Quick answer: A personal loan payment depends on the amount, rate, term, and fees. In a fee-free $10,000 example at a fixed 15% APR / annual rate over 36 months, the monthly payment is about $346.65. Use the tool and server-rendered tables to compare monthly payment, total interest, and total repayment; examples are not offers.
Published: September 26, 2026 | Last updated: October 22, 2026 | Written by: Borrow Your Loan Editorial Team
Estimated monthly payment
Total repayment
Estimated interest
Borrow Your Loan is not a lender. APR, fees, approval, funding, and repayment terms are determined by the lender or partner that reviews your request.
Common personal loan payment questions
How much is a $5,000 personal loan per month?
At 18% APR for 36 months, the estimated payment is about $180.76 per month before any lender-specific fees.
View $5,000 examplesHow much is a $10,000 personal loan per month?
At 18% APR for 36 months, the estimated payment is about $361.52 per month before any lender-specific fees.
View $10,000 examplesHow much is a $25,000 personal loan per month?
At 18% APR for 60 months, the estimated payment is about $634.82 per month before any lender-specific fees.
View $25,000 examplesHow are personal loan payments calculated?
For these fixed-payment examples, M = P × r ÷ [1 − (1 + r)−n]. P is the loan principal, r is the annual rate divided by 12 and by 100, n is the number of monthly payments, and M is the monthly payment. At a zero rate, M = P ÷ n. Total repayment = M × n; total interest = total repayment − P.
Calculations retain full precision until display, then round to cents. Multiplying the displayed rounded payment can differ by a few cents from the displayed total. A lender may round each instalment and adjust the final payment. Fees, daily accrual, odd first periods, late payments, and prepayments can change actual results.
What changes your monthly payment and total cost?
| Figure | Meaning | How to use it |
|---|---|---|
| Loan amount | The principal on which payments are calculated. | Compare only the amount needed; fees can reduce the cash received. |
| Interest rate | The contractual rate charged on the unpaid balance. | Use this rate for an interest-only amortization model. |
| APR | Annualized credit cost that can include required fees. | Compare APR with fees and net proceeds; APR is not always the interest rate. |
| Term | The number of scheduled payments. | At the same amount/rate, a longer term reduces payment but increases interest. |
| Total interest | Payments minus principal in the fee-free examples. | Compare the dollar cost of extending repayment. |
| Total repayment | All scheduled principal and interest payments. | Add separately paid fees where they are not already included. |
Compare payments for seven loan amounts
The tables below cover seven amounts, seven illustrative APR/rate assumptions, and four terms: 24, 36, 48, and 60 months. Open the amount you need. Every row is generated on the server and is present in the page HTML.
Illustrative calculations, not offers. Fee-free examples assume a fixed annual interest rate equal to the labelled APR, equal monthly periods, and payments made on time. The APR inputs are scenarios, not available lender rates. Real APR can include fees and may differ from the interest rate used to calculate payments. Actual lender disclosures control.
$2,500 monthly payment, interest, and total repayment
| Loan amount | Illustrative APR / annual rate | Term | Monthly payment | Total interest | Total repayment |
|---|---|---|---|---|---|
| $2,500.00 | 6% | 24 months | $110.80 | $159.24 | $2,659.24 |
| $2,500.00 | 6% | 36 months | $76.05 | $237.97 | $2,737.97 |
| $2,500.00 | 6% | 48 months | $58.71 | $318.20 | $2,818.20 |
| $2,500.00 | 6% | 60 months | $48.33 | $399.92 | $2,899.92 |
| $2,500.00 | 10% | 24 months | $115.36 | $268.70 | $2,768.70 |
| $2,500.00 | 10% | 36 months | $80.67 | $404.05 | $2,904.05 |
| $2,500.00 | 10% | 48 months | $63.41 | $543.51 | $3,043.51 |
| $2,500.00 | 10% | 60 months | $53.12 | $687.06 | $3,187.06 |
| $2,500.00 | 15% | 24 months | $121.22 | $409.20 | $2,909.20 |
| $2,500.00 | 15% | 36 months | $86.66 | $619.88 | $3,119.88 |
| $2,500.00 | 15% | 48 months | $69.58 | $839.69 | $3,339.69 |
| $2,500.00 | 15% | 60 months | $59.47 | $1,068.49 | $3,568.49 |
| $2,500.00 | 20% | 24 months | $127.24 | $553.75 | $3,053.75 |
| $2,500.00 | 20% | 36 months | $92.91 | $844.72 | $3,344.72 |
| $2,500.00 | 20% | 48 months | $76.08 | $1,151.64 | $3,651.64 |
| $2,500.00 | 20% | 60 months | $66.23 | $1,474.08 | $3,974.08 |
| $2,500.00 | 25% | 24 months | $133.43 | $702.29 | $3,202.29 |
| $2,500.00 | 25% | 36 months | $99.40 | $1,078.38 | $3,578.38 |
| $2,500.00 | 25% | 48 months | $82.89 | $1,478.86 | $3,978.86 |
| $2,500.00 | 25% | 60 months | $73.38 | $1,902.70 | $4,402.70 |
| $2,500.00 | 30% | 24 months | $139.78 | $854.77 | $3,354.77 |
| $2,500.00 | 30% | 36 months | $106.13 | $1,320.64 | $3,820.64 |
| $2,500.00 | 30% | 48 months | $90.01 | $1,820.72 | $4,320.72 |
| $2,500.00 | 30% | 60 months | $80.88 | $2,353.01 | $4,853.01 |
| $2,500.00 | 36% | 24 months | $147.62 | $1,042.84 | $3,542.84 |
| $2,500.00 | 36% | 36 months | $114.51 | $1,622.34 | $4,122.34 |
| $2,500.00 | 36% | 48 months | $98.94 | $2,249.33 | $4,749.33 |
| $2,500.00 | 36% | 60 months | $90.33 | $2,919.94 | $5,419.94 |
$5,000 monthly payment, interest, and total repayment
| Loan amount | Illustrative APR / annual rate | Term | Monthly payment | Total interest | Total repayment |
|---|---|---|---|---|---|
| $5,000.00 | 6% | 24 months | $221.60 | $318.47 | $5,318.47 |
| $5,000.00 | 6% | 36 months | $152.11 | $475.95 | $5,475.95 |
| $5,000.00 | 6% | 48 months | $117.43 | $636.41 | $5,636.41 |
| $5,000.00 | 6% | 60 months | $96.66 | $799.84 | $5,799.84 |
| $5,000.00 | 10% | 24 months | $230.72 | $537.39 | $5,537.39 |
| $5,000.00 | 10% | 36 months | $161.34 | $808.09 | $5,808.09 |
| $5,000.00 | 10% | 48 months | $126.81 | $1,087.02 | $6,087.02 |
| $5,000.00 | 10% | 60 months | $106.24 | $1,374.11 | $6,374.11 |
| $5,000.00 | 15% | 24 months | $242.43 | $818.40 | $5,818.40 |
| $5,000.00 | 15% | 36 months | $173.33 | $1,239.76 | $6,239.76 |
| $5,000.00 | 15% | 48 months | $139.15 | $1,679.38 | $6,679.38 |
| $5,000.00 | 15% | 60 months | $118.95 | $2,136.98 | $7,136.98 |
| $5,000.00 | 20% | 24 months | $254.48 | $1,107.50 | $6,107.50 |
| $5,000.00 | 20% | 36 months | $185.82 | $1,689.45 | $6,689.45 |
| $5,000.00 | 20% | 48 months | $152.15 | $2,303.29 | $7,303.29 |
| $5,000.00 | 20% | 60 months | $132.47 | $2,948.17 | $7,948.17 |
| $5,000.00 | 25% | 24 months | $266.86 | $1,404.58 | $6,404.58 |
| $5,000.00 | 25% | 36 months | $198.80 | $2,156.77 | $7,156.77 |
| $5,000.00 | 25% | 48 months | $165.79 | $2,957.71 | $7,957.71 |
| $5,000.00 | 25% | 60 months | $146.76 | $3,805.40 | $8,805.40 |
| $5,000.00 | 30% | 24 months | $279.56 | $1,709.54 | $6,709.54 |
| $5,000.00 | 30% | 36 months | $212.26 | $2,641.28 | $7,641.28 |
| $5,000.00 | 30% | 48 months | $180.03 | $3,641.44 | $8,641.44 |
| $5,000.00 | 30% | 60 months | $161.77 | $4,706.02 | $9,706.02 |
| $5,000.00 | 36% | 24 months | $295.24 | $2,085.69 | $7,085.69 |
| $5,000.00 | 36% | 36 months | $229.02 | $3,244.68 | $8,244.68 |
| $5,000.00 | 36% | 48 months | $197.89 | $4,498.67 | $9,498.67 |
| $5,000.00 | 36% | 60 months | $180.66 | $5,839.89 | $10,839.89 |
$7,500 monthly payment, interest, and total repayment
| Loan amount | Illustrative APR / annual rate | Term | Monthly payment | Total interest | Total repayment |
|---|---|---|---|---|---|
| $7,500.00 | 6% | 24 months | $332.40 | $477.71 | $7,977.71 |
| $7,500.00 | 6% | 36 months | $228.16 | $713.92 | $8,213.92 |
| $7,500.00 | 6% | 48 months | $176.14 | $954.61 | $8,454.61 |
| $7,500.00 | 6% | 60 months | $145.00 | $1,199.76 | $8,699.76 |
| $7,500.00 | 10% | 24 months | $346.09 | $806.09 | $8,306.09 |
| $7,500.00 | 10% | 36 months | $242.00 | $1,212.14 | $8,712.14 |
| $7,500.00 | 10% | 48 months | $190.22 | $1,630.53 | $9,130.53 |
| $7,500.00 | 10% | 60 months | $159.35 | $2,061.17 | $9,561.17 |
| $7,500.00 | 15% | 24 months | $363.65 | $1,227.60 | $8,727.60 |
| $7,500.00 | 15% | 36 months | $259.99 | $1,859.64 | $9,359.64 |
| $7,500.00 | 15% | 48 months | $208.73 | $2,519.07 | $10,019.07 |
| $7,500.00 | 15% | 60 months | $178.42 | $3,205.47 | $10,705.47 |
| $7,500.00 | 20% | 24 months | $381.72 | $1,661.24 | $9,161.24 |
| $7,500.00 | 20% | 36 months | $278.73 | $2,534.17 | $10,034.17 |
| $7,500.00 | 20% | 48 months | $228.23 | $3,454.93 | $10,954.93 |
| $7,500.00 | 20% | 60 months | $198.70 | $4,422.25 | $11,922.25 |
| $7,500.00 | 25% | 24 months | $400.29 | $2,106.87 | $9,606.87 |
| $7,500.00 | 25% | 36 months | $298.20 | $3,235.15 | $10,735.15 |
| $7,500.00 | 25% | 48 months | $248.68 | $4,436.57 | $11,936.57 |
| $7,500.00 | 25% | 60 months | $220.13 | $5,708.10 | $13,208.10 |
| $7,500.00 | 30% | 24 months | $419.35 | $2,564.31 | $10,064.31 |
| $7,500.00 | 30% | 36 months | $318.39 | $3,961.93 | $11,461.93 |
| $7,500.00 | 30% | 48 months | $270.04 | $5,462.16 | $12,962.16 |
| $7,500.00 | 30% | 60 months | $242.65 | $7,059.03 | $14,559.03 |
| $7,500.00 | 36% | 24 months | $442.86 | $3,128.53 | $10,628.53 |
| $7,500.00 | 36% | 36 months | $343.53 | $4,867.02 | $12,367.02 |
| $7,500.00 | 36% | 48 months | $296.83 | $6,748.00 | $14,248.00 |
| $7,500.00 | 36% | 60 months | $271.00 | $8,759.83 | $16,259.83 |
$10,000 monthly payment, interest, and total repayment
| Loan amount | Illustrative APR / annual rate | Term | Monthly payment | Total interest | Total repayment |
|---|---|---|---|---|---|
| $10,000.00 | 6% | 24 months | $443.21 | $636.95 | $10,636.95 |
| $10,000.00 | 6% | 36 months | $304.22 | $951.90 | $10,951.90 |
| $10,000.00 | 6% | 48 months | $234.85 | $1,272.81 | $11,272.81 |
| $10,000.00 | 6% | 60 months | $193.33 | $1,599.68 | $11,599.68 |
| $10,000.00 | 10% | 24 months | $461.45 | $1,074.78 | $11,074.78 |
| $10,000.00 | 10% | 36 months | $322.67 | $1,616.19 | $11,616.19 |
| $10,000.00 | 10% | 48 months | $253.63 | $2,174.04 | $12,174.04 |
| $10,000.00 | 10% | 60 months | $212.47 | $2,748.23 | $12,748.23 |
| $10,000.00 | 15% | 24 months | $484.87 | $1,636.80 | $11,636.80 |
| $10,000.00 | 15% | 36 months | $346.65 | $2,479.52 | $12,479.52 |
| $10,000.00 | 15% | 48 months | $278.31 | $3,358.76 | $13,358.76 |
| $10,000.00 | 15% | 60 months | $237.90 | $4,273.96 | $14,273.96 |
| $10,000.00 | 20% | 24 months | $508.96 | $2,214.99 | $12,214.99 |
| $10,000.00 | 20% | 36 months | $371.64 | $3,378.89 | $13,378.89 |
| $10,000.00 | 20% | 48 months | $304.30 | $4,606.57 | $14,606.57 |
| $10,000.00 | 20% | 60 months | $264.94 | $5,896.33 | $15,896.33 |
| $10,000.00 | 25% | 24 months | $533.72 | $2,809.16 | $12,809.16 |
| $10,000.00 | 25% | 36 months | $397.60 | $4,313.54 | $14,313.54 |
| $10,000.00 | 25% | 48 months | $331.57 | $5,915.42 | $15,915.42 |
| $10,000.00 | 25% | 60 months | $293.51 | $7,610.79 | $17,610.79 |
| $10,000.00 | 30% | 24 months | $559.13 | $3,419.08 | $13,419.08 |
| $10,000.00 | 30% | 36 months | $424.52 | $5,282.57 | $15,282.57 |
| $10,000.00 | 30% | 48 months | $360.06 | $7,282.88 | $17,282.88 |
| $10,000.00 | 30% | 60 months | $323.53 | $9,412.04 | $19,412.04 |
| $10,000.00 | 36% | 24 months | $590.47 | $4,171.38 | $14,171.38 |
| $10,000.00 | 36% | 36 months | $458.04 | $6,489.37 | $16,489.37 |
| $10,000.00 | 36% | 48 months | $395.78 | $8,997.33 | $18,997.33 |
| $10,000.00 | 36% | 60 months | $361.33 | $11,679.78 | $21,679.78 |
$15,000 monthly payment, interest, and total repayment
| Loan amount | Illustrative APR / annual rate | Term | Monthly payment | Total interest | Total repayment |
|---|---|---|---|---|---|
| $15,000.00 | 6% | 24 months | $664.81 | $955.42 | $15,955.42 |
| $15,000.00 | 6% | 36 months | $456.33 | $1,427.85 | $16,427.85 |
| $15,000.00 | 6% | 48 months | $352.28 | $1,909.22 | $16,909.22 |
| $15,000.00 | 6% | 60 months | $289.99 | $2,399.52 | $17,399.52 |
| $15,000.00 | 10% | 24 months | $692.17 | $1,612.17 | $16,612.17 |
| $15,000.00 | 10% | 36 months | $484.01 | $2,424.28 | $17,424.28 |
| $15,000.00 | 10% | 48 months | $380.44 | $3,261.06 | $18,261.06 |
| $15,000.00 | 10% | 60 months | $318.71 | $4,122.34 | $19,122.34 |
| $15,000.00 | 15% | 24 months | $727.30 | $2,455.19 | $17,455.19 |
| $15,000.00 | 15% | 36 months | $519.98 | $3,719.28 | $18,719.28 |
| $15,000.00 | 15% | 48 months | $417.46 | $5,038.14 | $20,038.14 |
| $15,000.00 | 15% | 60 months | $356.85 | $6,410.94 | $21,410.94 |
| $15,000.00 | 20% | 24 months | $763.44 | $3,322.49 | $18,322.49 |
| $15,000.00 | 20% | 36 months | $557.45 | $5,068.34 | $20,068.34 |
| $15,000.00 | 20% | 48 months | $456.46 | $6,909.86 | $21,909.86 |
| $15,000.00 | 20% | 60 months | $397.41 | $8,844.50 | $23,844.50 |
| $15,000.00 | 25% | 24 months | $800.57 | $4,213.75 | $19,213.75 |
| $15,000.00 | 25% | 36 months | $596.40 | $6,470.31 | $21,470.31 |
| $15,000.00 | 25% | 48 months | $497.36 | $8,873.13 | $23,873.13 |
| $15,000.00 | 25% | 60 months | $440.27 | $11,416.19 | $26,416.19 |
| $15,000.00 | 30% | 24 months | $838.69 | $5,128.62 | $20,128.62 |
| $15,000.00 | 30% | 36 months | $636.77 | $7,923.85 | $22,923.85 |
| $15,000.00 | 30% | 48 months | $540.09 | $10,924.32 | $25,924.32 |
| $15,000.00 | 30% | 60 months | $485.30 | $14,118.06 | $29,118.06 |
| $15,000.00 | 36% | 24 months | $885.71 | $6,257.07 | $21,257.07 |
| $15,000.00 | 36% | 36 months | $687.06 | $9,734.05 | $24,734.05 |
| $15,000.00 | 36% | 48 months | $593.67 | $13,496.00 | $28,496.00 |
| $15,000.00 | 36% | 60 months | $541.99 | $17,519.66 | $32,519.66 |
$20,000 monthly payment, interest, and total repayment
| Loan amount | Illustrative APR / annual rate | Term | Monthly payment | Total interest | Total repayment |
|---|---|---|---|---|---|
| $20,000.00 | 6% | 24 months | $886.41 | $1,273.89 | $21,273.89 |
| $20,000.00 | 6% | 36 months | $608.44 | $1,903.79 | $21,903.79 |
| $20,000.00 | 6% | 48 months | $469.70 | $2,545.63 | $22,545.63 |
| $20,000.00 | 6% | 60 months | $386.66 | $3,199.36 | $23,199.36 |
| $20,000.00 | 10% | 24 months | $922.90 | $2,149.56 | $22,149.56 |
| $20,000.00 | 10% | 36 months | $645.34 | $3,232.37 | $23,232.37 |
| $20,000.00 | 10% | 48 months | $507.25 | $4,348.08 | $24,348.08 |
| $20,000.00 | 10% | 60 months | $424.94 | $5,496.45 | $25,496.45 |
| $20,000.00 | 15% | 24 months | $969.73 | $3,273.59 | $23,273.59 |
| $20,000.00 | 15% | 36 months | $693.31 | $4,959.04 | $24,959.04 |
| $20,000.00 | 15% | 48 months | $556.61 | $6,717.52 | $26,717.52 |
| $20,000.00 | 15% | 60 months | $475.80 | $8,547.92 | $28,547.92 |
| $20,000.00 | 20% | 24 months | $1,017.92 | $4,429.99 | $24,429.99 |
| $20,000.00 | 20% | 36 months | $743.27 | $6,757.78 | $26,757.78 |
| $20,000.00 | 20% | 48 months | $608.61 | $9,213.15 | $29,213.15 |
| $20,000.00 | 20% | 60 months | $529.88 | $11,792.66 | $31,792.66 |
| $20,000.00 | 25% | 24 months | $1,067.43 | $5,618.33 | $25,618.33 |
| $20,000.00 | 25% | 36 months | $795.20 | $8,627.07 | $28,627.07 |
| $20,000.00 | 25% | 48 months | $663.14 | $11,830.84 | $31,830.84 |
| $20,000.00 | 25% | 60 months | $587.03 | $15,221.59 | $35,221.59 |
| $20,000.00 | 30% | 24 months | $1,118.26 | $6,838.15 | $26,838.15 |
| $20,000.00 | 30% | 36 months | $849.03 | $10,565.14 | $30,565.14 |
| $20,000.00 | 30% | 48 months | $720.12 | $14,565.75 | $34,565.75 |
| $20,000.00 | 30% | 60 months | $647.07 | $18,824.08 | $38,824.08 |
| $20,000.00 | 36% | 24 months | $1,180.95 | $8,342.76 | $28,342.76 |
| $20,000.00 | 36% | 36 months | $916.08 | $12,978.73 | $32,978.73 |
| $20,000.00 | 36% | 48 months | $791.56 | $17,994.66 | $37,994.66 |
| $20,000.00 | 36% | 60 months | $722.66 | $23,359.55 | $43,359.55 |
$25,000 monthly payment, interest, and total repayment
| Loan amount | Illustrative APR / annual rate | Term | Monthly payment | Total interest | Total repayment |
|---|---|---|---|---|---|
| $25,000.00 | 6% | 24 months | $1,108.02 | $1,592.37 | $26,592.37 |
| $25,000.00 | 6% | 36 months | $760.55 | $2,379.74 | $27,379.74 |
| $25,000.00 | 6% | 48 months | $587.13 | $3,182.03 | $28,182.03 |
| $25,000.00 | 6% | 60 months | $483.32 | $3,999.20 | $28,999.20 |
| $25,000.00 | 10% | 24 months | $1,153.62 | $2,686.96 | $27,686.96 |
| $25,000.00 | 10% | 36 months | $806.68 | $4,040.47 | $29,040.47 |
| $25,000.00 | 10% | 48 months | $634.06 | $5,435.10 | $30,435.10 |
| $25,000.00 | 10% | 60 months | $531.18 | $6,870.57 | $31,870.57 |
| $25,000.00 | 15% | 24 months | $1,212.17 | $4,091.99 | $29,091.99 |
| $25,000.00 | 15% | 36 months | $866.63 | $6,198.80 | $31,198.80 |
| $25,000.00 | 15% | 48 months | $695.77 | $8,396.90 | $33,396.90 |
| $25,000.00 | 15% | 60 months | $594.75 | $10,684.90 | $35,684.90 |
| $25,000.00 | 20% | 24 months | $1,272.40 | $5,537.48 | $30,537.48 |
| $25,000.00 | 20% | 36 months | $929.09 | $8,447.23 | $33,447.23 |
| $25,000.00 | 20% | 48 months | $760.76 | $11,516.43 | $36,516.43 |
| $25,000.00 | 20% | 60 months | $662.35 | $14,740.83 | $39,740.83 |
| $25,000.00 | 25% | 24 months | $1,334.29 | $7,022.91 | $32,022.91 |
| $25,000.00 | 25% | 36 months | $994.00 | $10,783.84 | $35,783.84 |
| $25,000.00 | 25% | 48 months | $828.93 | $14,788.55 | $39,788.55 |
| $25,000.00 | 25% | 60 months | $733.78 | $19,026.99 | $44,026.99 |
| $25,000.00 | 30% | 24 months | $1,397.82 | $8,547.69 | $33,547.69 |
| $25,000.00 | 30% | 36 months | $1,061.29 | $13,206.42 | $38,206.42 |
| $25,000.00 | 30% | 48 months | $900.15 | $18,207.19 | $43,207.19 |
| $25,000.00 | 30% | 60 months | $808.83 | $23,530.09 | $48,530.09 |
| $25,000.00 | 36% | 24 months | $1,476.19 | $10,428.45 | $35,428.45 |
| $25,000.00 | 36% | 36 months | $1,145.09 | $16,223.41 | $41,223.41 |
| $25,000.00 | 36% | 48 months | $989.44 | $22,493.33 | $47,493.33 |
| $25,000.00 | 36% | 60 months | $903.32 | $29,199.44 | $54,199.44 |
Is a 36- or 60-month loan better?
At the same amount and rate, 36 months usually means a higher payment and lower total interest; 60 months usually means a lower payment and higher total interest. For $10,000 at a fee-free 15% APR/rate, the estimates are $346.65 over 36 months and $237.90 over 60 months. Neither term is universally better: compare the payment with your budget and the full cost with your goals.
Can you pay off a personal loan early?
Check the lender agreement for prepayment charges and how extra payments are applied. Paying principal earlier may reduce interest, but an example schedule is not a guarantee of the lender’s payoff amount. See the early repayment guide and payoff calculator.
What should you check before requesting a loan?
Review the requested amount, income, existing monthly debts, credit history, identity documents, and purpose. An affordable calculator estimate does not predict eligibility or an available offer. Borrow Your Loan is not a lender and does not guarantee approval or funding.
Download the original loan payment dataset
The BorrowYourLoan Loan Cost Index expands these examples to 420 scenarios across ten loan amounts and six terms, with 140 same-rate term comparisons and CSV/JSON downloads. Read the methodology and reproducible source. The data describes mathematical assumptions, not loan offers or product availability.
Estimated amortization schedule
The table below shows the first 12 estimated payments for the current calculator inputs. It separates each payment into estimated interest, estimated principal, and remaining balance.
| Month | Payment | Interest | Principal | Remaining balance |
|---|
How to use the calculator responsibly
| Input | What it changes | What to remember |
|---|---|---|
| Loan amount | Higher principal generally raises the payment and total interest. | Request the smallest amount that reasonably covers the need. |
| APR | Higher APR raises borrowing cost. | APR can include interest and certain required costs; final APR comes from the lender. |
| Term | Longer terms can lower monthly payment but often increase total interest. | Compare both monthly affordability and total repayment. |
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Methodology
For fee-free planning the APR input is treated as an annual interest-rate assumption. When a lender APR includes separate fees, use its contractual payment schedule and disclosures. The calculator uses the standard fixed-payment amortization formula: M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is the monthly interest rate, n is the number of payments, and M is the estimated monthly payment. If APR is 0%, the payment is principal divided by months. Outputs are rounded to cents. The calculator does not include lender-specific origination fees, late fees, optional products, state-specific rules, odd first payment dates, or payment timing differences.
What to review before relying on an estimate
- A real offer may include fees that change APR or the amount received.
- A lower monthly payment can cost more overall if the term is longer.
- The lender's final disclosure controls the actual payment schedule and total repayment amount.