Personal Loan Calculator

Free · no sign-up · reviewed September 2026

Thinking about a personal loan for a big purchase, a repair, or to consolidate debt? See the monthly payment and, just as important, the total interest, so you know the real price of borrowing before you sign.

Slide in the amount and rate, tap a term, and it's all laid out instantly.

Drag to adjust

Your numbers

Loan amount

Interest rate (APR)

Starts at 11.86%, the average bank rate on a 24-month personal loan (Federal Reserve G.19, May 1, 2026). Your offer depends on your credit score, so use the quote you were given.

Loan term

Your monthly payment

$497.21

$2,900 total interest over 36 months

💡 About 16¢ of every dollar you pay back is interest. A shorter term raises the monthly payment but cuts the total interest sharply. Try the term buttons to compare.

$2,900

Total interest

cost of borrowing

$17,900

Total repaid

principal + interest

16%

Interest share

of what you pay

Loan amount (principal)$15,000
Interest$2,900

Loan amount: $15,000
Total interest paid: $2,900
Total repaid: $17,900

⚖️ Compare two scenarios

Change one thing and see both loans side by side. Everything else stays exactly as you set it above.

What to change

Loan term to compare

Personal Loan Calculator: 36 mo compared with 24 mo
Figure	36 moYour numbers	24 moCompared	Difference
Monthly payment	$497.21	$705.12	+$207.91
Loan amount	$15,000	$15,000	same
Total interest	$2,900	$1,923	−$977
Total repaid	$17,900	$16,923	−$977
Paid off in	3 yr	2 yr	1 yr sooner

Only the field you picked changes. Both columns assume the payment is made every month with nothing extra, and no fees beyond whatever is already inside the APR you entered.

📅 Amortization schedule

How each year of the loan splits between principal and interest, and what you still owe at the end of it. Switch to Months to step through the payments themselves.

Year	Principal	Interest	Balance left
1	$4,423	$1,544	$10,577
2	$4,977	$990	$5,600
3	$5,600	$366	$0
Total	$15,000	$2,900	$0

Interest is charged on the balance you still owe, so early years are mostly interest and later years mostly principal. Assumes every payment is made on time and the rate never changes. It also assumes no extra principal is paid.

Personal Loan Calculator · Far Better Off

https://farbetteroff.com/calculators/personal-loan-calculator

Open that link to get this calculator back with these exact numbers. Estimates for education only — Far Better Off is not a lender or a financial advisor, and these results are not financial advice.

📈 Track your loan payoff

Log your remaining balance once a month and see your real pace, and the month you'll be done. Everything stays on this device only.

The reminder button downloads a calendar event (works with Apple and Google Calendar) that nudges you once a month. No email, no account.

The 2-minute guide

APR is the number that matters

The APR bundles the interest rate and most fees into one yearly percentage, so it's the fairest way to compare loans. A lower APR means a cheaper loan; even a few points makes a real difference over the full term, as the interest slice on the chart shows.

Shorter term, less interest

Stretching a loan over more months lowers the monthly payment but you pay interest for longer, so the total cost climbs. If you can handle a slightly higher monthly amount, a shorter term usually saves you a meaningful chunk of money.

Good reasons vs risky ones

Using a personal loan to replace higher-interest credit-card debt can genuinely save money. Borrowing for something that loses value or that you could save up for is riskier. Make sure the payment fits your budget with room to spare before committing.

Frequently asked questions

Does this show an amortization schedule?

Yes. Open "Amortization schedule" under the results for a year-by-year split of principal and interest, plus the balance left at the end of each year. Switch that table to Months and you get the payments themselves, one at a time, to the cent. Because interest is charged on what you still owe, the first year is the most interest-heavy and the last year is almost all principal.

What's a good interest rate on a personal loan?

It depends on your credit. Strong credit can mean single-digit APRs; fair or poor credit often lands in the 15–30%+ range. Always check the rate you personally qualify for and compare a few lenders. Many let you see a rate without affecting your credit.

Does paying off a loan early save money?

Usually yes, you stop paying interest on the remaining balance. Check that your loan has no prepayment penalty first, then extra payments go straight against the principal and shorten the loan.

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