Personal Loan CalculatorFree online financial calculator — instant results, no sign-up
Monthly payment on a personal loan.
Estimates only, based on the inputs and assumptions shown. This is not financial, investment, tax, or legal advice. Prices, rates and local rules may change; crypto scenarios do not predict returns. Confirm important decisions with a qualified professional.
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About the Personal Loan Calculator
This calculator determines the fixed monthly payment, total lifetime cost, and overall interest for an unsecured or secured personal loan. Borrowers can use it to evaluate loan offers, plan monthly budgets, and compare different loan terms. It models a standard fixed-rate, fully amortizing loan schedule.
- Loan amount
- The total principal amount borrowed, expressed in dollars (typically $1,000 to $100,000).
- APR
- The annual percentage rate charged on the loan, entered as a percentage (typically 5% to 36%).
- Term
- The length of the repayment period in years (typically 1 to 7 years).
Formula and method
r = APR / 1200 n = Term × 12 M = P × (r × (1 + r)^n) / ((1 + r)^n − 1) Total of payments = M × n Total interest = Total of payments − P
- PLoan principal amount
- APRAnnual percentage rate
- rPeriodic monthly interest rate (APR expressed as a decimal divided by 12)
- nTotal number of monthly payment periods
- MFixed monthly payment
The tool converts the term in years into monthly periods and the annual percentage rate into a monthly decimal rate. It applies standard fixed-rate amortization to calculate the monthly payment, then multiplies by the number of months to obtain the total payments and subtracts principal to find total interest.
Worked example
These are the calculator's starting values and the results it actually produces for them.
Inputs
- Loan amount15000 $
- APR11 %
- Term4
Results
- Monthly payment$387.68
- Total of payments$18,608.78
- Total interest$3,608.78
How to use the Personal Loan Calculator
- 1Multiply the loan term in years by 12 to find the total number of monthly payments (n).
- 2Divide the APR by 1,200 to convert the annual percentage rate into a monthly decimal interest rate (r).
- 3Apply the standard annuity formula to calculate the fixed monthly payment (M).
- 4Multiply the monthly payment by n to obtain the total of payments, and subtract the original loan amount to get total interest.
Reading your result
The monthly payment reflects the recurring amount required to pay off the debt on schedule. Total of payments is the full amount transferred to the lender over the loan life. Total interest reveals the financing premium paid above the original borrowed amount.
Limitations
The calculation does not factor in upfront origination fees, which lenders often deduct from the disbursed cash. It also excludes prepayment discounts, late fees, credit insurance, or variable-rate adjustments.
Common questions
How does choosing a longer loan term affect personal loan costs?+
A longer term spreads repayment over more months, lowering the individual monthly payment, but increases the total interest paid over the life of the loan.
Does this calculation include upfront origination fees?+
No. Many personal lenders deduct an origination fee (typically 1% to 8%) directly from the disbursed loan proceeds, which reduces net cash received without reducing the repayment balance.
Can I pay off a personal loan early to reduce interest?+
Yes, on loans without prepayment penalties. Because interest is charged monthly on the remaining principal balance, making extra principal payments reduces the total interest owed.
Does the calculator save my information?+
Calculations run in your browser. While signed in, inputs and results are automatically recorded in account history; saving a result creates a separate saved record.
Further reading
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Results are estimates for informational purposes and are not financial, medical or legal advice.