Use our Personal Loan Calculator to estimate your monthly payment, total interest, total loan cost, and estimated payoff schedule. You can also include an estimated origination fee and optional extra monthly payment to compare different personal loan scenarios.
Enter your loan amount, annual interest rate, loan term, origination fee, and optional extra payment to see how these factors can affect your estimated repayment cost.
- Monthly loan payment
- Total interest
- Origination fee
- Total estimated financing cost
- Estimated payoff period with extra payments
- Estimated yearly amortization summary
Personal Loan Calculator
Enter your loan information below to estimate your personal loan payment and total borrowing cost.
Enter Your Loan Details
Enter your loan information and click Calculate Personal Loan Payment to see your estimated results.
Results are estimates for educational and planning purposes. Actual personal loan payments, fees, and repayment schedules may differ depending on the lender and loan agreement.
How to Use the Personal Loan Calculator
- Enter the amount you plan to borrow.
- Enter the annual interest rate.
- Enter the loan term in years.
- Enter the origination fee percentage if applicable.
- Enter an optional extra monthly payment.
- Click Calculate Personal Loan Payment.
- Review the estimated monthly payment, interest, fees, total cost, payoff period, and amortization summary.
What Is a Personal Loan?
A personal loan is generally an installment loan that allows a borrower to receive money upfront and repay the balance through scheduled payments over a specified period.
Depending on the lender and agreement, personal loans may be used for purposes such as debt consolidation, home improvements, large purchases, education expenses, or unexpected expenses.
Interest rates, fees, loan amounts, repayment periods, eligibility requirements, and other conditions vary by lender.
How Does a Personal Loan Calculator Work?
A standard fixed-rate personal loan payment is primarily determined by the loan principal, interest rate, and repayment period.
The calculator converts the annual interest rate into a monthly rate and calculates the scheduled monthly payment over the selected number of months.
If you enter an extra monthly payment, the calculator applies that additional amount toward the remaining loan balance and estimates how quickly the loan could be paid off.
Personal Loan Payment Formula
For a standard fixed-rate installment loan, the estimated monthly payment is calculated using:
M = P × [r(1 + r)n] ÷ [(1 + r)n − 1]
M = monthly payment
P = original loan principal
r = monthly interest rate
n = total number of monthly payments
When the interest rate is 0%, the calculator divides the loan amount by the number of scheduled payments.
What Is a Personal Loan Origination Fee?
An origination fee is a charge that some lenders apply when processing and originating a loan. It may be calculated as a percentage of the borrowed amount.
Enter the estimated fee percentage into the calculator to see the estimated fee amount and total financing cost.
Estimated Origination Fee = Loan Amount × Origination Fee Percentage
The calculator treats the origination fee as an additional cost. Actual lender fee treatment can vary, so always check the loan disclosure and agreement.
How Do Extra Personal Loan Payments Work?
An extra payment can reduce the outstanding principal faster if the lender applies the additional amount toward the loan balance.
The calculator allows you to enter an optional extra monthly payment. It then estimates the resulting payoff period and interest cost.
Actual results depend on how your lender applies additional payments. Check your loan agreement before making extra payments.
What Affects Your Personal Loan Payment?
- Loan amount: A larger loan generally produces a larger payment.
- Interest rate: A higher rate generally increases the cost of borrowing.
- Loan term: A longer term can reduce the scheduled monthly payment but may increase total interest.
- Fees: Origination and other lender fees can increase the overall borrowing cost.
- Extra payments: Additional principal payments may reduce the repayment period and interest when permitted and properly applied.
Shorter vs. Longer Personal Loan Terms
Shorter Loan Term
- Usually results in a higher monthly payment.
- Repays the balance faster.
- Can reduce total interest.
Longer Loan Term
- Usually lowers the scheduled monthly payment.
- Spreads payments over more months.
- Can increase total interest.
Interest Rate vs. APR
The interest rate is used to calculate interest on the loan. APR, or Annual Percentage Rate, can provide a broader measure of borrowing cost and may account for certain fees depending on the loan and applicable requirements.
This calculator uses the annual interest rate entered by the user. It does not calculate APR.
When comparing lenders, review both the rate and APR along with fees and other loan terms.
How Is Total Personal Loan Cost Calculated?
The estimated total loan cost in this calculator considers the scheduled loan payments and the estimated origination fee.
Estimated Total Financing Cost = Total Loan Payments + Origination Fee
This does not necessarily represent every possible charge associated with a real personal loan.
Personal Loan Example
Suppose you borrow $15,000 at an annual interest rate of 10% for 3 years.
Enter those values into the calculator to estimate the monthly payment, total interest, and total amount repaid.
You can then add an origination fee or extra monthly payment to compare alternative scenarios.
This example is for illustration only. Actual loan offers can differ based on lender requirements and individual circumstances.
Using a Personal Loan for Debt Consolidation
Some borrowers use personal loans to consolidate multiple debts into a single payment. This can simplify repayment, but it does not automatically make the debt cheaper.
Compare the new loan's interest rate, APR, fees, monthly payment, loan term, and total repayment cost with your existing debts.
For another useful financial calculation, visit our Debt-to-Income Calculator .
How Much Personal Loan Can You Afford?
The amount a lender approves is not necessarily the amount that fits comfortably within your personal budget.
Consider your income, housing costs, existing debt payments, regular expenses, savings, and other financial obligations before borrowing.
You can also use our Salary / Take-Home Pay Calculator to estimate take-home income.
How to Compare Personal Loan Offers
- Compare interest rates.
- Check the APR.
- Review origination and other fees.
- Compare loan terms.
- Compare monthly payments.
- Compare total interest.
- Compare total repayment cost.
- Check the rules for early repayment.
Looking at the complete borrowing cost is more useful than comparing monthly payments alone.
What Is Personal Loan Amortization?
Amortization is the process of repaying a loan through scheduled payments over time.
Each payment generally contains an interest portion and a principal portion. As the principal balance decreases, the interest calculated on the remaining balance generally decreases.
The calculator provides a yearly amortization summary showing estimated principal paid, interest paid, payments, and remaining balance.
What This Calculator Does Not Include
This tool is designed for a standard fixed-rate installment loan. It does not model every possible lender-specific loan structure.
- Variable interest-rate changes
- Deferred payments
- Irregular payment schedules
- Promotional interest periods
- Taxes or insurance
- Every possible lender fee
- Contract-specific penalties
Related Financial Calculators
- Loan Payment Calculator
- Credit Card Payoff Calculator
- Debt-to-Income Calculator
- Salary / Take-Home Pay Calculator
- Mortgage Payment Calculator
- Mortgage Refinance Calculator
- Mortgage Payoff Calculator
- Extra Mortgage Payment Calculator
- Home Affordability Calculator
- Rent Affordability Calculator
Frequently Asked Questions
What is a Personal Loan Calculator?
A Personal Loan Calculator estimates monthly payments, interest, fees, and other repayment figures for a standard personal loan.
How is a personal loan payment calculated?
A standard fixed-rate loan payment is calculated using the loan amount, monthly interest rate, and number of monthly payments.
Does a longer loan term reduce the monthly payment?
Generally, a longer term can reduce the scheduled monthly payment, but it may increase the total interest paid.
Does a higher interest rate increase the payment?
Yes. For the same loan amount and term, a higher interest rate generally increases the monthly payment and total interest.
Does the calculator include origination fees?
Yes. You can enter an estimated origination fee percentage and the calculator will estimate the fee and include it in the displayed financing cost.
Can I enter an extra monthly payment?
Yes. Enter an extra monthly payment to estimate how additional principal payments could affect the payoff period and interest.
Can I use this calculator for debt consolidation?
Yes. It can estimate payments for a standard fixed-rate personal loan used for debt consolidation.
Does the calculator include every lender fee?
No. The calculator includes the optional origination fee entered by the user but does not automatically include every possible lender charge.
Is the calculator result exact?
No. Results are estimates. Actual payments and borrowing costs depend on the lender, loan agreement, fees, payment timing, and other conditions.
What happens with a 0% interest rate?
At 0% interest, the calculator divides the loan amount by the number of scheduled monthly payments.
Personal Loan Calculator: The Bottom Line
A Personal Loan Calculator can help you estimate the monthly payment, interest, fees, total repayment cost, and potential impact of extra payments.
Before accepting a loan, compare the interest rate, APR, fees, repayment period, monthly payment, and total amount repaid.
Try different loan amounts, interest rates, terms, fees, and extra payments above to compare potential personal loan scenarios.
Revisiting Tools provides general informational and educational calculator tools. Results from this Personal Loan Calculator are estimates and should not be considered financial, legal, tax, credit, or investment advice.
Actual personal loan payments and borrowing costs may vary depending on the lender, loan agreement, interest calculation method, fees, payment timing, and other factors.