Personal Loan Calculator
Calculate your monthly payments, total interest, and total cost for a personal loan.
Published by:
isCalculator Editorial Team
Was this calculator helpful?
How to use this tool?
Follow these steps to calculate your personal loan payments:
- Enter Loan Amount – Input the total amount you want to borrow (e.g., $10,000).
- Enter Annual Interest Rate – Provide the yearly interest rate as a percentage (e.g., 5.5 for 5.5%).
- Enter Loan Term – Specify the repayment period in months (e.g., 36 for 3 years).
- Click "Calculate" – Press the button or hit Enter to see results.
- Monthly Payment – Fixed amount due each month.
- Total Interest – Total cost of borrowing.
- Total Payment – Principal plus interest over the full term.
Results explained:
Note: All inputs must be positive numbers. The calculator uses the standard amortization formula for fixed-rate loans.
Previous Results
| Result | Inputs | Date |
|---|
Frequently Asked Questions
The monthly payment is calculated using the formula: M = P * (r * (1+r)^n) / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments.
Total interest is the sum of all interest payments over the loan term. Total payment is the sum of all monthly payments, which equals the loan amount plus total interest.
This calculator is designed for fixed-rate amortizing loans, such as personal loans, auto loans, or mortgages. It assumes equal monthly payments over the loan term.
