Personal Loan Calculator
Monthly payment, total interest, and affordability for personal loans.
Personal loans typically have fixed rates and terms. Use the standard amortization formula to estimate monthly payment and total interest. Lenders often cap debt-to-income; aim to keep loan payment under 10–15% of gross monthly income for affordability.
Inputs
Results
Monthly payment: $498
Total interest: $2,938
Total cost: $17,938
Insights
Formula
PMT = P * [r(1+r)^n] / [(1+r)^n - 1]
Input Definitions
What does each input mean?
- Loan amount
- Principal—the amount you borrow. Total cost = principal + interest.
- APR
- Annual percentage rate. Converts to monthly rate for amortization.
- Term
- Number of months to repay. Aim to keep payment under 15% of gross income.
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Comparing Personal Loan Offers the Right Way
Personal loan rates vary enormously based on credit score, lender, loan term, and origination fees — and two loans with the same monthly payment can have very different total costs. This calculator helps you understand what you’ll actually pay over the life of a loan, compare offers on a true apples-to-apples basis, and decide whether a shorter or longer term is better for your situation.
It’s most useful when you’ve received multiple loan offers and want to see the total interest cost for each, when you’re deciding between a personal loan and a credit card balance transfer, or when you want to model how your monthly payment changes at different interest rates. Take five minutes here before signing — total interest paid is often a bigger number than people expect.