Personal Loan Calculator Payment Table

This personal loan calculator estimates the monthly payment and total interest for a fixed-rate loan, then lets you build a payment table showing how each monthly payment is divided between interest and principal. Enter the loan amount, APR, and term; the table itself depends on the payment schedule and any extra payments, which are not modeled by the calculator outputs below.

Formula

The calculator uses the standard fixed-payment loan formula. It estimates the payment needed to repay the starting balance, plus interest, through equal monthly payments over the selected term.

• Monthly payment: M = P × r ÷ [1 − (1 + r)⁻ⁿ]
• Total interest: I = (M × n) − P
• Monthly rate: r = APR ÷ 1,200
• Number of payments: n = years × 12

Here, P is the loan principal in dollars, APR is the annual percentage rate entered as a percent, r is the monthly rate as a decimal, n is the number of monthly payments, M is the monthly payment in dollars, and I is total interest in dollars. The calculator displays results to the nearest cent. Its total-interest result uses the displayed, cent-rounded monthly payment multiplied by the number of payments, then subtracts the principal.

Worked Example

Using the default inputs—$20,000 principal, 8% APR, and a five-year term—the calculation has 60 monthly payments and a monthly rate of 0.08 ÷ 12 = 0.0066667.

1. Substitute into the payment formula: M = 20,000 × 0.0066667 ÷ [1 − (1.0066667)⁻⁶⁰].
2. The unrounded payment is about $405.53; rounded to the nearest cent, the monthly payment is $405.53.
3. Total scheduled payments, using the rounded payment, are $405.53 × 60 = $24,331.80.
4. Estimated total interest is $24,331.80 − $20,000 = $4,331.80.

Assumptions

• The interest rate is fixed for the full term.
• Payments are made monthly, with the first payment one month after the loan begins.
• Interest compounds monthly at APR divided by 12.
• The estimate excludes origination or other fees, taxes, insurance, and any escrow or separate charges. These are not calculator inputs.

What a Payment Table Shows

A payment table, often called an amortization schedule, expands the single monthly-payment estimate into one row per scheduled payment. A typical table includes the payment number or date, starting balance, payment amount, interest charged, principal repaid, and ending balance.

For a standard fixed-rate loan, the payment amount usually stays level, but the portions change over time. Interest for a period is calculated on the outstanding balance. Early in repayment, that balance is larger, so more of the payment goes to interest. As principal falls, the interest portion generally decreases and more of each payment reduces principal. The final row should bring the balance to zero, subject to the lender’s rounding and payment rules.

This calculator supplies the regular payment and an estimated total interest figure, not a row-by-row table. To create a schedule, a table must apply the monthly rate to each period’s opening balance, subtract that period’s principal repayment, and carry the resulting balance forward. The exact result can differ if payment dates, daily interest, fees, or rounding conventions differ from the assumptions here.

How to Read the Estimate

The monthly payment is the amount implied by the entered principal, APR, and term under the stated assumptions. Total interest is the estimated cost of borrowing over all scheduled payments, not the total amount repaid. Adding principal to interest gives the estimated scheduled repayment total.

The term has a direct effect on the schedule: more months spread repayment over a longer period, while fewer months require the principal to be repaid faster. Because interest accrues while a balance remains outstanding, changing the term also changes total interest. The calculator does not assess income, other debts, eligibility, or whether a payment fits a personal budget.

Common Errors and Limits

• Entering 8 instead of 0.08: Enter APR as a percentage, so an 8% rate is entered as 8, not 0.08.
• Confusing APR with the monthly rate: The calculator converts annual APR to a monthly rate by dividing by 12 and converting percentage points to a decimal.
• Using the wrong term unit: Enter years, not months. A five-year term means 60 monthly payments.
• Treating an estimate as a lender schedule: Fees, payment dates, interest accrual methods, and rounding can affect actual figures.
• Assuming extra payments are included: Extra principal payments can change the payoff timing and interest, but this calculator assumes the regular payment schedule only.

The formula models a fully amortizing loan with equal monthly payments and a positive APR. It does not calculate a payment table for variable rates, irregular payment dates, deferred payments, or a loan with a balloon balance. For an actual schedule, use the lender’s stated amount, rate, fees, due dates, and payment allocation details.

Frequently Asked Questions

How do I calculate a personal loan monthly payment?
Convert APR to a monthly decimal rate, multiply that rate by the principal, and divide by 1 minus the monthly growth factor raised to the negative number of payments. The calculator applies that fixed-payment formula and rounds to cents.

Does a payment table show how much goes to principal?
Yes. A full amortization table separates each payment into interest and principal and tracks the remaining balance. This calculator gives the payment and estimated total interest, but does not display individual monthly rows.

Why does the interest portion change if my payment stays the same?
Interest is calculated on the remaining balance. As principal is repaid, the balance falls, so less interest accrues in later periods and more of the same payment can reduce principal.

Does the calculator include loan fees?
No. It models principal and APR only. Fees or other charges can affect the amount financed or total cost; check the lender’s disclosure for the figures and payment schedule that apply.

Can I use this for extra monthly payments?
Not directly. The calculation assumes the same scheduled payment throughout the term. Extra payments can alter the balance and payoff date, so a schedule that accounts for them needs those payments as additional inputs.

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

Related

• Personal Loan Calculator With Origination Fee: Payment, Cash and APR
• 50/30/20 Budget Calculator
• Debt-to-Income Ratio Calculator (DTI)

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