Finance
Personal Loan Calculator
Enter the loan amount, interest rate, and term to see your monthly payment, total interest, and total repayment on a fixed-rate installment loan.
Quick answer: A fixed personal loan is repaid in equal monthly installments; a shorter term means a higher payment but far less total interest.
How it works
1. Set the loan amount and APR
Enter how much you want to borrow and the annual percentage rate the lender quotes. The APR reflects the yearly cost of the loan including most fees, so it is the fairest number for comparing offers. Personal loans are usually unsecured, so rates depend heavily on your credit.
2. Choose the repayment term
Pick a term, usually 2 to 7 years. The calculator computes a fixed monthly installment that fully pays off the loan by the end of the term. A longer term lowers the monthly payment but raises the total interest you pay.
3. Compare total cost across offers
Look beyond the monthly payment to the total of all payments and any origination fee. Two loans with the same payment can differ in total cost if their terms or fees differ. The calculator surfaces total interest so you can pick the cheapest financing.
Frequently asked questions
How is a personal loan payment calculated?
It uses the standard amortization formula — the amount is repaid in equal monthly installments over the term, with each payment covering interest plus a growing share of principal.
Does a longer term lower my payment?
Yes, but you pay more total interest. A shorter term has a higher monthly payment and lower lifetime cost.
What APR should I expect?
Personal loan APRs vary widely with credit — often 7% to 36%. Use your quoted rate for an accurate estimate.