Personal Loan Calculator

Calculate personal loan payments, total interest and total cost for any amount, rate and term — see monthly and yearly.

Personal Loan Calculator

Calculate personal loan payments, total interest and total cost for any amount, rate and term — see monthly and yearly.

Loan amount($)

Annual rate(%)

Term (years)

Enter values above and click Calculate — results will appear here with the formula explained.

Payment = P*r*(1+r)^n/((1+r)^n-1) where r=rate/12, n=years*12

How does this work?

Personal loans are unsecured term loans, amortized like auto loans. Payment is principal plus interest over term. Total interest is total paid minus principal.

Rates 6-36% depending on credit. Shorter term saves interest but raises payment. This is fixed rate, no fees, no variable.

For YMYL borrowing, compare APR including origination fees (1-8%) and ensure debt-to-income under 36% with this payment.

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Disclaimer: Results are estimates for informational purposes only and do not constitute professional financial advice. Consult a qualified professional for decisions.

What is Personal Loan?

Personal loans are unsecured term loans, amortized like auto loans. Payment is principal plus interest over term. Total interest is total paid minus principal. Formula: Payment = P*r*(1+r)^n/((1+r)^n-1) where r=rate/12, n=years*12

Quick Answer

Personal Loan Calculator computes calculate personal loan payments, total interest and total cost for any amount, rate and term — see monthly and yearly. Formula: Payment = P*r*(1+r)^n/((1+r)^n-1) where r=rate/12, n=years*12. Example: With $15k at 9.

What it does: Calculate personal loan payments, total interest and total cost for any amount, rate and term — see monthly and yearly.
Formula: Payment = P*r*(1+r)^n/((1+r)^n-1) where r=rate/12, n=years*12
Inputs: Loan amount ($) · Annual rate (%) · Term (years)
Example: With $15k at 9.

Calculator Inputs at a Glance

Field	What to enter
Loan amount ($)	e.g. 15000
Annual rate (%)	e.g. 9.5
Term (years)	e.g. 5

All fields use the exact formulas shown below — results include step-by-step breakdowns you can verify by hand.

How to Use This Calculator

1Enter loan amount, annual rate and term years.
2Calculate to see monthly payment, total interest and total cost.
3Compare 3 vs 5 year term to see interest trade-off.

Formula Used

Payment = P*r*(1+r)^n/((1+r)^n-1) where r=rate/12, n=years*12

Personal loans are unsecured term loans, amortized like auto loans. Payment is principal plus interest over term. Total interest is total paid minus principal.

Rates 6-36% depending on credit. Shorter term saves interest but raises payment. This is fixed rate, no fees, no variable.

For YMYL borrowing, compare APR including origination fees (1-8%) and ensure debt-to-income under 36% with this payment.

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Worked Example

With $15k at 9.5% for 5 years: payment about $315/mo, total interest about $3,900, total paid $18,900.

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Frequently Asked Questions

QWhat rate will I get?

Excellent credit 6-10%, fair 15-20%, poor 25-36%. Check pre-qualification.

QOrigination fee?

Some charge 1-8% upfront. Add to amount for true cost.

QCan pay early?

Most allow no prepayment penalty, but check. Extra reduces interest.

Quick Answer

What it does: Calculate personal loan payments, total interest and total cost for any amount, rate and term — see monthly and yearly.

Formula: Payment = P*r*(1+r)^n/((1+r)^n-1) where r=rate/12, n=years*12

Inputs: Loan amount ($) · Annual rate (%) · Term (years)

Example: With $15k at 9.

Field

What to enter

Loan amount ($)

e.g. 15000

Annual rate (%)

e.g. 9.5

Term (years)

e.g. 5

Formula Used

Payment = P*r*(1+r)^n/((1+r)^n-1) where r=rate/12, n=years*12

Personal loans are unsecured term loans, amortized like auto loans. Payment is principal plus interest over term. Total interest is total paid minus principal.

Rates 6-36% depending on credit. Shorter term saves interest but raises payment. This is fixed rate, no fees, no variable.

For YMYL borrowing, compare APR including origination fees (1-8%) and ensure debt-to-income under 36% with this payment.