Loan Calculator: Monthly Payment, Interest & Schedule

Payment schedule

Month	Payment	Principal	Interest	Balance
1	$315.03	$196.28	$118.75	$14,803.72
2	$315.03	$197.83	$117.20	$14,605.89
3	$315.03	$199.40	$115.63	$14,406.49
4	$315.03	$200.98	$114.05	$14,205.52
5	$315.03	$202.57	$112.46	$14,002.95
6	$315.03	$204.17	$110.86	$13,798.78
7	$315.03	$205.79	$109.24	$13,592.99
8	$315.03	$207.42	$107.61	$13,385.57
9	$315.03	$209.06	$105.97	$13,176.51
10	$315.03	$210.71	$104.31	$12,965.80
11	$315.03	$212.38	$102.65	$12,753.42
12	$315.03	$214.06	$100.96	$12,539.35
13	$315.03	$215.76	$99.27	$12,323.60
14	$315.03	$217.47	$97.56	$12,106.13
15	$315.03	$219.19	$95.84	$11,886.94
16	$315.03	$220.92	$94.10	$11,666.02
17	$315.03	$222.67	$92.36	$11,443.35
18	$315.03	$224.43	$90.59	$11,218.91
19	$315.03	$226.21	$88.82	$10,992.70
20	$315.03	$228.00	$87.03	$10,764.70
21	$315.03	$229.81	$85.22	$10,534.89
22	$315.03	$231.63	$83.40	$10,303.27
23	$315.03	$233.46	$81.57	$10,069.80
24	$315.03	$235.31	$79.72	$9,834.50
25	$315.03	$237.17	$77.86	$9,597.32
26	$315.03	$239.05	$75.98	$9,358.28
27	$315.03	$240.94	$74.09	$9,117.33
28	$315.03	$242.85	$72.18	$8,874.48
29	$315.03	$244.77	$70.26	$8,629.71
30	$315.03	$246.71	$68.32	$8,383.00
31	$315.03	$248.66	$66.37	$8,134.34
32	$315.03	$250.63	$64.40	$7,883.71
33	$315.03	$252.62	$62.41	$7,631.10
34	$315.03	$254.62	$60.41	$7,376.48
35	$315.03	$256.63	$58.40	$7,119.85
36	$315.03	$258.66	$56.37	$6,861.19
37	$315.03	$260.71	$54.32	$6,600.48
38	$315.03	$262.77	$52.25	$6,337.70
39	$315.03	$264.85	$50.17	$6,072.85
40	$315.03	$266.95	$48.08	$5,805.90
41	$315.03	$269.06	$45.96	$5,536.83
42	$315.03	$271.19	$43.83	$5,265.64
43	$315.03	$273.34	$41.69	$4,992.30
44	$315.03	$275.51	$39.52	$4,716.79
45	$315.03	$277.69	$37.34	$4,439.10
46	$315.03	$279.89	$35.14	$4,159.22
47	$315.03	$282.10	$32.93	$3,877.12
48	$315.03	$284.33	$30.69	$3,592.78
49	$315.03	$286.59	$28.44	$3,306.20
50	$315.03	$288.85	$26.17	$3,017.35
51	$315.03	$291.14	$23.89	$2,726.20
52	$315.03	$293.45	$21.58	$2,432.76
53	$315.03	$295.77	$19.26	$2,136.99
54	$315.03	$298.11	$16.92	$1,838.88
55	$315.03	$300.47	$14.56	$1,538.41
56	$315.03	$302.85	$12.18	$1,235.56
57	$315.03	$305.25	$9.78	$930.32
58	$315.03	$307.66	$7.36	$622.65
59	$315.03	$310.10	$4.93	$312.55
60	$315.03	$312.55	$2.47	$0.00

How to use this loan calculator

Enter the amount you are borrowing, the annual interest rate (APR), and the term. The payment updates instantly, along with total interest, total repaid, and a full schedule showing how each payment splits between principal and interest.

Switch to Interest rate mode if a lender quoted you a monthly payment but was vague about the rate. Enter the amount, the payment, and the term, and the calculator solves for the rate you are actually being charged. This is a fast way to spot an expensive offer.

Add an origination fee to see the true cost. Many personal loans deduct 1–8% up front, so a $15,000 loan at 9.5% with a $600 fee behaves more like a loan at 11%.

The formula behind the payment

Fixed-rate loans use the amortization formula: Payment = P × r / (1 − (1 + r)^−n), where P is the principal, r is the monthly rate (APR ÷ 12), and n is the number of payments. Interest is charged on the remaining balance, so early payments are interest-heavy and the principal portion grows over time.

Because interest accrues on what is left, any extra payment lowers every future interest charge. The extra-payment field shows exactly how much you save and how many months you cut off.

Typical US loan rates and terms

Personal loans: roughly 7%–36% APR, 2–7 year terms. Rates under 10% usually require a credit score above 720.
Federal student loans: fixed rates set each July, currently in the 6%–9% range, standard 10-year repayment.
Auto loans: 5%–14% for most borrowers, 36–84 months. See the dedicated auto loan calculator for taxes and trade-ins.
Home equity loans: typically a point or two above mortgage rates, 5–30 years.

Whatever the quote, compare offers on APR (which includes fees), not the headline rate.

Should you take a longer term?

A longer term lowers the monthly payment but increases total interest, sometimes dramatically. On a $15,000 loan at 9.5%, going from 3 years to 7 years drops the payment from about $480 to about $245, but total interest roughly doubles from about $2,300 to about $5,600. Try both terms above and compare the Total interest figure before deciding.

Frequently asked questions

What is the difference between interest rate and APR?+

The interest rate is the cost of borrowing the principal. APR adds lender fees (origination, processing) and spreads them over the term, so it reflects the real yearly cost. Enter the fee above to see the APR your loan actually carries.

Can I use this for a student loan?+

Yes, for any fixed-rate loan with equal monthly payments: student, personal, medical, home-improvement, or small-business term loans. Variable-rate loans will drift from the schedule as the rate changes.

How do I find the interest rate from a monthly payment?+

Switch to Interest rate mode, enter the loan amount, the monthly payment, and the term. The calculator solves the amortization formula in reverse and shows the implied APR.

Do extra payments go to principal?+

In most US loans, yes, if you tell the lender to apply extra amounts to principal. Some lenders default to applying it to the next payment instead, which saves nothing. Check your statement after the first extra payment.