Personal Loan Calculator
Calculate your monthly personal loan payment, total interest paid, and total repayment amount.
Compare different loan terms and rates.
Monthly Payment
Personal loan payments use the standard amortization formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- M = Monthly payment
- P = Loan amount
- r = Monthly interest rate (annual rate / 12)
- n = Total number of payments
Example: A $15,000 personal loan at 9% for 3 years:
- Monthly payment = $477.00
- Total interest = $2,172
- Total repayment = $17,172
The same loan at 5 years: monthly drops to $311.38 but total interest rises to $3,683.
Tips:
- Personal loans are unsecured, so rates are typically higher than auto or home loans
- Shorter terms save on interest even though monthly payments are higher
- Good credit scores (720+) can qualify for rates under 8%
- Check for prepayment penalties before paying off early