There is no prepayment penalty, so anything extra goes straight to the balance.
Your estimate
Estimates use sample APRs of 22.9%–35.9% by loan size with no origination fee. Your actual rate depends on your credit profile, income, and state, and is disclosed in your loan agreement before you accept. Checking your rate is a soft inquiry and does not affect your credit score.
Every term compared at this amount
A longer term lowers the monthly payment and raises the total cost. Both numbers matter, so compare the last column before you decide.
| Term | APR | Monthly payment | Total interest | Total repayment |
|---|
Amortization schedule, month by month
The payment never changes, but the split does. Early payments are mostly interest; later ones are almost entirely principal.
| Payment | Due | Payment | Interest | Principal | Balance |
|---|
How the payment is worked out
Every fixed-rate installment loan uses the same amortization formula. There is nothing proprietary about it, and any lender quoting you a payment is running this same calculation.
Worked through with $1,500 at 29.9% APR over 12 months: the monthly rate is 0.299 ÷ 12 = 0.024917. Running the formula gives a payment of $146.16. Twelve of those equals $1,753.92, so the interest is $253.92. Interest is charged on what you still owe, which is why the interest column in the schedule above shrinks every month.
Questions about the calculator
What the numbers mean, where they come from, and how far to trust them before you have a real offer in hand.
Check your real rateHow is a loan payment calculated?
Fixed installment payments use the amortization formula shown above. The payment stays identical every month, but the portion going to interest falls and the portion going to principal rises, because interest is charged on the balance that remains.
Is this calculator accurate?
The arithmetic is exact for a fixed-rate loan with equal monthly payments and no fees. What is an estimate is the rate: this page uses our sample pricing by loan size, so your real payment depends on the APR you are actually offered after we review your application.
What is the difference between the interest rate and the APR?
The interest rate is the cost of borrowing the principal. The APR includes the interest rate plus any required fees, which makes it the fairer number for comparing lenders. Because our sample pricing has no origination or application fee, the two are the same here. A competitor quoting a lower interest rate but charging a 6% origination fee will have a higher APR. See rates and fees for the full list.
Does choosing a longer term cost more?
Yes, in total. A longer term spreads the balance over more months, so the monthly payment drops but you hold the debt longer and pay more interest overall. The comparison table above shows both figures side by side at your chosen amount.
How much does paying early actually save?
Move the extra payment slider and the estimate updates. Because interest accrues on the outstanding balance and there is no prepayment penalty, every extra dollar reduces the principal immediately and removes the interest that would have accrued on it.
Will using this calculator affect my credit score?
No. Nothing on this page touches your credit file, and nothing you enter is stored or sent anywhere. A soft credit inquiry only happens when you choose to check your rate, and that type of inquiry does not affect your score either.
Why do smaller loans show a higher APR?
The cost of underwriting and servicing a loan is broadly fixed regardless of size, so it represents a larger share of a $300 loan than a $5,000 one. That is why our sample pricing runs from 22.9% on the largest amounts to 35.9% on the smallest. More detail on personal loan interest rates.