Personal Loan Calculator
Estimate your monthly personal loan payment, total repayment and total interest based on the loan amount, rate and term.
Overview
A personal loan calculator helps you estimate what a loan may cost before you borrow. Enter the loan amount, annual interest rate, repayment term and any upfront fee to see your estimated monthly payment, total repayment and total interest.
How it works
This calculator uses a standard loan amortization method for fixed-rate personal loans. It converts the annual interest rate into a monthly rate, spreads repayment over the number of monthly payments, and estimates a fixed monthly payment. It then totals those payments to show the full repayment amount and the interest paid over the term. Any upfront fee is added separately to show the overall cost.
How to use this calculator
- 1Enter the amount you want to borrow.
- 2Add the annual interest rate offered by the lender.
- 3Choose the loan term in years.
- 4Enter any upfront fee if applicable.
- 5Review the estimated monthly payment and total loan cost.
Example Calculation
Loan Amount
$10,000
Annual Interest Rate
9%
Loan Term
3
Upfront Fee
$250
Monthly Payment
$315.68
For a $10,000 loan at 8.5% over 3 years with a $250 upfront fee, the estimated monthly payment is about $316.04, total repayment is about $11377.44, and the total cost including the fee is about $11627.44.
Frequently asked questions
What does this personal loan calculator estimate?
It estimates your monthly payment, total repayment, total interest and overall cost including any upfront fee you enter.
Does this calculator include loan fees?
It includes a single upfront fee if you enter one, but it does not include every possible lender charge such as late fees or optional insurance.
Can I use this calculator for a 0% loan?
Yes. If the interest rate is 0%, the calculator divides the loan amount evenly across the loan term.
Is the monthly payment fixed?
The estimate assumes a fixed-rate loan with equal monthly repayments for the entire term.
Why might my lender's quote be different?
Lenders may use different fee structures, payment dates, compounding methods or additional charges that are not included here.
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Assumptions and warnings
Assumptions
- This calculator assumes fixed monthly repayments over the full loan term.
- Interest is calculated using a standard amortizing loan formula.
- Any upfront fee is treated as a separate cost and not financed unless you add it into the loan amount.
- Results are estimates and do not include late fees, insurance or other lender-specific charges.
Warnings
- This calculator provides an estimate only and is not financial advice.
- Actual loan costs may vary depending on lender terms, fees and repayment conditions.