Personal loans
Fixed monthly payments over one to seven years. See what the rate really costs you.
Free Loan Calculator
See your monthly payment, total interest and full payoff schedule in seconds. Works for personal loans, car loans and more. 100% free and private.
Your results
Monthly payment
$477.53
60 payments · 5 years
Total interest$3,651.70
Total paid$28,651.70
Payment breakdown
- Principal
- $25,000.00 (87.3%)
- Interest
- $3,651.70 (12.7%)
Over the life of this loan you pay 14.6% of the amount borrowed in interest.
Amortization
Where your money goes
Early payments are mostly interest. As the balance falls, more of the same payment goes to the loan itself.
| Payment | Principal | Interest | Balance |
|---|---|---|---|
| Month 1 | $362.95 | $114.58 | $24,637.05 |
| Month 2 | $364.61 | $112.92 | $24,272.44 |
| Month 3 | $366.28 | $111.25 | $23,906.16 |
| Month 4 | $367.96 | $109.57 | $23,538.20 |
| Month 5 | $369.65 | $107.88 | $23,168.55 |
| Month 6 | $371.34 | $106.19 | $22,797.21 |
| Month 7 | $373.04 | $104.49 | $22,424.17 |
| Month 8 | $374.75 | $102.78 | $22,049.42 |
| Month 9 | $376.47 | $101.06 | $21,672.95 |
| Month 10 | $378.20 | $99.33 | $21,294.75 |
| Month 11 | $379.93 | $97.60 | $20,914.82 |
| Month 12 | $381.67 | $95.86 | $20,533.15 |
Showing the first 12 of 60 payments. Switch to the yearly view for the whole term.
Three steps
How it works
1. Enter loan amount, rate and term
Type the numbers or drag the sliders. Add an extra payment or a start date if you want them.
2. Click Calculate
Nothing is sent anywhere. The math runs in your browser as you type.
3. See your payment and total cost
Monthly payment, total interest, total paid, payoff date and the full schedule.
Use cases
What you can calculate
The math behind a personal loan, a car loan and a student loan is the same. One formula covers all of them.
Auto and car loans
Price a 48, 60 or 72 month deal before you sit down at the dealership.
Student loans
Estimate a standard repayment plan on a fixed-rate loan.
Home improvement loans
Check the payment on an unsecured renovation loan before you commit.
Debt consolidation
Compare one new payment against the debts you would pay off.
Any fixed-rate loan
If the rate is fixed and the payment is the same every month, this works.
Not for credit cards or other revolving credit, where the balance and the minimum payment change every month. For home loans with taxes, insurance and PMI, use a dedicated mortgage calculator.
Why LoanCalcFast
Built to answer one question fast
Most loan calculators want your email first. This one just gives you the number.
Instant results
Every number updates as you drag a slider. No waiting, no page reloads.
No signup
No account, no email, no trial. Open it and use it.
Private
The calculation happens in your browser. Your figures never reach our server.
A clear view of the interest
See exactly what the loan costs on top of what you borrowed, month by month.
Works on your phone
Full calculator and schedule on a small screen, not a cut-down version.
The guide
What the monthly payment on a loan is made of
Every month you pay the lender one fixed amount. Part of it is the interest they charge for that month. The rest comes off what you owe. Because the amount you owe shrinks a little each time, the interest slice gets smaller and the slice that clears the debt gets bigger. The payment itself never changes. That is what people mean by an amortizing loan.
The size of the payment comes from three numbers, and nothing else: how much you borrow, the yearly rate, and how many months you have. Change any one of them and the payment moves. Stretching the term is the quickest way to lower a monthly payment, and also the quickest way to pay far more in total.
A worked example
Borrow $25,000 at 5.5% over five years. The payment is $477.53 a month. Over 60 payments you hand over $28,651.70, so the loan costs you $3,651.70 in interest, or about 14.6% of what you borrowed. In the very first month, $114.58 of that payment is interest and $362.95 comes off the balance. By the final month almost all of it clears the debt.
Now stretch the same loan to seven years. The payment drops to $359.25, which looks like a win. But you make 84 of them, so the total becomes $30,177.10 and the interest bill rises to $5,177.10. A lower payment cost you an extra $1,525 for the same $25,000. Try both in the calculator above and watch the green slice of the donut grow.
How to compare two loan offers
Compare the APR, not the headline rate. The rate is the price of the money on its own. The APR adds the fees you pay to get the loan and expresses everything as one yearly percentage, which is why it is usually the higher number. A loan with a lower rate and a large origination fee can easily cost you more than one with a slightly higher rate and no fee.
- Put both offers into the calculator using their APRs, over the same term.
- Compare the total paid, not just the monthly payment.
- Check whether either contract charges a fee for paying off early.
- Ask whether any fee is deducted from the money you receive or added to the balance.
What paying a little extra does
An extra payment goes straight at the balance, so it also removes all the interest that balance would have earned for the rest of the term. On the $25,000 loan above, an extra $50 a month clears it six months early and saves about $401 in interest. Tell your lender the extra is for the principal, or it may sit in the account as an early version of next month’s payment instead.
Where this calculator stops
It prices fixed-rate loans with equal monthly payments. It does not model a variable rate, a credit card, an interest-only period, or a loan where the interest was worked out up front and baked into the balance. It also leaves out late fees and insurance sold alongside the loan. If you are buying a home, taxes, insurance and PMI change the picture enough that you want a mortgage calculator instead.
Educational estimates only. LoanCalcFast is not a lender and does not give financial advice. Last reviewed August 11, 2026. See our about page for who writes this and terms for the fine print.
Answers
Frequently asked questions
How is the monthly payment calculated?
We use the standard amortization formula that lenders use: M = P × r(1+r)^n / ((1+r)^n − 1). P is the amount you borrow, r is the yearly rate divided by 12, and n is the number of monthly payments. It works out one fixed payment that clears the loan exactly at the end of the term. Each payment covers the interest for that month first, and whatever is left comes off the balance.
Does this work for auto loans and personal loans?
Yes. A car loan, a personal loan and a student loan all use the same math as long as the rate is fixed and you pay the same amount every month. Only the amount, the rate and the term change. Enter those three and the result is the same one your lender would work out. It is not built for credit cards, where the balance and the minimum payment move every month.
Source: CFPB: auto loans
What is the difference between the interest rate and the APR?
The interest rate is what the lender charges you each year for the money itself. The APR is wider: it adds the fees and charges you pay to get the loan, and shows the lot as one yearly percentage. That is why the APR is usually the higher of the two. Use the APR when you compare two offers, because a low rate with big fees can cost more than a higher rate with none.
Source: CFPB: interest rate versus APR
Can I include extra payments?
Yes. Open the optional section and add an amount you would pay on top each month. The calculator shows how much sooner the loan ends and how much interest you keep. Two things to check first. Some loan contracts charge a fee if you pay off early, so read yours. And tell your lender the extra is for the principal, or they may just count it as your next payment.
Is this calculator free to use?
Yes, completely free. There is no signup, no account, no trial and no limit on how many times you use it. You do not have to give an email address to see your result.
Do you store my loan details?
No. The whole calculation runs in your browser. Your amount, rate and term are never sent to us, so there is nothing for us to keep or pass on. Close the tab and the numbers are gone.
How accurate is the result?
It is exact for a normal fixed-rate loan with equal monthly payments, and it rounds to cents the way a lender does. Your real bill can still differ a little. Lenders round in their own way, the first period is sometimes longer or shorter than a month, and any fees added to the loan raise the amount you actually borrow. Treat this as a planning figure and check the lender's own disclosure before you sign.
Can I see a full amortization schedule?
Yes. Under the calculator you get the first twelve payments, split into principal, interest and the balance left. Switch to the yearly view for every year of the loan to the final payment. Add a start date and each row is labelled with its real month.