Personal Loan Repayment Calculator
Calculate your monthly payment, total interest, and total repayment for a personal loan based on loan amount, interest rate, and term.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Personal Loan Repayment Calculator
This calculator estimates 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., 10000).
- Enter Annual Interest Rate (%) – Input the yearly interest rate (e.g., 5 for 5%).
- Enter Loan Term (months) – Specify the repayment period in months (minimum 1).
- Click "Calculate" – The results will appear below showing:
- Monthly Payment – Fixed amount due each month.
- Total Interest – Total cost of borrowing.
- Total Repayment – Sum of all payments (principal + interest).
Note: All inputs must be positive numbers. The calculator uses the standard amortization formula. If the interest rate is 0%, the payment is simply the loan amount divided by the term.
Previous Results
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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 months.
If the interest rate is 0%, the monthly payment is simply the loan amount divided by the number of months, since no interest accrues.
This calculator is designed for fixed-rate personal loans with equal monthly payments. It may not be accurate for loans with variable rates or different repayment structures.
