🤝Personal Loan Calculator
Find out your monthly payment and the total interest you will pay over the life of a personal loan. Enter the amount, rate and term to see exactly what the loan will cost you.
Last updated: · Reviewed by The CalcWise Team
How to use this calculator
- Enter the amount you want to borrow.
- Add the APR offered by your lender and the repayment term in years.
- Press Calculate to see your fixed monthly payment and total interest.
How it works
Personal loans are fixed-rate, fixed-term installment loans, so your monthly payment stays the same for the life of the loan. This calculator uses the standard amortization formula to split each payment between interest and principal.
Because personal loans are usually unsecured (no collateral), their rates are higher than mortgages or auto loans but lower than most credit cards — which makes them a common tool for consolidating high-interest debt.
Always check whether a loan has an origination fee or prepayment penalty. An origination fee raises your effective cost, while a prepayment penalty reduces the benefit of paying the loan off early.