Model a personal loan payment, interest cost, origination fee, and extra-payment strategy. Review the yearly amortization schedule and compare the result with the disclosed APR and terms in your lender's offer.
Payment summary
Monthly payment
$391.34
48-month term
Total interest
$3,784
Over the life of the loan
Total repaid
$18,784
Principal plus interest
Payoff time
4 yr 0 mo
At the scheduled payment
Amortization by year
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| Year 1 | $3,133 | $1,563 | $11,867 |
| Year 2 | $3,513 | $1,183 | $8,355 |
| Year 3 | $3,939 | $757 | $4,416 |
| Year 4 | $4,416 | $280 | $0 |
How this calculator works
The monthly payment uses the standard fixed-rate amortization formula on the financed balance. When the origination fee is deducted up front you repay the full loan amount but receive less cash; when it is financed, the fee is added to the balance and increases both the payment and total interest.
Extra payments are applied to principal each month. The schedule recomputes interest on the reduced balance, which is where the interest savings and shorter payoff come from. Results assume a fixed rate and on-time payments; they do not model late fees, deferments, or variable-rate products.
This educational estimate is not financial advice. This input is the note interest rate because origination fees are modeled separately; compare lender offers using their disclosed APR, which incorporates required finance charges.
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