Personal Loan Calculator

About this calculator

This calculator uses the standard amortization formula for a fixed-rate installment loan: M = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. That fixed monthly payment M covers a shrinking amount of interest and a growing amount of principal each month, and multiplying M by n and subtracting P gives total interest paid.

Borrowers use it to compare loan offers with different rates and terms — a lower rate over a longer term can still cost more in total interest than a shorter, higher-rate loan — and to see the real cost of a personal loan (for debt consolidation, home repairs, or a large purchase) before signing, since lenders quote the rate but rarely spell out the total interest in advance.