Personal Loan Calculator

Estimate monthly payment, total repayment, interest cost, and the effect of extra monthly payments.

How to Use

  1. Enter your loan amount, APR, and loan term.
  2. Choose whether the term is in months or years.
  3. Optionally add an extra monthly payment to compare faster payoff.
  4. Review monthly payment, total paid, total interest, and Show Work details.
Loan Snapshot

Payment Overview

Fast personal loan estimate with optional accelerated payoff comparison.

Ready
Monthly Payment
—
Total Repaid
—
Total Interest
—
Payoff Time
—
Principal —
Interest —
Standard Plan
—
Base schedule from entered APR and term.
With Extra Payment
—
Enter an extra amount to compare payoff savings.
Inputs & Settings
Deterministic estimate based on standard amortized loan math.
Enter the amount borrowed before repayment begins.
Annual Percentage Rate used to derive the monthly rate.
Use whole months or years for a standard payoff term.
Switch between a month-based or year-based entry.
Optional. Applied monthly for accelerated payoff comparison.
Display mode only. Core calculation remains deterministic.
Show Work (step-by-step)
—
Work is shown using standard amortized installment loan formulas. Final display values may be rounded to cents.

Personal Loan Formula

Quick answer: Standard amortized loan payments are based on principal, monthly interest rate, and number of payments.

  • Monthly rate: r = APR / 12
  • Number of payments: n = term in months
  • Monthly payment: M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ]
  • Total repaid: M × n
  • Total interest: Total repaid − Principal
Where P = loan principal, r = monthly interest rate, n = number of monthly payments, and M = monthly payment.

FAQ

What is a personal loan?

A personal loan is typically a fixed-amount installment loan repaid over a set term with interest.

Does APR include fees?

APR may reflect certain lender fees depending on how the lender discloses the loan. This calculator uses the entered APR directly and does not separately model origination or late fees.

What does an extra monthly payment do?

An extra monthly payment can reduce payoff time and lower total interest paid over the life of the loan.

Is this calculator good for 0% APR loans?

Yes. For a 0% APR loan, the monthly payment is simply principal divided by the number of payments.

Tool Info

Last updated:

Updates may include calculation refinements, accessibility improvements, and enhanced payoff comparison output.