Helpful Toolbox

Personal Loan Calculator

See exactly what a personal loan will cost you each month — and in total — before you sign anything.

📖 How it works & FAQ

How your monthly payment is calculated

Personal loans are amortized, which means every payment is the same size but its makeup shifts over time. Early payments are mostly interest; later payments are mostly principal. This calculator uses the standard amortization formula: your loan amount multiplied by the monthly rate (APR ÷ 12), divided by 1 − (1 + monthly rate)−months. Multiply that payment by the number of months and you get the total paid; subtract the amount you borrowed and you get the total interest — the real price of the loan.

Why total interest matters more than the payment

Lenders love to quote a low monthly payment, but a longer term quietly raises the total cost. A $10,000 loan at 11.5% APR costs about $1,870 in interest over 36 months — stretch it to 60 months and the payment drops, but interest climbs past $3,190. Try a few terms above and watch the “Total interest” card: shorter terms almost always win if you can afford the payment. Everything here is an estimate for comparison only, not financial, tax, insurance, or legal advice.

How to use it

  1. Enter the amount you want to borrow.
  2. Enter the APR from your loan offer or pre-qualification quote.
  3. Enter the term in months (36, 48, and 60 are common).
  4. Read the three cards — they update instantly as you type, so compare offers side by side.

FAQ

Is APR the same as the interest rate?
Not quite. APR includes the interest rate plus most lender fees (like origination fees), so it is the better number for comparing offers. Use the APR from your quote here for the most realistic estimate.
Why is my lender’s quoted payment slightly different?
Lenders may round differently, charge fees separately, or set a first-payment date that adds a few days of interest. Expect this estimate to land within a dollar or two of the real figure.
Does paying extra each month help?
Yes — extra payments go straight to principal, which shortens the loan and cuts total interest. Just confirm your lender has no prepayment penalty.
Is my data sent anywhere?
No. All math runs in your browser; nothing you type ever leaves your device.