Enter your loan details
Estimated monthly payment
$487.54
Introduction
Plan before you borrow
A personal loan usually provides a fixed amount of money that is repaid in equal monthly installments. This calculator helps you compare offers by translating the loan amount, annual percentage rate, and repayment term into an estimated monthly obligation.
Use the result to evaluate affordability and compare scenarios. A longer term may lower the monthly payment while increasing total interest. A lower APR can reduce both the payment and total borrowing cost.
How it works
The formula behind the answer
The calculator converts the annual rate into a monthly rate and the term into a number of monthly payments. It then applies the standard amortizing-loan formula:
P is the principal, r is the monthly interest rate, and n is the number of monthly payments. Total interest equals all payments minus the original principal.
Example calculation
A $15,000 personal loan
- Enter a loan amount of $15,000.
- Use a 10.5% APR and a three-year term.
- Review the estimated monthly payment and full interest cost.
- Adjust the term or rate to compare alternatives.
Frequently asked questions
Personal-loan questions
Does this include loan fees?
No. Origination fees and optional products are not included unless they are added to the financed amount.
Will my lender offer this exact payment?
Not necessarily. Lenders may use different compounding rules, fees, payment dates, or rounding.
Does a longer term save money?
It usually lowers the monthly payment but often increases the total interest paid.
Is this financial advice?
No. It is an educational estimate designed to support comparison and planning.