Personal Loan Amortization Table Calculator

This personal loan amortization calculator estimates your fixed monthly payment and total interest from the amount borrowed, annual percentage rate (APR), and loan term. Enter those figures to see the payment and interest total; the table below explains how each payment reduces interest and principal over time.

Formula

A personal loan amortization table lays out each scheduled payment and shows how much goes to interest, how much reduces the balance, and what remains afterward. This calculator computes the fixed monthly payment and the total interest across the term; it does not print every row of the schedule.

For principal P, monthly rate r, and n monthly payments, the level payment is:

Payment = P × r ÷ [1 − (1 + r)⁻ⁿ]

• P is the amount borrowed, in dollars.
• r is the monthly interest rate, calculated as APR ÷ 1,200 when APR is entered as a percentage per year.
• n is the number of monthly payments, calculated as the term in years × 12.
• Payment is the scheduled monthly amount, rounded to cents.

Total interest is calculated as the rounded monthly payment multiplied by the number of payments, minus the original principal. Because the payment is rounded to cents, this estimate follows the calculator’s fixed-payment convention; a lender’s final payment may differ slightly to clear the remaining balance.

Worked Example

Using the calculator’s defaults—$20,000 principal, 8% APR, and a five-year term:

1. Convert APR to a monthly rate: 8 ÷ 1,200 = 0.0066667, or about 0.66667% per month.
2. Find the number of payments: 5 × 12 = 60.
3. Apply the payment formula: $20,000 × 0.0066667 ÷ [1 − (1.0066667)⁻⁶⁰] = $405.53 per month, rounded to cents.
4. Calculate total interest using that rounded payment: $405.53 × 60 − $20,000 = $4,331.80.

The estimates are therefore a monthly payment of $405.53 and total interest of $4,331.80. The total of scheduled payments is $24,331.80 under these assumptions.

Assumptions

• The interest rate remains fixed for the entire term.
• Payments are equal, made monthly, and treated as occurring at the end of each monthly period.
• Interest accrues monthly at APR divided by 12.
• The calculation excludes fees, taxes, insurance, and other charges; none are included as calculator inputs.

How to Read an Amortization Table

A full table usually has one row per payment and columns for the payment number or date, opening balance, payment, interest, principal, and closing balance. For a standard fixed-rate loan, the payment is level, but its components change as the balance falls.

• Interest for a period is approximately the opening balance multiplied by the monthly rate.
• Principal repaid is the payment minus that period’s interest.
• Closing balance is the opening balance minus principal repaid.

For the example, the first month’s interest is about $20,000 × 0.0066667 = $133.33. Subtracting that from the $405.53 payment leaves about $272.20 to reduce principal, giving an estimated balance of $19,727.80. In later months, interest is calculated on a smaller opening balance, so more of the unchanged payment goes to principal. A final payment can be adjusted for rounding or the lender’s exact accrual method.

What Changes the Payment and Interest?

The loan amount, APR, and term all affect the result. Holding the other inputs constant, a larger principal produces a larger payment. A higher APR increases the interest portion and generally raises both the payment and the total interest. A longer term spreads repayment across more months, which can reduce the scheduled monthly payment while increasing the number of periods in which interest accrues.

Compare estimates only when the inputs and assumptions match. Use the amount actually financed, not an amount that omits a fee or other financed cost. Enter the APR and term shown in the lender’s offer or disclosure; do not substitute a rate found elsewhere. The calculator accepts APR values from 0.01% to 100% and terms from 0.0833 to 50 years. Its result is a mathematical estimate, not an offer or approval decision.

Common Errors and Limits

• Mixing up APR and monthly rate: For this formula, enter APR as a yearly percentage, such as 8, not as 0.08 or 0.6667. The calculator divides the entered percentage by 1,200.
• Using the wrong term unit: Enter years. The formula multiplies the term by 12 to get monthly payments.
• Treating total interest as total repayment: Total interest excludes the principal. Add the original loan amount to the interest estimate to get the total scheduled payments in this model.
• Assuming extra payments are included: They are not. Extra principal payments, late payments, payment-date changes, and fees can alter the schedule.

The formula models a fully amortizing loan with level monthly payments and a fixed rate. It does not reproduce every lender’s daily interest calculation, rounding policy, fee treatment, or payment allocation. For a rate that changes, a balloon payment, or irregular payment timing, this simple schedule will not match the full contract. Check the lender’s written disclosure for the contractual payment and complete repayment schedule.

Frequently Asked Questions

What is an amortization table for a personal loan?
An amortization table is a payment-by-payment schedule showing the amount applied to interest and principal and the remaining balance after each payment.

How do I calculate a personal loan monthly payment?
Convert the APR to a monthly rate by dividing the percentage by 1,200, convert the term to months, and use the fixed-payment formula shown above. This calculator performs those steps and rounds the payment to cents.

Why does the interest portion shrink over time?
With a fixed rate, each period’s interest is based on the outstanding balance. As principal is repaid and the balance declines, the next period’s interest generally declines too.

Does this calculator include fees or extra payments?
No. It uses the principal, APR, and term only. Fees, additional payments, and other changes must be accounted for separately and may change the actual schedule.

Why might my lender’s payment differ?
The lender may use a different balance, rate, payment date, accrual convention, fee treatment, or rounding method. The agreement and disclosure provide the figures for that specific loan.

This result is an estimate, and the lender’s disclosure gives the exact figures.

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in p | Loan amount | $ | 20000 | 1 | 100000000
in apr | Interest rate (APR) | % | 8 | 0.01 | 100
in yrs | Loan term | years | 5 | 0.0833 | 50
out pmt | Monthly payment | $ | p * (apr / 1200) / (1 - (1 + apr / 1200) ^ -(yrs * 12)) | 2
out int | Total interest | $ | pmt * yrs * 12 - p | 2