How to Use the Loan Calculator
Three sliders, instant answers. Set the amount you want to borrow ($200–$5,000), the APR that matches your credit profile, and your preferred term (12–60 months). The panel updates live with your fixed monthly payment, total interest, payoff date, and a month-by-month amortization schedule.
Because Discover personal loans have no origination fees, no prepayment penalties, and no late fees, the numbers above are your complete cost — nothing gets added on top.
The Math Behind the Numbers
This is standard amortization: each payment covers that month's interest first, and everything else reduces principal. Early payments are interest-heavy; later payments are principal-heavy — exactly what the schedule table shows.
Reading Your Results Like a Pro
- Monthly payment — must fit comfortably in your budget. A good rule: keep all debt payments under 36% of gross monthly income.
- Total interest — the true cost of borrowing. Watch how dramatically it drops when you shorten the term.
- Principal vs interest bar — the orange share is money that comes back to you as paid-off debt; the gray share is the cost of the loan.
- Debt-free date — fixed and guaranteed. Unlike credit card minimums, this date never moves (except earlier, if you prepay).
Three Levers That Lower Your Payment or Cost
Borrow only what you need
Discover loans start at $200 — every $500 less you borrow saves roughly $35–$130 in interest depending on term and rate.
Shorten the term if cash flow allows
Moving a $3,000 loan from 60 to 36 months raises the payment about $33 but cuts total interest nearly in half.
Improve your APR before applying
Paying card balances below 30% utilization and fixing report errors can move you a full credit tier — worth several percentage points.
Comparing debt payoff options instead? The Debt Payoff Calculator shows credit-card-vs-loan savings side by side, and the rates & terms page lists every published figure.