Personal Loan Calculator
Calculate the monthly payment, total interest, and total cost of a personal loan from the amount, rate, and term. Free and accurate.
Calculator by Toolsloft ↗- Monthly payment
- $373.28
- Total interest
- $2,917.23
- Total paid
- $17,917.23
This calculator finds the monthly payment, total interest, and total cost of a personal loan from the amount borrowed, the annual rate, and the term in months. Use it before applying or accepting an offer to see the real cost of an unsecured loan and how the term changes what you pay. It handles 0% promotional loans as well as standard interest-bearing ones.
How this is calculated
It uses the fixed-rate amortization formula, payment = P times r times (1+r)^n divided by ((1+r)^n minus 1), with r as the monthly rate (annual divided by 12 divided by 100) and n the number of months; at 0% the payment is simply the amount divided by the number of months.
How to use
- Enter the personal loan amount.
- Enter the annual interest rate and term in months.
- Read the monthly payment, total interest, and total paid.
Examples
- $15,000 at 9% / 48 mo:
payment $373.28 - 0% interest:
$5,000 over 12 mo → $416.67
FAQ
- How is the monthly payment calculated?
- Payment = P·r·(1+r)^n / ((1+r)^n − 1), where P is the amount, r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months.
- What rate should I expect on a personal loan?
- Personal loan rates vary widely with credit, lender, and term, often higher than secured loans because they are unsecured. Use your actual quoted APR for an accurate estimate.
- Does it work for a 0% loan?
- Yes. At 0% the payment is simply the amount divided by the number of months.