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Personal Loan Calculator

Work out the monthly payment, total interest and full payoff schedule for a personal loan. Enter the amount, rate and term. Free, no sign-up.

Loan term
yrmo
Monthly payment
405.53
Total interest
4,331.67
Total of all payments
24,331.67
Principal 82%Interest 18%
YearPrincipalInterestBalance
13,388.801,477.5316,611.20
23,670.071,196.2612,941.13
33,974.69891.658,966.44
44,304.58561.754,661.86
54,661.86204.470.00

What a personal loan really costs

Personal loans are paid back in equal monthly installments over a fixed term, usually one to seven years. Each payment covers that month's interest first and the rest reduces the balance, so early payments are mostly interest. A $10,000 loan at 12% over 3 years costs $332.14 a month and $1,957 in interest. Stretch it to 5 years and the payment drops to $222.44, but the interest rises to $3,347. Use the schedule to see how the balance falls each month.

How to use it

  1. 1

    Enter the loan amount

    The amount you want to borrow.

  2. 2

    Add the rate and term

    The yearly interest rate and the length in years or months.

  3. 3

    Read the payment

    See the monthly payment, total interest and the payoff schedule.

Frequently asked questions

How is a personal loan payment calculated?

Payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount, r the monthly rate (yearly rate ÷ 12) and n the number of months.

Does a shorter term save money?

Yes. The monthly payment is higher, but you pay interest for fewer months. On $10,000 at 12%, 3 years instead of 5 saves about $1,390.

Are origination fees included?

No. If the lender takes a fee, use the APR calculator to see the true yearly cost including it.

Is my information stored?

No. The calculation runs in your browser and nothing is sent anywhere.

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