Debt & Loans
Personal Loan Calculator
Enter the loan amount, APR, and term to see your monthly payment and how much the loan costs in total.
How personal loan payments work
A personal loan is usually unsecured and repaid in equal monthly installments. The payment is calculated with the amortization formula, using the amount borrowed, the monthly APR, and the number of payments.
Early payments are mostly interest; later payments are mostly principal. A longer term lowers the monthly payment but increases the total interest.
P is the loan amount, r is the monthly APR, andn is the number of months. Fees are not included.
Frequently asked questions
What APR should I enter?
Use the APR quoted by the lender, not just the advertised interest rate. The APR includes most fees and gives a more accurate cost of borrowing.
Does this include origination fees?
No. Origination fees are usually deducted from the amount you receive or added to the balance. Ask the lender for the APR that includes fees, or add the fee to the loan amount.
What happens if I pay the loan off early?
Some personal loans have prepayment penalties. Check the loan agreement before assuming you will save the full remaining interest.
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates and may not reflect your exact situation.