💳 Personal Loan Calculator
Calculate your personal loan payment
12, 24, 36, 48, or 60 months
How to Use This Calculator
Enter Loan Amount
Input the personal loan amount you want to borrow. Personal loans typically range from $1,000 to $100,000.
Enter Interest Rate
Enter the annual interest rate (APR) for the personal loan. Rates typically range from 5-36% depending on credit score and lender.
Enter Loan Term
Enter the loan term in months (typically 12, 24, 36, 48, or 60 months). Shorter terms have higher payments but less total interest.
Review Payment and Costs
See your monthly payment, total interest paid, total amount paid, and comparison with different loan terms.
Formula
Monthly Payment = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Where:
• P = Principal (Loan Amount)
• r = Monthly interest rate (Annual Rate ÷ 12)
• n = Number of monthly payments
Example Calculation:
If loan amount $10,000, interest rate 12%, term 36 months:
• Monthly rate = 12% ÷ 12 = 1%
• Monthly payment: ~$332
• Total interest: ~$1,952
• Total paid: ~$11,952
About Personal Loan Calculator
A personal loan calculator helps you calculate monthly payments, total interest, and total cost for personal loans. Personal loans are unsecured loans that can be used for various purposes such as debt consolidation, major purchases, home improvements, or unexpected expenses. Personal loans typically have fixed interest rates, fixed monthly payments, and terms ranging from 12 to 60 months. This calculator helps you understand the costs and payments associated with personal loans and compare different loan terms.
When to Use This Calculator
- Loan Planning: Plan for personal loans before applying
- Payment Planning: Understand monthly payment requirements
- Debt Consolidation: Plan debt consolidation loans
- Loan Comparison: Compare different personal loan offers
- Term Selection: Choose between different loan terms
Understanding Personal Loans
- Unsecured: No collateral required (unlike secured loans)
- Fixed Rate: Fixed interest rates and monthly payments
- Terms: Typically 12-60 months (1-5 years)
- Uses: Debt consolidation, major purchases, emergencies
- Rates: Typically 5-36% APR depending on credit score
Why Use Our Calculator?
- ✅ Payment Calculation: See exact monthly payment amount
- ✅ Interest Analysis: Understand total interest costs
- ✅ Term Comparison: Compare different loan terms
- ✅ Budget Planning: Plan your budget around loan payments
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
What is a personal loan?
A personal loan is an unsecured loan (no collateral required) that can be used for various purposes. Personal loans typically have fixed interest rates, fixed monthly payments, and terms ranging from 12 to 60 months. They're commonly used for debt consolidation, major purchases, home improvements, or unexpected expenses.
What interest rate can I get on a personal loan?
Personal loan interest rates typically range from 5-36% APR, depending on your credit score, income, debt-to-income ratio, and lender. Borrowers with excellent credit (720+) may get rates around 5-10%, while borrowers with fair credit (580-670) may get rates around 15-30%. Shop around and compare offers from multiple lenders.
Should I choose a shorter or longer loan term?
Shorter terms (12-24 months) have higher monthly payments but less total interest. Longer terms (36-60 months) have lower monthly payments but more total interest. Choose based on what you can afford monthly - shorter terms save money long-term, but longer terms may be necessary if you need lower monthly payments.
Are there fees on personal loans?
Personal loans may have origination fees (typically 1-8% of loan amount), prepayment penalties (less common), or other fees. Some lenders charge no fees. Always check the APR (which includes fees) and total loan cost when comparing offers. Origination fees are typically deducted from the loan amount.