Personal Loan Calculator

This personal loan calculator uses three inputs — loan amount, annual interest rate, and term in months — to compute your exact monthly payment using the standard loan amortization formula. It then multiplies by the number of payments to show the total amount paid and the total interest cost.

Personal loans are fully amortizing, meaning each payment is the same amount and by the final payment your balance reaches exactly zero. Each payment covers that month's accrued interest first, then the remainder reduces the principal. Early in the loan, more of each payment goes to interest; near the end, more goes to principal.

When shopping for a personal loan, compare the Annual Percentage Rate (APR), not just the interest rate. APR includes origination fees and other charges, giving you a true apples-to-apples comparison between offers. An offer with a 10% rate and a 5% origination fee might cost more overall than a 12% rate with no fees.

Use this calculator to determine the maximum monthly payment your budget can support, then work backward to find the right combination of loan amount and term. Many borrowers find that reducing the loan amount by paying down existing balances first leads to significantly better rates and lower total costs.