Personal Loan Calculator
Free personal loan calculator to calculate monthly payments, total interest, and repayment schedule with amortization. Compare rates from Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, and Bankrate.
Loan Details
Extra Payments (Optional)
Results
Payment Schedule (Amortization Table)
| Month | Payment Date | Beginning Balance | Principal | Interest | Extra Payment | Total Payment | Ending Balance |
|---|---|---|---|---|---|---|---|
| 1 | November 1, 2025 | $50,000.00 | $671.66 | $354.17 | $0.00 | $1,025.83 | $49,328.34 |
| 2 | December 1, 2025 | $49,328.34 | $676.42 | $349.41 | $0.00 | $1,025.83 | $48,651.92 |
| 3 | January 1, 2026 | $48,651.92 | $681.21 | $344.62 | $0.00 | $1,025.83 | $47,970.71 |
| 4 | February 1, 2026 | $47,970.71 | $686.03 | $339.79 | $0.00 | $1,025.83 | $47,284.68 |
| 5 | March 1, 2026 | $47,284.68 | $690.89 | $334.93 | $0.00 | $1,025.83 | $46,593.79 |
| 6 | April 1, 2026 | $46,593.79 | $695.79 | $330.04 | $0.00 | $1,025.83 | $45,898.00 |
| 7 | May 1, 2026 | $45,898.00 | $700.72 | $325.11 | $0.00 | $1,025.83 | $45,197.28 |
| 8 | June 1, 2026 | $45,197.28 | $705.68 | $320.15 | $0.00 | $1,025.83 | $44,491.60 |
| 9 | July 1, 2026 | $44,491.60 | $710.68 | $315.15 | $0.00 | $1,025.83 | $43,780.93 |
| 10 | August 1, 2026 | $43,780.93 | $715.71 | $310.11 | $0.00 | $1,025.83 | $43,065.21 |
| 11 | September 1, 2026 | $43,065.21 | $720.78 | $305.05 | $0.00 | $1,025.83 | $42,344.43 |
| 12 | October 1, 2026 | $42,344.43 | $725.89 | $299.94 | $0.00 | $1,025.83 | $41,618.55 |
| 13 | November 1, 2026 | $41,618.55 | $731.03 | $294.80 | $0.00 | $1,025.83 | $40,887.52 |
| 14 | December 1, 2026 | $40,887.52 | $736.21 | $289.62 | $0.00 | $1,025.83 | $40,151.31 |
| 15 | January 1, 2027 | $40,151.31 | $741.42 | $284.41 | $0.00 | $1,025.83 | $39,409.89 |
| 16 | February 1, 2027 | $39,409.89 | $746.67 | $279.15 | $0.00 | $1,025.83 | $38,663.22 |
| 17 | March 1, 2027 | $38,663.22 | $751.96 | $273.86 | $0.00 | $1,025.83 | $37,911.25 |
| 18 | April 1, 2027 | $37,911.25 | $757.29 | $268.54 | $0.00 | $1,025.83 | $37,153.97 |
| 19 | May 1, 2027 | $37,153.97 | $762.65 | $263.17 | $0.00 | $1,025.83 | $36,391.31 |
| 20 | June 1, 2027 | $36,391.31 | $768.05 | $257.77 | $0.00 | $1,025.83 | $35,623.26 |
| 21 | July 1, 2027 | $35,623.26 | $773.50 | $252.33 | $0.00 | $1,025.83 | $34,849.76 |
| 22 | August 1, 2027 | $34,849.76 | $778.97 | $246.85 | $0.00 | $1,025.83 | $34,070.79 |
| 23 | September 1, 2027 | $34,070.79 | $784.49 | $241.33 | $0.00 | $1,025.83 | $33,286.30 |
| 24 | October 1, 2027 | $33,286.30 | $790.05 | $235.78 | $0.00 | $1,025.83 | $32,496.25 |
| 25 | November 1, 2027 | $32,496.25 | $795.64 | $230.18 | $0.00 | $1,025.83 | $31,700.60 |
| 26 | December 1, 2027 | $31,700.60 | $801.28 | $224.55 | $0.00 | $1,025.83 | $30,899.32 |
| 27 | January 1, 2028 | $30,899.32 | $806.96 | $218.87 | $0.00 | $1,025.83 | $30,092.37 |
| 28 | February 1, 2028 | $30,092.37 | $812.67 | $213.15 | $0.00 | $1,025.83 | $29,279.70 |
| 29 | March 1, 2028 | $29,279.70 | $818.43 | $207.40 | $0.00 | $1,025.83 | $28,461.27 |
| 30 | April 1, 2028 | $28,461.27 | $824.23 | $201.60 | $0.00 | $1,025.83 | $27,637.04 |
| 31 | May 1, 2028 | $27,637.04 | $830.06 | $195.76 | $0.00 | $1,025.83 | $26,806.98 |
| 32 | June 1, 2028 | $26,806.98 | $835.94 | $189.88 | $0.00 | $1,025.83 | $25,971.03 |
| 33 | July 1, 2028 | $25,971.03 | $841.87 | $183.96 | $0.00 | $1,025.83 | $25,129.17 |
| 34 | August 1, 2028 | $25,129.17 | $847.83 | $178.00 | $0.00 | $1,025.83 | $24,281.34 |
| 35 | September 1, 2028 | $24,281.34 | $853.83 | $171.99 | $0.00 | $1,025.83 | $23,427.51 |
| 36 | October 1, 2028 | $23,427.51 | $859.88 | $165.94 | $0.00 | $1,025.83 | $22,567.62 |
| 37 | November 1, 2028 | $22,567.62 | $865.97 | $159.85 | $0.00 | $1,025.83 | $21,701.65 |
| 38 | December 1, 2028 | $21,701.65 | $872.11 | $153.72 | $0.00 | $1,025.83 | $20,829.54 |
| 39 | January 1, 2029 | $20,829.54 | $878.28 | $147.54 | $0.00 | $1,025.83 | $19,951.26 |
| 40 | February 1, 2029 | $19,951.26 | $884.51 | $141.32 | $0.00 | $1,025.83 | $19,066.76 |
| 41 | March 1, 2029 | $19,066.76 | $890.77 | $135.06 | $0.00 | $1,025.83 | $18,175.99 |
| 42 | April 1, 2029 | $18,175.99 | $897.08 | $128.75 | $0.00 | $1,025.83 | $17,278.91 |
| 43 | May 1, 2029 | $17,278.91 | $903.43 | $122.39 | $0.00 | $1,025.83 | $16,375.47 |
| 44 | June 1, 2029 | $16,375.47 | $909.83 | $115.99 | $0.00 | $1,025.83 | $15,465.64 |
| 45 | July 1, 2029 | $15,465.64 | $916.28 | $109.55 | $0.00 | $1,025.83 | $14,549.36 |
| 46 | August 1, 2029 | $14,549.36 | $922.77 | $103.06 | $0.00 | $1,025.83 | $13,626.59 |
| 47 | September 1, 2029 | $13,626.59 | $929.30 | $96.52 | $0.00 | $1,025.83 | $12,697.29 |
| 48 | October 1, 2029 | $12,697.29 | $935.89 | $89.94 | $0.00 | $1,025.83 | $11,761.40 |
| 49 | November 1, 2029 | $11,761.40 | $942.52 | $83.31 | $0.00 | $1,025.83 | $10,818.88 |
| 50 | December 1, 2029 | $10,818.88 | $949.19 | $76.63 | $0.00 | $1,025.83 | $9,869.69 |
| 51 | January 1, 2030 | $9,869.69 | $955.92 | $69.91 | $0.00 | $1,025.83 | $8,913.77 |
| 52 | February 1, 2030 | $8,913.77 | $962.69 | $63.14 | $0.00 | $1,025.83 | $7,951.08 |
| 53 | March 1, 2030 | $7,951.08 | $969.51 | $56.32 | $0.00 | $1,025.83 | $6,981.58 |
| 54 | April 1, 2030 | $6,981.58 | $976.37 | $49.45 | $0.00 | $1,025.83 | $6,005.20 |
| 55 | May 1, 2030 | $6,005.20 | $983.29 | $42.54 | $0.00 | $1,025.83 | $5,021.91 |
| 56 | June 1, 2030 | $5,021.91 | $990.25 | $35.57 | $0.00 | $1,025.83 | $4,031.66 |
| 57 | July 1, 2030 | $4,031.66 | $997.27 | $28.56 | $0.00 | $1,025.83 | $3,034.39 |
| 58 | August 1, 2030 | $3,034.39 | $1,004.33 | $21.49 | $0.00 | $1,025.83 | $2,030.06 |
| 59 | September 1, 2030 | $2,030.06 | $1,011.45 | $14.38 | $0.00 | $1,025.83 | $1,018.61 |
| 60 | October 1, 2030 | $1,018.61 | $1,018.61 | $7.22 | $0.00 | $1,025.83 | $0.00 |
Formula
P = loan amount, r = monthly rate (APR / 12), n = total months
Understanding Personal Loan Calculators: Your Complete Guide to Smart Borrowing
Personal loans are versatile financial tools that can help you consolidate debt, finance major purchases, cover unexpected expenses, or fund home improvements. Whether you're considering a personal loan from Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, or Bankrate, understanding how much you'll pay over the life of the loan is crucial for making informed financial decisions. A free personal loan calculator becomes an invaluable resource in this process.
A personal loan calculator helps you estimate your monthly payment, total interest costs, and repayment schedule before you commit to borrowing. By entering basic information such as loan amount, interest rate, and loan term, you can instantly see how different loan options compare and determine which arrangement works best for your financial situation. Personal loan calculators with extra payments and amortization features provide even more detailed insights into your borrowing costs.
What Is a Personal Loan Calculator?
A personal loan calculator is an online financial tool that computes your monthly loan payment, total interest, and overall loan cost based on the principal amount, annual interest rate, and loan term. These calculators are widely used by borrowers to compare loan offers from different banks and financial institutions. Whether you're using a personal loan calculator Navy Federal, personal loan calculator Wells Fargo, personal loan calculator Chase, personal loan calculator Citibank, personal loan calculator Credit Union, personal loan calculator USAA, personal loan calculator SoFi, personal loan calculator SBI, personal loan calculator HDFC, or personal loan calculator Bankrate, these tools help you understand the true cost of borrowing.
For example, if you're considering a $50,000 personal loan at an 8.5% annual interest rate over 5 years (60 months), a personal loan calculator will show you exactly how much you'll pay each month, how much of that payment goes toward interest versus principal, and the total amount you'll repay over the loan's lifetime. A personal loan calculator with amortization provides a detailed month-by-month breakdown of your payment schedule.
How Personal Loan Calculators Work
Personal loan calculators use the standard amortization formula to determine monthly payments. The calculation is based on the following formula:
Where: P = principal (loan amount), r = monthly interest rate (annual rate ÷ 12), n = number of total payments (loan term in months)
This formula ensures that each payment is calculated to pay off both interest and principal in equal installments over the loan term. Understanding this calculation helps you see how different factors—such as interest rate changes or loan term adjustments—affect your monthly payment and total cost.
Key Features of Personal Loan Calculators
- Basic Loan Calculation
Most personal loan calculators allow you to input loan amount, annual interest rate, and loan term to calculate your monthly payment. This basic functionality helps you quickly estimate whether a loan is affordable for your budget.
- Personal Loan Calculator with Extra Payments
One of the most valuable features is the ability to calculate how extra payments affect your loan. A personal loan calculator with extra payments shows you how making additional payments—either monthly or as a one-time lump sum—can reduce your total interest paid and shorten your loan term. For instance, if you receive a bonus or tax refund, you can use this feature to see how much you'll save by applying it to your loan. This feature is available in calculators from Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, and Bankrate.
- Personal Loan Calculator Monthly Payment
The core function of any personal loan calculator is to determine your monthly payment amount. A personal loan calculator monthly payment feature helps you understand exactly how much you'll need to budget each month. This is crucial when comparing offers from different lenders like Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, and Bankrate.
- Personal Loan Calculator with Amortization
A personal loan calculator with amortization provides a detailed month-by-month breakdown showing how much of each payment goes toward principal versus interest. This helps you understand how your loan balance decreases over time and how interest costs are distributed throughout the loan term. The amortization schedule is essential for understanding the long-term financial impact of your loan.
Regional Personal Loan Calculators
Personal loan calculators are available for various regions, each tailored to local banking practices and interest rate environments:
- Personal Loan Calculator India: Tailored for Indian borrowers, these calculators consider rupee amounts, Indian interest rate structures, and local loan terms. A personal loan calculator India is useful for comparing personal loans from Indian banks like SBI and HDFC, NBFCs (Non-Banking Financial Companies), and digital lenders. These calculators help you understand EMI calculations and repayment schedules specific to the Indian market.
- Personal Loan Calculator USA: For American borrowers, these calculators account for USD amounts and US banking practices. They help you compare personal loan options from US banks and credit unions, including Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, and Bankrate. These calculators are designed to work with US interest rate structures and loan terms.
Bank-Specific Personal Loan Calculators
Many banks offer their own personal loan calculators on their websites, customized to their specific loan products and interest rates. Using bank-specific calculators helps you get accurate estimates for their loan products:
- Personal Loan Calculator Navy Federal: Navy Federal Credit Union provides a personal loan calculator that reflects their current interest rates and loan terms. A personal loan calculator Navy Federal helps members estimate payments for Navy Federal personal loans, which often offer competitive rates for military members and their families.
- Personal Loan Calculator Wells Fargo: Wells Fargo's personal loan calculator allows you to estimate payments for their personal loan offerings. A personal loan calculator Wells Fargo helps you understand the costs associated with Wells Fargo personal loan products and compare them with other lenders.
- Personal Loan Calculator Chase: Chase provides a personal loan calculator that helps potential borrowers estimate monthly payments and total costs. A personal loan calculator Chase helps you understand repayment terms for Chase personal loan products and compare them with other options.
- Personal Loan Calculator Citibank: Citibank offers personal loan calculators for their loan products. A personal loan calculator Citibank helps you estimate monthly payments and total costs for Citibank personal loans, allowing you to compare their offerings with other lenders.
- Personal Loan Calculator Credit Union: Credit unions often offer competitive personal loan rates. A personal loan calculator Credit Union helps you estimate payments for credit union personal loans, which may have lower interest rates than traditional banks.
- Personal Loan Calculator USAA: USAA provides personal loan calculators for their members. A personal loan calculator USAA helps military members and their families estimate payments for USAA personal loan products, which often feature competitive rates and flexible terms.
- Personal Loan Calculator SoFi: SoFi offers online personal loan calculators for their digital lending products. A personal loan calculator SoFi helps you estimate payments for SoFi personal loans, which are known for competitive rates and no fees.
- Personal Loan Calculator SBI: State Bank of India provides personal loan calculators for Indian borrowers. A personal loan calculator SBI helps you estimate EMI and total costs for SBI personal loans, which are popular among Indian borrowers.
- Personal Loan Calculator HDFC: HDFC Bank offers personal loan calculators for their loan products. A personal loan calculator HDFC helps Indian borrowers estimate payments for HDFC personal loans and compare them with other options.
- Personal Loan Calculator Bankrate: Bankrate provides comprehensive personal loan calculators that allow you to compare rates from multiple lenders. A personal loan calculator Bankrate helps you find the best personal loan rates and terms by comparing offers from various banks and financial institutions.
Benefits of Using a Personal Loan Calculator
- Budget Planning: Calculate your monthly payment before applying to ensure it fits your budget.
- Compare Loan Offers: Use a personal loan calculator compare feature to evaluate multiple loan options side-by-side.
- Understand Total Cost: See not just your monthly payment, but the total amount you'll pay over the loan's lifetime, including all interest.
- Plan Extra Payments: Use a personal loan calculator with extra payments to see how additional payments can save you money and time. This feature is available in calculators from Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, and Bankrate.
- Negotiate Better Terms: Armed with calculator results, you can negotiate with lenders or compare offers more effectively. Whether you're working with Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, or Bankrate, having accurate calculations helps you make informed decisions.
- Avoid Surprises: Understand exactly what you're committing to before signing any loan agreement. A personal loan calculator with amortization shows you the complete payment schedule.
Example Calculation
Let's say you're considering a $50,000 personal loan:
- Loan Amount: $50,000
- Annual Interest Rate: 8.5%
- Loan Term: 5 years (60 months)
Using a personal loan calculator, your monthly payment would be approximately $1,026. This means over 5 years, you'd pay about $11,560 in interest, for a total repayment of $61,560. A personal loan calculator monthly payment feature helps you see this breakdown instantly.
If you use a personal loan calculator with extra payments and decide to pay an additional $200 per month, you could pay off the loan in about 42 months instead of 60, saving approximately $2,800 in interest. This demonstrates the value of using a personal loan calculator with extra payments feature.
Factors That Affect Your Personal Loan
- Credit Score: Higher credit scores typically result in lower interest rates. This affects rates from all lenders, including Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, and Bankrate.
- Loan Amount: Larger loans may have different interest rates than smaller ones.
- Loan Term: Longer terms mean lower monthly payments but higher total interest costs.
- Interest Rate: Even small differences in interest rates can significantly impact your total cost. Comparing rates from Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, and Bankrate can help you find the best deal.
- Lender: Different banks and financial institutions offer varying rates and terms. Using a personal loan calculator Bankrate or calculators from specific lenders helps you compare options effectively.
How to Use a Personal Loan Calculator
- Select your country (USA or India) to get region-specific rates.
- Optionally choose a specific bank (Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, or Bankrate) to see their default rates.
- Enter your desired loan amount.
- Input the annual interest rate offered by your lender (or use the default rate from your selected bank).
- Select your preferred loan term (typically 12 to 84 months, depending on the lender).
- If available, add extra payment amounts using the personal loan calculator with extra payments feature to see how they affect your loan.
- Review your monthly payment, total interest, and total repayment amount.
- Use the personal loan calculator with amortization to see the detailed payment schedule.
- Compare different scenarios by adjusting the inputs to find the best option for your situation.
Tips for Using Personal Loan Calculators Effectively
- Use current interest rates from lenders when possible. Rates can change, so check with banks like Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, or Bankrate for their latest offers.
- Consider all costs, not just the monthly payment. A lower monthly payment might mean a longer term and higher total interest.
- Use the personal loan calculator with extra payments feature to see how making additional payments can save money.
- Compare multiple loan offers using the calculator to find the most cost-effective option. A personal loan calculator Bankrate can help you compare rates from multiple lenders.
- If you're in India, use a personal loan calculator India that accounts for rupee amounts and local banking practices. For US borrowers, use calculators that work with USD and US interest rate structures.
- Export your payment schedule using the CSV export feature to keep records of your calculations.
Conclusion
A free personal loan calculator is an essential tool for anyone considering borrowing money. Whether you're comparing offers from Navy Federal, Wells Fargo, Chase, Citibank, Credit Union, USAA, SoFi, SBI, HDFC, Bankrate, or other lenders, these tools help you make informed financial decisions.
By understanding your monthly payment, total interest costs, and repayment schedule through a personal loan calculator with amortization, you can choose the loan option that best fits your financial situation. The ability to calculate extra payments and compare different loan scenarios makes personal loan calculators invaluable for smart borrowing decisions.
Before committing to any personal loan, take the time to use a free personal loan calculator to explore different options. Whether you're using a personal loan calculator Navy Federal, personal loan calculator Wells Fargo, personal loan calculator Chase, personal loan calculator Citibank, personal loan calculator Credit Union, personal loan calculator USAA, personal loan calculator SoFi, personal loan calculator SBI, personal loan calculator HDFC, or personal loan calculator Bankrate, this simple step can help you save thousands of dollars in interest and find a loan that works best for your budget and financial goals.