Personal Loan Payment Calculator
Enter your loan amount, annual interest rate and term to see your monthly payment and how much interest you'll pay in total.
Personal Loan Payment Calculator
Calculates the fixed monthly payment, total repaid and total interest on a personal loan.
This calculator uses the standard fixed-rate amortization formula to turn a loan amount, annual interest rate and term into a level monthly payment, then multiplies that out to show total interest paid over the life of the loan. It's the same math lenders use for personal loans, auto loans and similar installment debt, so you can sanity-check a quoted payment or compare offers with different rates and terms side by side.
Example
- With the default values shown above, this calculator returns: Monthly Interest Rate ≈ 0.0063%; Monthly Payment ≈ $362.68; Total Amount Paid ≈ $17408.8; Total Interest Paid ≈ $2408.81.
Frequently Asked Questions
What formula does this use?
It uses the standard fixed-rate amortizing loan payment formula, which spreads principal and interest into equal monthly installments over the loan term.
What if my loan has a 0% promotional rate?
The calculator detects a 0% rate and simply divides the principal evenly across the term, since the standard amortization formula would otherwise divide by zero.
Does this include fees or insurance?
No — this is principal-and-interest only; add any origination fees, insurance, or other charges separately for a full picture of your loan cost.
Sources
- Standard formula, publicly documented method