Enter the terms. See the payment, the total interest, and the first year of the schedule.
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Compare offers from vetted personal loan lenders — checking rates won't affect your credit score.
Compare loan offers →See if a consolidation loan could lower your combined interest rate.
See consolidation options →This tool uses the standard amortized-loan formula banks use to set a fixed monthly payment: a payment amount that stays the same every month, but where the mix of principal and interest inside it changes over time. Early payments are mostly interest; later ones are mostly principal.
Any amount you add above the required payment goes straight to principal. Because interest is calculated on the remaining balance each month, a smaller balance means less interest the following month too — which is why even a modest extra payment can shorten a loan by months or years and cut total interest by a meaningful amount.
Origination fees, prepayment penalties, and rate changes on variable-rate loans aren't factored in. If your loan has any of those, treat this as a starting estimate rather than the exact number your lender will quote.
It depends heavily on credit score, loan term, and lender. Rates for well-qualified borrowers are typically lowest; shorter terms and strong credit history usually bring the rate down further. Comparing multiple offers is the most reliable way to know what's good for your situation.
On a standard amortized loan with no prepayment penalty, yes — extra payments reduce the principal balance faster, which reduces the interest charged in every subsequent month. Check your loan agreement for prepayment penalties first.
Interest is charged on the outstanding balance, which is largest at the start of the loan. As the balance shrinks, less of each payment goes to interest and more goes to principal — this is normal amortization behavior, not an error.