Know Your Payment
Before You Apply
Adjust loan amount, rate, and term. See your monthly payment and total cost instantly — including a full amortization schedule.
Personal Loan Calculator
Enter your loan details below. Results update as you type.
Enter a rate between 5.99% and 35.99%. See rate guide below.
Shorter term = higher payment, less total interest. Longer term = lower payment, more total interest.
Monthly Payment
$126.02
Month-by-Month Payment Schedule
Each payment is split between principal (reducing your balance) and interest (cost of borrowing). Early payments carry more interest; later payments carry more principal.
| Month | Payment | Principal | Interest | Balance |
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How to Read Your Calculator Results
Four numbers — here's what each one tells you and how to use it.
Monthly Payment
This is the fixed amount that leaves your bank account every month for the full loan term. It doesn't change — unlike a credit card minimum payment, which fluctuates. Budget test: Does this payment fit comfortably within your take-home pay? A rule of thumb is that your total monthly debt payments (including this loan) shouldn't exceed 40% of gross monthly income.
Total Amount Paid
This is the total cash that will leave your account over the life of the loan — principal plus all interest. It's the real cost of the money you're borrowing. Compare this against the alternative: if you put $2,500 on a credit card at 22% and paid the minimum (~$63/month), you'd pay $5,200+ before clearing the balance. A structured loan with a fixed term almost always costs less.
Total Interest
This is the cost of borrowing — the price the lender charges for the use of their money over time. Total Interest = Total Amount Paid minus Loan Amount. To reduce total interest: choose a shorter term, or pay extra each month. Every additional dollar you put toward principal early in the loan reduces the interest calculated on subsequent months.
APR vs. Interest Rate
APR (Annual Percentage Rate) includes the interest rate plus any fees charged, expressed as a single annual percentage. It's the most accurate cost comparison tool. Two loans with the same interest rate but different origination fees will have different APRs. Always compare APR, not just the interest rate, when evaluating competing loan offers. See our Rates & APR page for a full explanation.
Six Ways to Get a Better APR
A 5-percentage-point improvement in APR on a $3,000 loan saves you roughly $230 over 24 months. These steps can make that difference.
Improve Your Credit Score First
Even a 30-to-50-point improvement in your FICO score can move you from one APR tier to the next. Pay down revolving balances and dispute any errors before applying. This takes 60–90 days but can save hundreds of dollars in interest.
Lower Your DTI Ratio
Paying off a small existing loan or credit card balance before applying reduces your debt-to-income ratio. A DTI below 35% is viewed favorably by most lenders and can result in a lower rate offer.
Enroll in Autopay
Many lending partners offer a 0.25–0.50% APR reduction for borrowers who set up automatic monthly payments. It's the easiest discount available — and it also eliminates the risk of a late payment that would damage your credit score.
Choose a Shorter Term
Shorter repayment terms present less risk to lenders, which sometimes results in lower APR offers. A 12-month loan may carry a lower rate than the same amount over 36 months. Run the numbers in the calculator — the higher monthly payment may be worth it.
Show Stable Income
A longer employment history with the same employer — or consistently high self-employment income over 2+ years — makes you a more attractive borrower. Document income carefully. Inconsistency or gaps require explanation and can lead to higher rates.
Compare Multiple Offers
Rate shopping with a soft pull (like Vola Finance's pre-qualification) within a 14-to-45-day window may be treated as a single inquiry by credit bureaus. Compare at least two or three offers before accepting any. APR differences between lenders for the same profile can be 5–10 percentage points.