Personal Loan Calculator

Use this personal loan calculator to estimate a fixed monthly payment and the total cost of an installment loan. It uses loan amount, interest rate, and loan term to show monthly payment, total payment, total interest, interest share, and number of payments.

How to use this calculator

Enter the loan amount, annual interest rate, and loan term in years. The form is designed for fixed-rate loans repaid monthly. Compare several loan terms to see whether a lower payment is worth the extra total interest.

Formula

For loans with interest, the monthly payment is:

$payment = P \times r \times (1 + r)^n \div ((1 + r)^n - 1)$

P is the loan amount, r is the monthly rate, and n is the number of months. With a zero rate, the payment is principal divided by months.

Worked example

A 25,000 dollar personal loan at 9.5 percent for 5 years has 60 monthly payments. The estimated payment is about 525 dollars per month, total paid is about 31,501 dollars, and total interest is about 6,501 dollars.

Interpreting the result

The interest share shows how much of all payments goes to interest rather than principal. For broader borrowing comparisons, use the loan calculator, auto loan calculator, or debt-to-income calculator. If you are comparing saving instead of borrowing, see the savings goal calculator.