Personal Loan Calculator

Monthly Payment: —

How the Calculator Works

Enter your loan amount, interest rate (APR), and loan term in years or months.

Our tool uses the standard installment-loan formula to calculate the monthly payment and total interest over the full term.

Formula:
M = P × [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]

Where:

  • M = monthly payment
  • P = principal loan amount
  • r = monthly interest rate (APR ÷ 12)
  • n = total months

It also displays the total repayment amount (principal + interest).

Formula & Explanation

Personal loans are typically unsecured, meaning no collateral is required. Because of this, interest rates can vary widely (6%–36%). The calculator helps you see exactly how different rates or terms affect your budget and total cost.

Example Calculation

Loan amount: $10,000
Rate: 12% APR
Term: 3 years (36 months)
→ Monthly payment ≈ $332
→ Total repaid ≈ $11,952
→ Total interest ≈ $1,952

How to Use This Tool

  1. Enter loan amount, interest rate, and term.
  2. Click Calculate to see monthly payment and total interest.
  3. Adjust the term or rate to compare offers.
  4. Optionally test extra payments with the Loan Payoff Calculator.

Features & Benefits

  • Instantly shows monthly payment and total interest
  • Works for unsecured or secured loans
  • Helps you budget or compare lenders
  • Supports extra-payment analysis
  • 100% free and online

FAQs

Q1: Are personal loans fixed or variable?

A1: Most have fixed rates, but some lenders offer variable-rate options.

Q2: Can I repay early?

A2: Yes. Use our Loan Payoff Calculator to see how extra payments reduce interest.

Q3: What's the difference between APR and interest rate?

A3: APR includes fees; interest rate reflects only borrowing cost.

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