I have a small personal loan ($3000 remaining).

The current interest is about 15% (per year???, charged monthly) but I also have to pay a monthly service fee ($10).

My current weekly repayments are set to what I chose at the start of the loan, and at this rate it will take about another year to fully repay the loan.

I want to repay my loan by a certain date (April 30th 2020), and I want to know how much my repayment needs to be to pay it back by that date.

I've tried some loan calculator websites, but I haven't found one that allows me to enter the monthly service fee ($10) into the calculation.

How can I calculate it (what is the formula? or where can I find a personal loan calculator that can do it for me?), and what does my weekly repayment need to be to pay back by that date?

I know there are some other factors such as these:

  1. It's a variable-rate loan, so the interest % might change
  2. There are fees payable if I go over the yearly repayment threshold
  3. Depending on my personal financial situation, it might make more sense not to increase the repayments

But I'm happy to ignore them because it's such a low amount and I'm just looking for a ballpark weekly repayment amount to pay it back within about 4 months

  • 3
    Calculate the payment amount using principle & interest, then just add the $10 service fee to the payment.
    – jamesqf
    Dec 22, 2019 at 3:08
  • 1
    @jamesqf exactly. The service fee impacts your (OP's) checking account, but not the payment schedule.
    – RonJohn
    Dec 22, 2019 at 3:15
  • If this is a fixed term loan that you're hoping to pay off before it's actual due date, please make sure you talk to your bank about how to apply the extra funds they receive each month (above the normal payment). You want to be sure those are applied to principal, not to future payments.
    – dwizum
    Dec 23, 2019 at 14:13

2 Answers 2


If you have Excel or LibreOffice Calc, use the =PMT() function. I calculate that your five (starting this month!!) monthly payments -- including the $10 fee -- to be $632.69.

By starting in January, there are four payments, so your monthly amount would be $783.58.

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Calculating the EMI amount for a personal loan is a complicated procedure involving multiple variables. It can be troublesome to compute for individuals who are not well acquainted with the minute details of EMI calculation.

A personal loan calculator here can be immensely helpful in such situations. The best way to calculate and determine EMIs is by using a personal loan EMI calculator. You can plan your repayment strategy beforehand thereby saving time/money that could be otherwise be used productively.

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