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What will my personal loan payment be?

Calculate your monthly payment, total interest, and total cost for a personal loan. Compare different loan terms and rates.

What This Calculator Is

A personal loan calculator determines your monthly payment and total interest for any fixed-rate loan amount and term. Unlike mortgages or auto loans, personal loans can be used for any purpose—debt consolidation, home improvements, major purchases, or unexpected expenses. This calculator helps you understand the true cost before borrowing.

Who This Calculator Is For

Anyone considering a personal loan for any purpose, people comparing loan offers from multiple lenders, and those evaluating whether financing a purchase makes financial sense versus saving up. It's also valuable for those considering peer-to-peer lending platforms.

When to Use This Calculator

Use this calculator when shopping for personal loans to compare offers, when deciding between loan terms (shorter term = higher payment but less interest), when budgeting for a financed purchase, or when evaluating whether to borrow or use savings. Always calculate before signing any loan agreement.

Inputs

$15,000.00
10.500%
36

Results

Monthly Payment

$487.54

Total Interest$2,551.32
Total of Payments$17,551.32
Principal %85.464%

This calculator provides estimates for informational purposes only.

Insights

Your loan cost breakdown

Your monthly payment will be $487.54 with $2,551.32 paid in interest over the life of the loan.

Save on interest

A shorter term or lower rate reduces total interest. Shop around and consider improving your credit score first.

How Personal Loan Is Calculated

Enter your desired loan amount, expected interest rate (APR), and term length. The calculator uses standard amortization formulas to show your fixed monthly payment and how much you'll pay in total interest.

monthlyPayment = principal * monthlyRate*(1+monthlyRate)^n / ((1+monthlyRate)^n - 1), monthlyRate = annualRate/100/12, n = termMonths (principal/n if rate=0).
totalCost = monthlyPayment*n; totalInterest = totalCost - principal; principalPercent = principal/totalCost*100.
Where: loanAmount (principal), interestRate (annual %), loanTermMonths.
Assumptions: standard fixed-rate fully amortizing loan; monthly compounding; no origination fees included; non-positive principal or term returns all zeros (principalPercent 100).

Key Takeaways

  • •Credit score heavily impacts your rate — improve it before applying
  • •Shorter terms mean higher payments but less total interest
  • •Compare rates from multiple lenders including credit unions
  • •Watch for origination fees that add to the true cost
  • •Consider whether you could save up instead of borrowing

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