Personal Loan Calculator
Calculate monthly payments and total cost for personal loans
Results
Monthly Payment
$480.49
Total Interest
$2,297.82
Total Payment
$17,297.82
Amortization Schedule
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $361.74 | $118.75 | $14,638.26 |
| 2 | $364.60 | $115.89 | $14,273.66 |
| 3 | $367.49 | $113.00 | $13,906.17 |
| 4 | $370.40 | $110.09 | $13,535.77 |
| 5 | $373.33 | $107.16 | $13,162.43 |
| 6 | $376.29 | $104.20 | $12,786.15 |
| 7 | $379.27 | $101.22 | $12,406.88 |
| 8 | $382.27 | $98.22 | $12,024.61 |
| 9 | $385.30 | $95.19 | $11,639.32 |
| 10 | $388.35 | $92.14 | $11,250.97 |
| 11 | $391.42 | $89.07 | $10,859.55 |
| 12 | $394.52 | $85.97 | $10,465.03 |
Personal Loan Tips
- •Compare APRs from multiple lenders
- •Check for origination fees
- •Consider credit union rates
- •Avoid extending term just for lower payments
How Personal Loan Calculation Works
Our personal loan calculator determines your monthly payment using the standard loan amortization formula. Enter your desired loan amount, the interest rate offered by your lender, and your preferred repayment term. The calculator shows your fixed monthly payment, total interest cost, and complete repayment schedule.
Understanding Personal Loans
Personal loans are typically unsecured loans with fixed interest rates and fixed monthly payments. Unlike credit cards with variable rates and minimum payments, personal loans have a set repayment schedule. This predictability makes budgeting easier and helps you become debt-free by a specific date.
Frequently Asked Questions
Personal loans are versatile and can be used for debt consolidation, home improvements, medical expenses, large purchases, or emergency expenses. They're typically unsecured, meaning no collateral is required.