Estimate a dash of cash loan payment

The calculator uses standard amortization. It takes the amount, APR and term you enter, then finds one fixed monthly payment that covers each month's interest and pays the balance down to zero by the final month.

Amortization sounds technical, but the idea behind most personal loans is simple. Your APR is divided by 12 to get a monthly rate. Each month, interest is charged at that rate on whatever balance is still unpaid. Whatever is left of your payment after interest goes toward the balance itself, which is called principal.

Because the balance is largest at the start, early payments are mostly interest and later payments are mostly principal. The payment amount never changes on a fixed-rate personal loan; only the split between interest and principal shifts as the months go by.

A worked example from the first two months

Take the representative example: $2,000 borrowed for 24 months at 24.99% APR, with an estimated payment of $106.73. The monthly rate is 24.99% divided by 12, or about 2.08%. In month one, interest is $2,000 × 0.2499 ÷ 12 = $41.65, so $65.08 of the payment reduces the balance, leaving $1,934.92.

In month two, interest is charged on $1,934.92 instead of $2,000, so it drops to about $40.30 and slightly more of the same $106.73 goes to principal. By the last few payments, nearly the whole $106.73 is principal, and the final one brings the balance to zero.

The calculator repeats that logic for you in four quick steps:

1. Convert the APR to a monthly rate by dividing it by 12.
2. Solve for the single payment that clears the balance over the number of months you picked.
3. Multiply that payment by the number of months to get the estimated total repaid.
4. Subtract the amount borrowed from that total to show the estimated interest.

Your result shows an estimated monthly payment, the estimated total you would repay and the estimated interest cost. The monthly figure tells you whether the personal loan fits your budget; the total and interest figures tell you what the money really costs.

• Monthly payment: the fixed amount due each month for the whole term, before any fees a lender may add.
• Total repaid: the monthly payment multiplied by the number of months. For the representative example, $106.73 × 24 = $2,561.52.
• Total interest: total repaid minus the amount borrowed. In the same example, $2,561.52 − $2,000 = $561.52.

A useful habit is to test the monthly payment against a real month of your budget rather than an average one. If rent, a car payment and utilities all land in the first week, ask whether $106.73 still fits after those bills clear. Many lenders also review your debt-to-income ratio and look for one under roughly 36% to 43%, so a new payment stacked on existing debts can matter for approval as well as for comfort.

People comparing dash of cash options often stop at the monthly figure, but the total interest is the real price of borrowing. Paying $561.52 to spread $2,000 over two years may be reasonable for a furnace repair that keeps a home livable through winter. The same price is harder to justify for a purchase that could wait a few months while you save, and the calculator makes that trade-off visible before you commit to anything.

The calculator assumes no fees. Real offers may include an origination fee, late fees or returned-payment fees, and some lenders deduct the origination fee from the money you receive, so read every offer's fee section before accepting.

• Origination fee: a one-time charge some lenders take out of the loan amount. As simple arithmetic, a hypothetical 5% fee on $2,000 would be $100, so you would receive $1,900 but still repay the full $2,000 plus interest.
• Late fees: charged if a payment arrives after the due date or grace period; amounts vary by lender and state.
• Returned-payment fees: charged if an automatic payment bounces because the account is short that day.
• Prepayment terms: many personal loans carry no penalty for paying early, but confirm that in the agreement rather than assume it.

A quoted APR is meant to reflect interest plus certain required fees, which is why APR is a better comparison tool than the interest rate alone. If an offer includes an origination fee, think about the cash you actually need after the fee comes out, then run the calculator again with that figure in mind so the estimate matches what lands in your account.

Every number on this page is an estimate, not an offer. Only a lender's written offer shows your actual APR, payment, fees and total cost.

Once you have a monthly payment that fits, check the amount guide closest to your need, compare typical rates and decide whether to send a request. Running the calculator does not share any information with lenders.

1. Settle on the smallest amount that covers the expense. For a repair quote near a thousand dollars, our $1,000 loan guide walks through term options at that size.
2. For a bigger cost such as a furnace or two overdue bills, the $2,000 loan guide shows how payments shift across APRs and terms.
3. Test two or three APRs so you see a likely range rather than one number.
4. When you are ready, our personal loan request form is free to use and creates no obligation to accept an offer.
5. Compare each offer's APR, fees, monthly payment and total cost against your estimate before you sign anything.

If you came here after searching for a dash of cash loan to cover a sudden bill, the calculator is a sensible first stop: it shows what a fixed monthly payment would look like before anyone reviews your credit. Lenders in our network decide whether to make an offer, terms vary by lender and state, and not every request is approved.