jun, 2025 $115 $680 $14,714
Jul, 2025 $110 $685 $14,029
Aug, 2025 $105 $690 $13,339
Sep, 2025 $100 $695 $12,644
Oct, 2025 $95 $700 $11,944
Nov, 2025 $90 $705 $11,239
Dec, 2025 $84 $711 $10,528
2025 $1,352 $8,188 $10,528
Jan, 2026 $79 $716 $9,812
Feb, 2026 $74 $721 $9,091
Mar, 2026 $68 $727 $8,364
Apr, 2026 $63 $732 $7,632
May, 2026 $57 $738 $6,894
Jun, 2026 $52 $743 $6,151
Jul, 2026 $46 $749 $5,402
Aug, 2026 $41 $754 $4,647
Sep, 2026 $35 $760 $3,887
Oct, 2026 $29 $766 $3,121
Nov, 2026 $23 $772 $2,350
Dec, 2026 $18 $777 $1,572
2026 $584 $8,956 $1,572
Jan, 2027 $12 $783 $789
Feb, 2027 $6 $789 $0
2027 $18 $1,572 $0

Frequently Asked Questions

How to get a loan?

The process for getting a loan depends mostly on what its purpose is. If you're looking for a debt consolidation loan, for example, you'll need to apply with a bank and provide the list of creditors (and the amounts) that this loan will pay off. If you're looking for a loan to finance a vacation or another large purchase, you'll need to apply with some other documentation.
No matter which loan you choose, the process tends to be the same. You'll apply with a bank, credit union, or another lender type. The lender will likely pull your credit report and see if you meet the qualifications for the loan. If you do, you'll receive an offer for a specific sum of money at an APR. Once you accept that offer, the lender will send the funds your way!

How to get a loan with bad credit?

If you're looking for a loan with bad credit, the first thing you should know is that it is very much possible to get one! People often assume that lenders will deny them, and they don't even bother applying if they have bad credit. However, as with most financial products, there's a lot more than just your credit score that goes into a credit decision.
If you have bad credit, you should first look at some well-known lenders who work with people who have bad credit. Many lenders will provide loans to people with credit scores as low as 580. Therefore, the application process is simple: check your credit score, find a lender that works with lower scores, and apply online or over the phone! Please note that you may have a high APR with a low credit score, so use a loan calculator like this one to ensure taking the loan is a wise financial choice!

How to calculate interest on a loan?

You can calculate interest on a loan in one of two ways. The easiest way is to use a loan calculator. With these handy online tools, you'll enter some necessary information and get all the vital information, such as the monthly payment and total interest cost, right away.
However, it is possible to calculate the interest on a personal loan manually. Most loans use the simple interest method. With this method, you'd take the interest rate and divide it by the number of payments you must make per year (usually, this is 12). You'd then multiply it by the balance remaining. This amount would be the interest you'd pay for the month. As a quick example, if you owe $10,000 at 6% per year, you'd divide 6% by 12 and multiply that by $10,000. The amount is 0.5% * $10,000 = $50.
If you pay $500 in the month, $450 will go to the principal, and $50 to interest. The next month's interest would be 0.5% * $9,550 = $47.75.

What is a payday loan?

A payday loan is a short-term loan that certain financial places offer to provide the borrower with cash to last them until the next payday. These typically require repayment the moment the person gets their next paycheck. Most of these places have an egregiously high APR - the average payday loan's APR is 391%! That assumes you pay it back on time! If you can't repay the loan (and research shows that up to 80% of people can't), the APR soars to 521% and keeps growing.
As such, people should use these loans as an absolute last resort. Credit cards, personal loans, online lending, and almost any other credit form are better than payday loans! Compare what you can get with a payday loan to how much you'd pay with a personal loan using our loan calculator and see the difference for yourself!

How long to pay off a loan?

How long you take to pay off the loan depends on the terms of the loan. Most lenders tend to amortize personal loans over 3-5 years, although nothing in the law requires this. Many banks will offer long-term personal loans, even going up to 10 years. You can use a loan calculator to determine how much more interest you'll pay by extending the term.
If you're looking to pay your loan off faster, you can always pay a little extra each month. Most loans don't have prepayment penalties, so any amount that you can put more above and beyond the regular payment will go directly to paying down your principal. In turn, that will pay off the loan faster!

What is an installment loan?

An installment loan is a loan that a bank has amortized over regular, equal payments. More precisely, it's a loan with a fixed interest rate, fixed monthly payment, and a fixed duration. Most mortgages, auto loans, and personal loans are installment loans. By contrast, the other primary loan type is a credit line. With this loan type, you spend the amount of money you need as you need it. You'll only pay interest on the amount of money you use. HELOCs, credit cards, and other lines of credit are examples of this loan type. Installment loans are popular because they're easy to understand and easy to budget.

Definitions

Loan Amount

Enter the total loan amount that you will want in this field. Most personal loans have minimum amounts of a few thousand dollars, and the maximum is often around $25-50k. However, some lenders will do personal loans as high as $100k. Try different amounts and interest rates until you find a combination that works for your budget and needs!

Interest Rate

Enter the APR that you expect your loan to have. Most personal loans range from about 6% to about 30% APR. Every financial institution will disclose its minimum and maximum APRs. If you're unsure of what to put here, look at those minimums and maximums. Also, take a look at your credit score. If you have a stellar score, you should assume you'll get a rate closer to the minimum. Conversely, if your score could use some work, enter a rate that's either maximum or close to it.

Loan Term

In this field for the loan calculator, enter the length of the loan. Most personal loans range between 3-5 years, but you can get some that are much longer. Having a longer term will reduce your monthly payment but result in higher interest charges. Conversely, shorter periods will increase your payment but cost you less in interest. Of course, the trick is to find a loan that gives you the money you need within your budget that you can pay back as quickly as possible (to save interest).

Start Date

Enter the date on which you expect the loan to close. Personal loans tend to receive funding very quickly (often same-day). Auto loans and mortgages, on the other hand, can take days or weeks to close. If you're not sure of when the loan will close, select today, and then you can always use this calculator again to see your amortization schedule with the updated dates when you know them!

This loan amortization calculator should only be used to estimate your repayments since it doesn't include taxes or insurance.