Personal Loan Calculator
Estimate your monthly personal loan payment, total interest, and total repayment amount.
Personal Loan Cost Breakdown
About This Personal Loan Calculator
A personal loan can be used for many different purposes, including debt consolidation, home improvements, major purchases, and unexpected expenses. Before taking a loan, it is useful to understand both the monthly payment and the total amount you may repay. Our Personal Loan Calculator provides an easy way to estimate these figures using the loan amount, interest rate, and repayment term.
Enter the amount you want to borrow, the annual percentage rate, and the number of years you expect to take to repay the loan. The calculator uses a standard amortization formula to estimate the monthly principal and interest payment. It then calculates the estimated total repayment and total interest.
The interest rate can have a significant impact on the overall cost of borrowing. A lower APR can reduce both the monthly payment and total interest, while a higher APR can increase the cost. Similarly, extending the repayment period can reduce the monthly payment but may increase the total interest paid.
Personal loan offers can differ based on credit history, income, debt-to-income ratio, loan amount, lender requirements, and other factors. Some lenders may also charge origination fees or other costs. Those fees are not included in this basic calculator unless they are incorporated into the loan amount manually.
Use this calculator to compare different borrowing scenarios before applying. You can change the loan amount, APR, and term to see how each variable affects your estimated payment. The visual chart also helps you compare the original amount borrowed with the estimated interest cost.
This calculator is designed for general educational and planning purposes. It does not guarantee approval, a specific interest rate, or a specific loan offer from any lender.