FizzyTools
Personal loan calculator
See the payment and real cost of a personal loan with its fees, and compare up to three offers. Free, and your numbers never leave your device.
How it works
- 1Enter your loanAmount, yearly rate and term. Or solve for the amount, term or rate.
- 2See the real costPayment, total interest, payoff date and the full schedule, as you type.
- 3Try what-ifsExtra payments, rate changes or another offer, then copy, print or share.
How it's worked out
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan, r the rate per payment (the yearly rate ÷ 100 ÷ payments a year) and n the number of payments.
- Each payment first pays the interest on what you still owe (balance × r, rounded to the cent or paisa); the rest repays the loan.
- The last payment clears what is left, so it can differ from the others by a little, as on a real loan.
- Payments at the start of each period: the payment ÷ (1 + r). A balloon: (P × (1 + r)ⁿ − balloon) × r ÷ ((1 + r)ⁿ − 1).
- A flat rate charges loan × rate × years as interest; the schedule splits it by the reducing-balance rate it equals.
- Rate with fees: the yearly rate at which your payments repay the amount you actually receive after fees (the actuarial method).
Sources: the standard amortization formula and annuity due; the actuarial method of US Regulation Z, Appendix J. Interest per payment = yearly rate ÷ payments a year.
Questions
How do fees change a personal loan’s cost?
Fees taken from the loan mean you receive less but repay the full amount. “Rate with fees” shows that cost as a yearly rate, so offers with different fees can be compared.
Is a flat rate the same as an APR?
No. A flat rate charges interest on the full loan for the whole term. Switch the interest type to Flat rate to see the reducing-balance rate it equals.
How is the monthly payment calculated?
With the standard formula P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan, r the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of payments. $25,000 at 7% for 5 years is $495.03 a month.
Why is most of my early payment interest?
Interest is charged on what you still owe, which is highest at the start. As the balance falls, more of each payment goes to the loan itself.
How much do extra payments save?
Every extra amount goes straight to the balance, so you pay no more interest on it. On ₹30 lakh at 8.5% for 20 years, ₹1 lakh extra once a year finishes the loan in under 12 years. Check your loan agreement for prepayment or foreclosure charges.
Should I lower my payment or finish sooner after a prepayment?
Finishing sooner (keeping the payment) saves more interest; lowering the payment eases your monthly budget. The calculator shows both.
What is the difference between a flat rate and a reducing-balance rate?
A flat rate charges interest on the full loan for the whole term, even as you repay it. A 10% flat rate over 3 years costs about the same as 17.9% on a reducing balance.
What does “rate with fees” mean?
The yearly rate at which your payments repay the money you actually receive after fees. It shows the cost of fees as a rate. Your lender's official APR may include other charges.
What happens when a floating rate changes?
Usually the bank keeps your payment and changes the number of payments left; some change the payment instead. Add the change on the Rate changes tab to see both.
Why is my bank's figure slightly different?
Lenders may count interest by days, round the payment up, charge fees or start with a part-period. The calculator uses the standard monthly method, so small differences are normal. Estimates only: this isn't a loan offer or financial advice.
Can I see the schedule by financial year?
Yes. The schedule groups payments by calendar year or by the Indian financial year (April to March). Download it as a CSV file for Excel or Google Sheets.
Are my numbers sent anywhere?
No. Everything is worked out in your browser. A shared link carries the numbers after a #, a part of the link that browsers don't send to servers.