Personal Loan Payment Calculator
Estimate your monthly payments and total loan cost before you apply. Our free calculator helps you plan your finances with confidence.
Calculate Your Loan Payment
Adjust the sliders to see how different loan amounts and terms affect your monthly payment.
Your actual APR may vary based on creditworthiness
Example Payment Schedule
See how your loan balance decreases over time with a sample amortization schedule based on a $2,500 loan at 35.99% APR.
| Payment | Payment Amount | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| 1 | $247.09 | $172.09 | $75.00 | $2,327.91 |
| 2 | $247.09 | $177.25 | $69.84 | $2,150.66 |
| 3 | $247.09 | $182.57 | $64.52 | $1,968.09 |
| 4 | $247.09 | $188.05 | $59.04 | $1,780.04 |
| 5 | $247.09 | $193.69 | $53.40 | $1,586.35 |
| 6 | $247.09 | $199.50 | $47.59 | $1,386.85 |
| ... payments continue ... | ||||
| 11 | $247.09 | $232.54 | $14.55 | $252.25 |
| 12 | $247.09 | $244.52 | $7.57 | $0.00 |
This example is for illustration purposes only. Actual payment schedules will vary based on your approved loan terms.
Compare Different Loan Scenarios
See how different loan amounts and terms affect your monthly payment and total cost.
*All calculations based on representative APR of 35.99%. Your actual rate and terms may vary.
What is APR and Why Does It Matter
APR stands for Annual Percentage Rate, and it represents the total yearly cost of borrowing money, including interest and fees expressed as a percentage. Understanding APR helps you compare loan offers accurately and make informed borrowing decisions.
Unlike simple interest rates, APR includes all costs associated with the loan, giving you a complete picture of what you will pay. A lower APR means lower overall borrowing costs, while a higher APR means you will pay more in total for the same loan amount.
At Fig Loans, our APR ranges from 35.99% to 199.00% depending on your creditworthiness, loan amount, and term length. We always show you the exact APR for your loan offer before you accept, so there are never any surprises.
Factors That Affect Your APR
- Your credit history and score
- The loan amount you request
- The repayment term you choose
- Your income and debt-to-income ratio
Tips for Choosing the Right Loan Terms
Use these guidelines to select loan terms that work best for your financial situation.
Shorter Terms Save Money
A shorter loan term means higher monthly payments but significantly less interest paid overall. If you can afford higher payments, this option saves you money.
Longer Terms Ease Monthly Budget
A longer term spreads payments out, making each payment more manageable. This works well if you need breathing room in your monthly budget.
Borrow Only What You Need
While it might be tempting to borrow more, only borrow what you actually need. This keeps your payments and total costs lower.
Consider Your Total Budget
Make sure your monthly payment fits comfortably within your budget alongside other expenses. A good rule is keeping debt payments under 35% of income.
Ready to See Your Actual Rate?
The calculator gives estimates, but applying shows you exactly what you qualify for. Check your rate without affecting your credit score.
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