Personal Loan & Amortization Calculator
See your monthly payment and exactly how much of each payment goes to interest versus principal, month by month.
Amortization schedule (month by month)
How it's calculated
The fixed monthly payment is M = L × r ÷ (1 − (1 + r)−n), where r is the yearly rate ÷ 12 and n is the number of months. Each month, interest = remaining balance × r; the rest of the payment reduces the balance. That is why early payments are mostly interest and later ones mostly principal. An origination fee is usually taken out of the money you receive, so you repay the full loan amount on a smaller check.
Questions & answers
What is an amortization schedule?
It is a month-by-month table that splits each fixed payment into interest and principal and shows the remaining balance. Open the schedule above to see it for your loan.
Does paying extra shorten the loan?
Yes. Extra payments go straight to principal (ask the lender to apply them that way), which lowers future interest and ends the loan sooner. Check that your loan has no prepayment penalty.
Is APR the same as the interest rate?
Not exactly. APR includes certain fees, so it is usually higher than the note rate. For loans with an origination fee, the APR reflects that fee spread over the term.
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