Personal Loan Calculator
Calculate the monthly payment, total interest, and total cost of a fixed-rate personal loan.
How the calculation works
Uses the standard fixed-rate amortization formula: it finds the level monthly payment that pays off the loan amount, plus all accrued interest, exactly at the end of the term. Every payment is the same size, but the mix shifts over time, early payments are mostly interest, later payments are mostly principal. If your main question is 'how much interest will I pay,' that's the Total interest figure below: it's simply every payment added up, minus the original loan amount, so it captures the full cost of borrowing over the entire term, not just one month's charge.
Formula
Monthly Payment = Loan Amount × r ÷ (1 − (1 + r)^−n), where r is the monthly interest rate and n is the loan term in months.
Examples
$10,000 loan, 9% APR, 36 months
$318.00/month, $1,447.90 total interest ($11,447.90 total paid)
$25,000 loan, 12% APR, 60 months
$556.11/month, $8,366.67 total interest ($33,366.67 total paid)