Personal Loan Calculator

Work out the monthly payment on a fixed rate personal loan, along with the total interest and the total amount you will repay. Enter the amount borrowed, the annual rate, and the term in years, and all three figures update as you type using the standard amortisation formula.

Loan Amount ($)

Interest Rate (% APR)

Loan Term (years)

$320.33

Monthly Payment

$1,531.86

Total Interest

$11,531.86

Total Paid

Payments by loan amount

Pre-computed monthly payments for common personal loan amounts, across typical rates and terms.

How was this tool?

Your feedback helps us improve Personal Loan Calculator.

Why use Personal Loan Calculator?

A fixed rate loan payment is engineered so that one constant amount covers both the interest due that month and enough principal to clear the balance exactly at the end of the term. That is what amortisation means, and it is why every payment is identical even though its makeup changes. The split shifts steadily. Interest is charged on the outstanding balance, so early payments are interest heavy and later ones are mostly principal. This is also why paying extra early has a disproportionate effect: the money removes principal that would otherwise have accrued interest for the whole remaining term. Term length is the decision worth thinking hardest about. Stretching a loan reliably lowers the monthly figure, which is why lenders lead with it, but the total interest number tells the other half of the story. Comparing two offers on monthly payment alone can easily favour the one that costs more overall, which is why both figures are shown side by side here.

Key benefits

Uses the same fixed rate amortisation formula that lenders use
Shows total interest, which is the number that reveals the real cost of a longer term
Updates live, so you can feel how rate and term trade off
Handles a zero percent rate correctly rather than dividing by zero
Runs in your browser with nothing entered ever being transmitted

Features

Monthly payment from the standard amortising loan equation
Total repaid calculated across the full schedule
Total interest shown as the difference between repaid and borrowed
Live recalculation on every field
Results hidden until the inputs form a valid loan

Popular use cases

Comparing two loan offers with different rates and terms
Checking whether a proposed monthly payment fits your budget
Seeing what a longer term really costs before choosing it
Estimating a consolidation loan against the debts it would replace

How to use Personal Loan Calculator

1
Enter the amount
Put in the principal, meaning the sum you actually receive rather than the total you will repay.
2
Add the annual rate
Use the yearly interest rate as a percentage. The calculator divides it into a monthly rate internally.
3
Set the term
Enter the length in years. The term is converted to a number of monthly payments.
4
Compare the totals
Look at total interest as well as the monthly figure. Extending the term lowers the payment and raises the total cost.

Frequently asked questions

What formula is used?

The standard fixed rate amortisation equation. The annual rate is divided by twelve to get a monthly rate, the term is multiplied by twelve to get the number of payments, and the payment is the amount that clears principal and interest exactly over that schedule.

Why does a longer term cost so much more?

Interest accrues on the outstanding balance every month, so a longer term means more months of interest on a balance that falls more slowly. The monthly payment drops, which is the appeal, but the total interest rises, often substantially.

Does this include fees?

No. It calculates principal and interest only. Origination fees, insurance, and administration charges are not included, so a real offer will usually cost slightly more. Compare offers by APR, which is designed to fold those costs in.

Is my actual rate likely to match?

Advertised rates are typically the best available and depend on your credit profile, income, and the loan purpose. Treat the result as a planning estimate and confirm with the lender before committing.

What happens at a zero percent rate?

The calculation switches to simple division, spreading the principal evenly across the payments. Without this special case the standard formula would divide by zero.

Last reviewed: July 2026

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