Estimate your monthly payment, total interest, and total repayment cost for any personal loan. Enter your loan amount, interest rate, and term below; the personal loan calculator updates instantly, right in your browser, with nothing sent to a server.
- Principal
- $0
- Total interest
- $0
- Total repaid
- $0
- Payoff time (with extra)
- —
This calculator gives estimates for informational purposes only and isn’t a loan offer. Actual payments depend on the lender, your credit profile, and fees such as origination charges.
How to Use the Personal Loan Calculator
- Enter your loan amount — the total amount you plan to borrow.
- Enter the interest rate (APR) — the annual percentage rate your lender is offering or one you want to test.
- Set your loan term — how many months you'll take to repay the loan.
- (Optional) Add an extra monthly payment — see how paying a bit more each month shortens your loan and cuts your total interest.
Your results update instantly, so feel free to adjust the numbers and compare different scenarios before you commit to anything.
What the Calculator Shows You
- Estimated monthly payment — what you'd pay each month for the life of the loan.
- Total interest — the total cost of borrowing, on top of what you originally borrowed.
- Total repaid — principal plus interest combined, i.e., the full amount you'll pay back.
- Payoff time with extra payments — if you add extra monthly payments, you'll see how much faster you pay off the loan and how much interest you save.
How Personal Loan Payments Are Calculated
Personal loans are typically repaid through amortization: fixed monthly payments where part of each payment goes toward interest and part goes toward reducing your principal balance. Early in the loan, more of your payment goes to interest. As the balance shrinks, more of each payment goes toward principal instead.
This calculator uses the standard amortization formula lenders rely on, based on:
- Principal — the loan amount
- Interest rate — your annual rate divided into a monthly rate
- Term — the total number of monthly payments
Use our Early Car Loan Payoff Calculator to see how much you can save by paying off your car loan early.
Tips for Getting a Better Loan Rate
- Check your credit report before applying, and fix any errors — your credit score is one of the biggest factors in the rate you're offered.
- Compare multiple lenders. Rates and fees can vary significantly between banks, credit unions, and online lenders for the same loan amount and term.
- Consider a shorter term. Shorter loans usually carry lower interest rates and cost less overall, even though the monthly payment is higher.
- Look at the full cost, not just the monthly payment. A lower monthly payment with a longer term can end up costing more in total interest.
- Ask about fees. Origination fees, prepayment penalties, and late fees can add to the real cost of a loan beyond the interest rate alone.
Frequently Asked Questions (FAQs)
1. Is this personal loan calculator free to use?
Yes, it's completely free, with no sign-up or personal information required.
2. Does using this calculator affect my credit score?
No. This tool only performs a math calculation in your browser — it doesn't check your credit or share your information with any lender.
3. How is a personal loan payment calculated?
Your monthly payment is based on three things: the loan amount (principal), the annual interest rate, and the repayment term in months. Lenders typically use an amortization formula so each payment covers that month's interest plus a portion of the principal, with the interest share shrinking over time.
4. What's a good interest rate for a personal loan?
Rates vary widely by credit score, income, and lender, and they move with broader market conditions, so it's worth comparing offers from a few lenders rather than assuming one rate is typical. Borrowers with stronger credit profiles generally qualify for lower APRs.
4. Does making extra payments really save money?
Yes. Extra monthly payments reduce your principal faster, which lowers the interest charged in every subsequent month and can shorten your loan term. Use the "extra monthly payment" field above to see the effect on your own numbers.
5. Does checking loan rates affect my credit score?
Comparing estimates with a calculator like this one has no effect on your credit, since no lender is involved. Formally applying with a lender may involve a credit check, so it's worth confirming with each lender whether they offer a soft-pull pre-qualification first.
