Personal Loan Calculator

Estimate personal-loan payments, interest and total repayment. Enter your loan amount, annual interest rate and loan term to calculate the estimated monthly payment.

The amount you plan to borrow.

%

Annual interest rate charged on the personal loan.

years

The number of years used to repay the loan.

Personal Loan Formula

Monthly Payment = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1] Where: P = Loan amount r = Monthly interest rate = Annual rate ÷ 12 ÷ 100 n = Total number of monthly payments = Loan term × 12 Total Repayment = Monthly Payment × n Total Interest = Total Repayment − Loan Amount If the interest rate is 0%: Monthly Payment = Loan Amount ÷ n

This calculator estimates principal and interest payments for a standard amortizing personal loan. Processing fees, taxes, insurance, late charges and other lender-specific costs are not included.

How to Use the Personal Loan Calculator

1

Enter the Loan Amount

Enter the personal-loan amount you want to borrow.

2

Enter the Interest Rate

Enter the annual interest rate offered by the lender.

3

Enter the Loan Term

Enter the number of years you expect to take to repay the loan.

4

Calculate Your Payment

The calculator displays the estimated monthly payment, total interest and total repayment.

Example Personal Loan Calculation

500,000 loan at 12% for 5 years

Given:

  • Loan Amount = 500,000
  • Annual Interest Rate = 12%
  • Loan Term = 5 years

Monthly rate:

12% ÷ 12 = 1.00% per month

Total payments:

5 × 12 = 60 monthly payments

Result: Monthly Payment ≈ 11,122.22

Total Repayment ≈ 667,333.20.

Total Interest ≈ 167,333.20.

Understanding Your Personal Loan Results

Monthly Payment

The estimated amount paid each month toward principal and interest.

Total Interest

The estimated interest paid across all scheduled monthly payments.

Total Repayment

The total principal and interest paid over the full personal-loan term.

Important Consideration

Actual borrowing costs may also include processing fees, taxes, penalties, insurance or other lender-specific charges.

Key Personal Loan Terms

Principal

The original amount borrowed before interest and additional charges.

Interest Rate

The annual percentage charged on the outstanding loan balance.

Loan Term

The length of time scheduled to repay the personal loan.

Monthly Payment

The regular principal-and-interest payment calculated for the loan.

Total Interest

The total interest accumulated over the scheduled repayment period.

Processing Fee

A lender charge that may apply separately from the interest calculation.

Frequently Asked Questions

A personal loan calculator estimates monthly payments, total interest and total repayment from the loan amount, interest rate and repayment term.
The calculator uses the standard amortizing-loan formula with the principal, monthly interest rate and total number of monthly payments.
Generally, yes. Spreading the loan over more months usually reduces each payment but can increase the total interest paid.
Yes. At 0% interest, the loan amount is divided evenly across the total number of monthly payments.
No. The basic calculation covers principal and interest. Processing fees and other lender charges are not included.
No. It is an estimate based on the values entered. Actual lender terms, fees, rounding and repayment schedules may differ.

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