$20,000 Loan at 7%: $396/mo over 5 Years
Monthly Payment
$396
Total Interest
$3,761
Total Cost
$23,761
Principal: $20,000
Total Interest: $3,761
A $20,000 personal loan at 7% over 5 years costs $396/month. Total interest: $3,761, total repaid: $23,761. Free loan calculator.
Full interactive calculator
Customize all parameters, compare scenarios, export PDF/CSV
Frequently asked questions
How is a personal loan payment calculated?
A personal loan uses the same amortization formula as any fixed-rate loan: the monthly payment covers interest first, then principal, in proportions that shift over the term until the balance reaches zero.
What's the difference between a personal loan and a credit card?
A personal loan has a fixed rate, fixed term, and predictable monthly payment, while credit cards carry variable rates and revolving balances. For a fixed expense, a personal loan is usually cheaper and easier to plan.
How does the loan term affect the total cost?
A longer term lowers your monthly payment but increases the total interest you pay, since interest accrues over more months. A shorter term costs more each month but less overall.
Related calculators
More scenarios
⚠ For educational purposes only. Not financial, tax, or legal advice. Always consult a qualified professional before making financial decisions.