Bank Offer
Lowest interest costUse this personal loan payment calculator to test a lender quote or a custom scenario.
Monthly payment
$567.38
Total interest
$2,425.75
Loan term
3 years
Free tool
Free Personal Loan Calculator
A personal loan calculator estimates your monthly payment, total interest cost, and overall borrowing expense for a fixed-rate loan. Use this unsecured loan calculator to compare rates, payment sizes, and repayment terms side by side before you commit.
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Managing a loan between friends or family after you choose an offer? Explore FriendlyLoans for payment tracking, reminders, and shared visibility.
Calculator inputs
Compare up to three personal loan offers
Adjust the loan amount, APR, and term for each offer. The selected offer powers the amortization schedule and chart below.
Credit Union Offer
Lowest monthly paymentUse this personal loan payment calculator to test a lender quote or a custom scenario.
Monthly payment
$430.20
Total interest
$2,649.46
Loan term
4 years
This personal loan comparison assumes equal monthly payments, fixed APR, and no origination fees or prepayment penalties.
Loan comparison
Side-by-side offer breakdown
A personal loan comparison is easiest when you review monthly payment, total interest, and full repayment cost together instead of focusing on APR alone.
| Offer | Amount | APR | Term | Monthly payment | Total interest | Total cost |
|---|---|---|---|---|---|---|
| $18,000.00 | 8.40% | 3 years | $567.38 | $2,425.75 | $20,425.75 | |
| $18,000.00 | 6.90% | 4 years | $430.20 | $2,649.46 | $20,649.46 |
Payment breakdown chart
Principal vs interest over time
Viewing Bank Offer. Early payments lean heavily toward interest, while later payments apply more to principal as the balance shrinks.
Principal
Interest
Amortization schedule
Month-by-month repayment table
Showing the repayment schedule for Bank Offer.
| Month | Payment | Principal | Interest | Balance | Cumulative interest |
|---|---|---|---|---|---|
| 1 | $567.38 | $441.38 | $126.00 | $17,558.62 | $126.00 |
| 2 | $567.38 | $444.47 | $122.91 | $17,114.15 | $248.91 |
| 3 | $567.38 | $447.58 | $119.80 | $16,666.57 | $368.71 |
| 4 | $567.38 | $450.71 | $116.67 | $16,215.86 | $485.38 |
| 5 | $567.38 | $453.87 | $113.51 | $15,761.99 | $598.89 |
| 6 | $567.38 | $457.05 | $110.33 | $15,304.94 | $709.22 |
| 7 | $567.38 | $460.25 | $107.13 | $14,844.69 | $816.35 |
| 8 | $567.38 | $463.47 | $103.91 | $14,381.22 | $920.26 |
| 9 | $567.38 | $466.71 | $100.67 | $13,914.51 | $1,020.93 |
| 10 | $567.38 | $469.98 | $97.40 | $13,444.53 | $1,118.33 |
| 11 | $567.38 | $473.27 | $94.11 | $12,971.26 | $1,212.44 |
| 12 | $567.38 | $476.58 | $90.80 | $12,494.68 | $1,303.24 |
How to use this calculator
Compare personal loan offers in three steps
This free personal loan payment calculator is designed for fixed-rate offers, including many unsecured installment loans.
Add your loan offers
Enter the amount, APR, and term for each personal loan offer you want to compare. You can compare up to three fixed-rate offers side by side.
Review payments and total cost
Check the monthly payment, total interest, and full repayment cost for every option. A lower payment can still cost more overall if the term is longer.
Inspect the repayment path
Select any offer to see its amortization schedule and principal-versus-interest chart before you decide which loan works best for your budget.
FAQ
Common personal loan questions
Quick answers about personal loan payments, interest costs, and how to compare offers with confidence.
What is a personal loan calculator?
A personal loan calculator estimates your monthly payment, total interest cost, and full repayment amount for a fixed-rate installment loan. It helps you compare how different loan amounts, APRs, and terms change what you pay each month and over the life of the loan.
How does the interest rate affect a personal loan payment?
A higher APR increases both your monthly payment and your lifetime interest cost. Even a small rate difference can add hundreds or thousands of dollars in extra borrowing cost depending on the loan amount and term.
Is the lowest monthly payment always the best personal loan offer?
No. A lower monthly payment often comes from stretching the loan over a longer term, which can increase your total interest cost. Compare both monthly payment and total cost before choosing a loan.
Can I use this as an unsecured loan calculator?
Yes. This tool works well as an unsecured loan calculator for fixed-rate personal loans. It can also help estimate other fixed-rate installment loans, but variable-rate loans or loans with fees may cost more than the estimate shown here.
More tools
Keep planning with FriendlyLoans tools
Need a broader fixed-loan estimate? Try the loan repayment calculator. Paying down balances instead? Use the debt payoff calculator.