How is the payment calculated?

It uses the standard amortizing-loan (EMI) formula: payment = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), with r the monthly rate and n the number of months. The payment stays constant for the whole term while its composition gradually shifts from mostly interest to mostly principal.

Should I enter the interest rate or the APR?

The nominal rate matches your lender’s payment schedule most exactly. The APR additionally folds in the origination fee and other mandatory charges, so it produces a slightly higher, more conservative figure — and it is the fairer number for comparing offers from different lenders.

How do origination fees affect what I receive?

Many personal-loan lenders deduct the origination fee from the money they send you. A 5% fee on a $15,000 loan is $750, so you would receive $14,250 while still repaying interest on the full $15,000. If you need a specific amount in hand, you may have to borrow a bit more than that.

Will a shorter term save me money?

Yes, if you can afford the higher payment. Borrowing $15,000 at 11% costs $387.68 a month over 4 years with $3,608.78 in total interest; over 3 years the payment rises to $491.08 but interest falls to $2,678.91 — a saving of $929.87.

Why is my quoted rate higher than the advertised one?

Advertised rates are usually reserved for applicants with excellent credit, low debt-to-income ratios, and sometimes autopay discounts. Your actual offer depends on your credit history, income, existing debts, and the loan size and term, so prequalify with a few lenders and compare the APRs you are actually offered.

Can I pay a personal loan off early?

Usually yes, and because interest accrues on the remaining balance, paying early cuts total interest. Most personal loans have no prepayment penalty, but check the agreement before signing — the calculator assumes you make the scheduled payment every month.

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Personal Loan Calculator

Calculate monthly payments and total cost for a personal loan.

Runs in your browser — files never leave your device

Loan amount$Interest rate%Termyears

Monthly payment

$387.68

Total interest

$3,608.78

Total paid

$18,608.78

How it works

This calculator estimates the fixed monthly payment on a personal loan — an unsecured installment loan repaid in equal monthly amounts. Enter the amount you want to borrow, the annual interest rate, and the term in years, and it returns the monthly payment along with the total interest and the total you will repay over the full term.

The math is the standard amortization formula: payment = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the principal, r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (years × 12). Every payment is identical, but early payments are interest-heavy and later ones mostly repay principal. Results are rounded to the cent, and a 0% loan is treated as principal ÷ months.

A fully worked example: borrow $15,000 at 11% for 4 years. The monthly rate is 0.11 ÷ 12 ≈ 0.009167 and n = 48, so (1.009167)⁴⁸ ≈ 1.5496. The payment is 15,000 × 0.009167 × 1.5496 ÷ (1.5496 − 1) ≈ $387.68 per month. Over 48 payments that totals $18,608.78, of which $3,608.78 is interest. Shorten the same loan to 3 years and the payment rises to $491.08, but total interest falls to $2,678.91 — a saving of $929.87.

Read the result with two caveats. Personal-loan rates vary widely with credit profile, so use the rate from an actual offer or prequalification rather than an advertised best-case. And the tool models principal and interest only: many lenders charge an origination fee that is deducted from the amount they disburse — a 5% fee on a $15,000 loan means receiving $14,250 while repaying the full $15,000 plus interest. Your lender’s APR captures that fee, which is why APR is the right basis for comparing offers even though the nominal rate reproduces the payment schedule exactly.

Frequently asked questions

How is the payment calculated?: It uses the standard amortizing-loan (EMI) formula: payment = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), with r the monthly rate and n the number of months. The payment stays constant for the whole term while its composition gradually shifts from mostly interest to mostly principal.
Should I enter the interest rate or the APR?: The nominal rate matches your lender’s payment schedule most exactly. The APR additionally folds in the origination fee and other mandatory charges, so it produces a slightly higher, more conservative figure — and it is the fairer number for comparing offers from different lenders.
How do origination fees affect what I receive?: Many personal-loan lenders deduct the origination fee from the money they send you. A 5% fee on a $15,000 loan is $750, so you would receive $14,250 while still repaying interest on the full $15,000. If you need a specific amount in hand, you may have to borrow a bit more than that.
Will a shorter term save me money?: Yes, if you can afford the higher payment. Borrowing $15,000 at 11% costs $387.68 a month over 4 years with $3,608.78 in total interest; over 3 years the payment rises to $491.08 but interest falls to $2,678.91 — a saving of $929.87.
Why is my quoted rate higher than the advertised one?: Advertised rates are usually reserved for applicants with excellent credit, low debt-to-income ratios, and sometimes autopay discounts. Your actual offer depends on your credit history, income, existing debts, and the loan size and term, so prequalify with a few lenders and compare the APRs you are actually offered.
Can I pay a personal loan off early?: Usually yes, and because interest accrues on the remaining balance, paying early cuts total interest. Most personal loans have no prepayment penalty, but check the agreement before signing — the calculator assumes you make the scheduled payment every month.
Is my data uploaded?: No — everything runs in your browser and nothing you type leaves your device.

Personal Loan Calculator

How it works

Frequently asked questions

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