Debt & Loans
Loan Payment Calculator
Any amount, any rate, any term — the monthly payment, the total interest, and the date it's gone. Works for personal loans, medical bills, family debts.
- Principal — the loan itself$10,000
- Total interest$2,748
Fixed rate, level monthly payment, no origination fees. Dates count from July 2026.
How it works
Every fixed loan runs on the same amortization math, whether it's a personal loan, a medical bill on a payment plan, or money you owe family and want to retire on a schedule. Each month, one-twelfth of the annual rate lands on the remaining balance as interest; your payment covers that interest and puts the rest toward principal. The payment is sized so the balance hits exactly zero on the last month of the term.
At the defaults — $10,000 at 10% for 5 years — that works out to $212 a month. Over 60 payments you hand over $12,748 in total: the $10,000 you borrowed plus $2,748 in interest, done in Jul 2031. The donut shows that split at a glance, and it's the picture worth staring at before signing anything: the red wedge is the price of the money, and it grows with both the rate and the term.
The term slider is the honest experiment to run. A shorter term means a higher payment but a smaller red wedge; a longer term does the opposite. There's no universally right answer — it depends on what your monthly budget can absorb — but the trade should be a decision you made looking at both numbers, not a default someone else picked. ClariFi tracks loans like this as liabilities in your net worth, so the payoff progress shows up in the number that actually matters.
The formula
payment = amount × r / (1 − (1 + r)^−n) r = rate/1200 · n = years × 12
total interest = payment × n − amount
Example: $10,000 at 10% for 5 years
→ $212/mo · $2,748 interest · $12,748 repaid · done Jul 2031
Honest assumptions
- Fixed rate and a level payment for the whole term — standard amortization, no variable-rate resets.
- No origination fees. Some personal loans deduct one before the money reaches you; if yours does, your effective cost is higher than this page shows.
- 10% is an example rate, not an offer or a prediction — real quotes vary widely with credit history, income, term, and lender. Type the rate you were actually quoted.
- No taxes are modeled — interest on personal loans generally isn't deductible, but this page doesn't model tax treatment either way.
- This page is arithmetic, not underwriting.
Questions people ask
Is a personal loan better than leaving the debt on a credit card?
The structural difference is the term: a loan has an end date baked in, while a card's minimum payment is designed to stretch forever. Personal-loan rates also often come in below credit-card APRs, though this page can't know what you'd actually be quoted. The fair comparison is to run your balance here at a quoted loan rate, run the same balance in the credit card payoff calculator at your card's APR, and compare the two total-interest numbers.
What does a shorter term actually save?
At the defaults, dropping the slider from 5 years to 3 raises the payment from $212 to about $323 — and cuts total interest from $2,748 to roughly $1,600. That's over $1,100 saved for a payment about $111 a month higher. The pattern holds at any size: the interest wedge scales with how long the balance lives. Slide the term and watch the donut, not just the payment.
How do lenders decide what rate I get?
Mostly credit history, income and existing debt, the loan size and term — and each lender weighs those differently, which is why quotes for the same person can vary by several points. This page can't know your rate, and doesn't pretend to. The rate field is there so you can type real quotes as you collect them and see what each one costs in dollars rather than percentage points.
What happens if I pay extra each month?
On most fixed loans, extra payments go straight at the principal, which shortens the term and shrinks the total interest — the payment stays the same but the loan dies early. This page models the scheduled payment only; the debt payoff calculator simulates a balance month by month and shows exactly what an extra amount does to the date and the interest.
Related calculators
ClariFi makes tools, not advice. Nothing on this page is a recommendation to buy, sell, or sign anything.
In the app
ClariFi runs this math on your real accounts.
Connect your bank once and the numbers on this page compute themselves — live, private, every day. Free in TestFlight early access.
Get early accessiPhone only for now, iOS 17+. Tools, not advice.