Personal Loan Calculator
Calculate estimated monthly payments, total interest, and repayment costs for a personal loan.
- Estimated Monthly Payment
- $332.14
- Total Interest
- $1,957.15
- Total Repayment
- $11,957.15
Calculator results are estimates and are provided for informational purposes only. Actual loan terms, rates, payments, fees, and approval requirements may vary by provider and applicant.
How the formula works
This calculator uses a standard fixed-rate amortization formula. Each payment covers interest on the remaining balance plus a portion of principal.
For APR greater than zero, monthly rate r = APR ÷ 12 ÷ 100, and payment M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is loan amount and n is the number of months.
When APR is 0%, the estimated monthly payment is loan amount divided by term months.
Illustrative Example
Sample inputs: $10,000 loan, 12% APR, 36-month term.
Estimated monthly payment: about $332.14. Total interest over the term: about $1,957.15. Total repayment: about $11,957.15.
This is an example only. Your actual terms may differ.
How to use this calculator
- Enter the loan amount you want to borrow.
- Enter the annual interest rate or APR as a percentage.
- Enter the loan term in months.
- Review estimated monthly payment, total interest, and total repayment.
Factors affecting loan payments
- Loan amount and term length
- APR and any fees not included in this basic calculator
- Credit profile and lender underwriting
- Fixed vs variable rate structures (this tool assumes a fixed rate)
Frequently Asked Questions
- Does this calculator include fees?
- This version estimates principal and interest based on APR. Origination or other fees may change your total cost. Read loan disclosures for full details.
- Is the monthly payment guaranteed?
- No. Results are estimates for informational purposes. Actual loan offers depend on the lender and your application.