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About the Personal Loan Calculator
This Personal Loan Calculator computes your monthly payment, total interest cost, and total repayment amount for any personal loan. It also lets you compare offers from different lenders side by side, so you can see which loan costs less over time.
The calculator uses the standard amortization formula P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. You enter the loan amount, the annual interest rate, and the loan term in months or years. Enter the annual percentage rate (APR) rather than the base rate when possible, since APR includes lender fees and gives a more accurate cost comparison. For large borrowing decisions, consider a financial professional as well.
- Enter the loan amount you plan to borrow.
- Add the interest rate and loan term for each offer.
- Compare the monthly payment and total cost results.