Personal loan calculator
Enter a loan amount, annual interest rate and term to estimate the scheduled monthly payment and the total cost of a fixed-rate personal or installment loan.
Last updated
Loan payment calculator
Estimate the scheduled payment and total interest on a fixed-rate amortizing loan. Enter your own figures — no provider data is pre-filled.
Uses the standard amortizing payment formula. It excludes fees, insurance and taxes, so a lender's disclosed figure may differ.
How this calculation works
The calculator uses the standard amortizing-loan formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate and n is the number of monthly payments.
Each payment covers that month's interest first; the remainder reduces the balance. Early payments are therefore mostly interest, and later ones mostly principal.
How to use the result
- Compare offers by total repaid, not only by monthly payment. A longer term lowers the payment but usually raises the total interest.
- If a lender deducts an origination fee from the proceeds, you receive less than you borrow. Add the fee to the total cost, or look at the APR in the lender's disclosure, which already includes it.
- This is an estimate, not a loan offer. The lender's written disclosure is the authoritative figure.
Compare related options
- Compare personal loan options in the USA
- How installment loans are structured
- Bad credit loan costs and risks
Sources and regulatory references
Related guides
Understanding APR: what the number actually includes
APR is the most useful single figure for comparing loans, but only if you know what it includes and where it can mislead.
How to compare loan offers without being misled
A step-by-step method for comparing borrowing offers on total cost rather than on the monthly payment.
How installment loans work
Installment loans repay in fixed periodic payments over a set term. Here is how the amount, rate and schedule fit together.
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