Debt Payoff Calculator
See how long it takes to become debt-free and what a bigger payment saves you.
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Loan Calculator
Personal loan, student loan, or any fixed installment loan — enter the amount, rate, and term to see the monthly payment and total interest.
Your numbers
Results
Calculated entirely on your device — never transmitted or stored.
View mathematical formula & assumptions
Standard fixed-rate loan payment formula:
M = P × [r(1 + r)n] / [(1 + r)n − 1]
M — monthly payment (the result shown above)
P — loan principal (amount borrowed)
r — monthly interest rate (annual rate ÷ 12)
n — total number of monthly payments
How this calculator works
Fixed-rate installment loans — personal loans, student loans, consolidation loans — all follow the same amortization math: each monthly payment covers that month's interest first, and the remainder reduces the balance. This calculator works for any loan with a fixed rate and equal monthly payments.
For loans with their own dedicated tools, you'll get more tailored results from our Mortgage Calculator and Car Loan Calculator.
What to compare when shopping for a loan
- APR, not just the rate — APR folds in origination fees, so it's the honest number for comparing offers.
- Total interest, not just the payment — a longer term lowers the payment but usually raises the total cost. Run both terms here and compare the "total interest" line.
- Prepayment penalties — the best loans let you pay extra or pay off early for free.
A borrowing sanity check
Before signing, add the new payment to your existing monthly debts. If total debt payments would exceed roughly 36% of your gross monthly income, lenders get nervous — and you probably should too. Borrow for things that outlast the loan, and let the total-cost number here inform the decision, not just the monthly payment.
Assumes no extra payments and a fixed rate for the full term.