Personal Loan Interest Calculator
Calculate your monthly payment, total interest, and total payment for a personal loan based on loan amount, interest rate, and loan term.
Published by:
isCalculator Editorial Team
Was this calculator helpful?
How to use this tool?
How to Use the Personal Loan Interest Calculator
This tool calculates your monthly payment, total interest, and total repayment for a fixed-rate personal loan.
- Enter Loan Amount – Type the total amount you want to borrow (e.g., $10,000). Use dollars only.
- Enter Annual Interest Rate – Input the yearly interest rate as a percentage (e.g., 5 for 5%).
- Enter Loan Term – Specify the repayment period in months (e.g., 36 for 3 years). Must be a whole number.
- Click "Calculate" – The form validates your inputs. If any field is invalid, a warning appears.
- Review Results – Three cards appear:
- Monthly Payment – Your fixed payment each month.
- Total Interest – The total cost of borrowing.
- Total Payment – The sum of all payments (principal + interest).
Note: All values are in US dollars. The formula assumes equal monthly payments (amortizing loan). If the interest rate is 0%, the payment is simply the loan amount divided by the term.
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, and n is the number of months.
You need the loan amount, annual interest rate, and loan term in months. All fields are required.
This calculator is designed for fixed-rate personal loans. For variable-rate loans, the results may differ.
