Personal Loan Calculator

Estimate monthly payments on a personal loan. Free personal loan calculator with total interest breakdown.

A personal loan calculator estimates the monthly payment and total interest on an unsecured personal loan. Personal loans are typically fixed-rate, fixed-term installment loans used for consolidating credit card debt, covering a major expense, or funding a project, and because they are unsecured the rates are higher than a mortgage but lower than most credit cards. This calculator applies the standard amortization formula so the monthly payment it shows matches what a lender would quote on a Loan Estimate.

Use it to compare offers from different lenders, to see how a shorter term raises the payment but cuts total interest, or to decide whether consolidating higher-rate debt into a personal loan actually saves money. Try the same loan amount at 24, 36, and 60 months to see the payment-versus-interest trade-off. Everything runs locally in your browser.

loan

Result

327.39

Breakdown

Total Paid
11,786
Total Interest
1,786

About Personal Loan Calculator

What is personal loan calculator?

A personal loan calculator estimates the monthly payment and total interest on an unsecured personal loan. Personal loans are typically fixed-rate, fixed-term installment loans used for consolidating credit card debt, covering a major expense, or funding a project, and because they are unsecured the rates are higher than a mortgage but lower than most credit cards. This calculator applies the standard amortization formula so the monthly payment it shows matches what a lender would quote on a Loan Estimate. Use it to compare offers from different lenders, to see how a shorter term raises the payment but cuts total interest, or to decide whether consolidating higher-rate debt into a personal loan actually saves money. Try the same loan amount at 24, 36, and 60 months to see the payment-versus-interest trade-off. Everything runs locally in your browser.

How to use this calculator

  1. Enter your loan amount.
  2. Enter your interest rate.
  3. Enter your loan term.
  4. Click the "Calculate" button.
  5. View your result instantly — the main result is displayed prominently at the top with a detailed breakdown below it.

When to use this calculator

  • Comparing personal loan offers with different rates and terms
  • Deciding whether to consolidate credit card debt into a fixed-rate loan
  • Seeing how term length trades a lower payment for more total interest
  • Budgeting a major purchase before applying for financing
  • Estimating total interest to compare against a 0% promotional card offer

How the calculation works

Personal loans use the standard installment amortization formula: M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly rate (annual APR / 12), and n is the number of monthly payments. Total paid = M x n, and total interest = total paid - P. For example, a $10,000 loan at 11% APR over 36 months: r = 0.009167, n = 36, M = 10,000 x [0.009167 x (1.009167)^36] / [(1.009167)^36 - 1] ~= $328 per month. Total paid = 328 x 36 ~= $11,808, so total interest ~= $1,808. Stretching to 60 months drops the payment to about $217 but raises total interest to about $3,020.

Frequently Asked Questions

How is loan interest calculated?▼
Most loans use amortized interest where each payment covers accrued interest plus a portion of principal. The formula is M = P[r(1+r)^n]/[(1+r)^n-1].
What is APR vs interest rate?▼
The interest rate is the cost of borrowing the principal. APR includes the interest rate plus fees, giving the true yearly cost of the loan.

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