PAYMENT ESTIMATOR
Personal Loan Payment Calculator
Adjust loan amounts, estimated APR, and repayment term lengths to calculate estimated monthly payments and total finance costs.
1. Choose Loan Parameters
$2,500
12.5%
Repayment Term (Duration in Months)
Estimated Monthly Payment
$118.28
Calculated via standard fixed amortization formula
- Borrowed Principal: $2,500
- Estimated Total Interest: $338.72
- Estimated Total Repayment: $2,838.72
Estimate only. Actual rates, fees, payments, and repayment terms vary by provider and applicant. Never presented as a guaranteed offer.
SCHEDULE PREVIEW
Illustrative Payment Amortization Schedule
See how your monthly installment payment is split between principal reduction and interest charges over time.
| Payment Period | Payment Amount | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|---|
| Month 1 | $118.28 | $92.24 | $26.04 | $2,407.76 |
| Month 2 | $118.28 | $93.20 | $25.08 | $2,314.56 |
| Month 3 | $118.28 | $94.17 | $24.11 | $2,220.39 |
| Month 4 | $118.28 | $95.15 | $23.13 | $2,125.24 |
| Month 5 | $118.28 | $96.15 | $22.14 | $2,029.09 |
| Month 6 | $118.28 | $97.15 | $21.14 | $1,931.94 |
| Month 7 | $118.28 | $98.16 | $20.12 | $1,833.78 |
| Month 8 | $118.28 | $99.18 | $19.10 | $1,734.60 |
| Month 9 | $118.28 | $100.21 | $18.07 | $1,634.39 |
| Month 10 | $118.28 | $101.26 | $17.02 | $1,533.13 |
| Month 11 | $118.28 | $102.31 | $15.97 | $1,430.82 |
| Month 12 | $118.28 | $103.38 | $14.90 | $1,327.44 |
| ... Months 13 through 24 continue following the standard scheduled amortization curve. | ||||
How the Monthly Payment is Calculated
The standard fixed-rate installment loan formula used by financial institutions and our calculator is:
M = P × [ r(1 + r)ⁿ ] / [ (1 + r)ⁿ − 1 ]
Where: M = Monthly Payment, P = Principal Amount, r = Monthly Interest Rate (APR / 12), n = Number of monthly payments. (If APR = 0%, M = P / n).
Where: M = Monthly Payment, P = Principal Amount, r = Monthly Interest Rate (APR / 12), n = Number of monthly payments. (If APR = 0%, M = P / n).
Impact of Loan Term on Total Cost
Choosing a longer repayment term lowers your scheduled monthly payment but increases the total amount of interest paid over the life of the loan. Conversely, a shorter repayment term has higher monthly payments but minimizes total finance charges.