Personal Loan Calculator
Estimate monthly payments, total interest, and total cost for an unsecured personal loan.
Typical personal loans run 2–7 years. Rate depends on credit; this is an estimate, not a lender quote.
Unsecured personal-loan estimate: amount, rate, term. Same amortizing math as the generic loan page, with defaults typical of 2–7 year consumer loans rather than a 30-year mortgage or a car deal.
Formula
M = P × r(1+r)^n / ((1+r)^n − 1)
How to calculate
- Enter the amount you will borrow, not the purchase price of an asset.
- Use the APR you were quoted, as a percent.
- Pick a term in years. Shorter terms raise the payment and cut total interest.
Example
A $15,000 personal loan at 11.5% for 5 years is about $330/month.
Common mistake
Origination fees often come out of the amount you receive. If 3% is deducted, you net 97% of P but still repay P.
FAQ
How do I calculate a personal loan payment?
Amortize the amount at the quoted APR over the term in months. This page does that with personal-loan defaults.
Is a personal loan the same as a mortgage?
No. A mortgage is secured by a house and usually has a longer term. Use the mortgage calculator for home loans.