Loan Calculator
Work out the monthly payment on a personal loan from the amount, interest rate and term. You will also see the total interest you pay over the life of the loan.
Result
How the payment is calculated
Fixed-rate installment loans are amortized: payment = P × r / (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (annual rate divided by 12) and n the number of payments. Early payments are mostly interest; later ones are mostly principal.
A quick example
A $10,000 loan at 9% for 5 years costs about $208 a month. Over the full term you repay roughly $12,455, of which about $2,455 is interest.
Interest rate vs. APR
The calculator applies the rate you enter as a pure interest rate. A lender’s quoted APR also folds in origination fees, so two loans with the same rate can have different APRs. Compare offers by APR.
Related guide: APR vs. Interest Rate: What’s the Difference?
Frequently asked questions
What happens if I choose a longer term?
Your monthly payment goes down, but you pay interest for longer, so the total cost of the loan goes up.
Does this include origination fees?
No. Only principal and interest are included. If the lender deducts an origination fee, you receive less than the loan amount but repay all of it.
Can I pay the loan off early?
Most personal loans allow it, and doing so saves interest. Check your agreement for a prepayment penalty first.
Related tools
Results are estimates for informational purposes only and are not financial, tax, legal or medical advice.