Personal Loan Calculator
Your monthly payment depends on three things: how much you borrow, the APR, and how long you take to repay. Enter those figures below to see your estimated payment, the total interest you would pay, and the total cost of the loan.
Personal Loan Calculator
How this calculator works
A personal loan is repaid in equal monthly instalments. Each payment covers the interest that has accrued on the remaining balance plus a slice of the principal. Early payments are mostly interest; later payments are mostly principal. That is why paying extra early has a bigger effect than paying extra late.
This calculator uses the standard amortising payment formula, M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate (the APR divided by 100 and then by 12) and n is the number of monthly payments. When the APR is zero the payment is simply the amount divided by the number of months.
Only the figures you enter are used. The tool does not assume a market rate, an origination fee or a lender policy. If your offer includes fees, add them to the amount or use the APR calculator, because fees raise the real cost of borrowing above the headline rate.
Frequently asked questions
What is the difference between interest rate and APR?
The interest rate is the cost of the borrowed money alone. The APR also includes most fees a lender charges, so it is usually the better number for comparing offers. Use the APR where you have it.
Does a longer term lower my payment?
Yes. Stretching the same balance over more months lowers the monthly payment, but you pay interest for longer, so the total interest usually rises. This calculator shows both sides.
How is the monthly payment calculated?
It uses the standard amortisation formula for equal payments. The payment is fixed, but the split between interest and principal changes every month as the balance falls.
Will my actual payment match this exactly?
It should be close. Small differences come from rounding, payment timing, fees financed into the loan, or a lender that uses a slightly different day-count method. Treat the result as an estimate.
Can I pay the loan off early?
Many personal loans allow early repayment, and some charge a prepayment penalty. Check your agreement. If there is no penalty, extra payments reduce the balance and cut total interest.
Check your rate with a lending partner in about two minutes. Checking does not affect your credit score.
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