How to use the Personal Loan Calculator
The personal loan calculator shows monthly payments, total cost and the yearly interest breakdown for an unsecured loan.
Open the Personal Loan Calculator →
What you need to enter
- Loan amount ($)
- Interest rate (% / year)
- Loan term (years)
The formula
Payment = P × r ÷ (1 − (1 + r)^−n).
Worked example
Using the default values in the calculator:
- Loan amount ($): 15000
- Interest rate (% / year): 11
- Loan term (years): 4
| Monthly payment | $387.68 |
| Total of payments | $18,608.78 |
| Total interest | $3,608.78 |
Tips for better results
- Shop for the lowest APR and lowest fees.
- Consider a shorter term if you can afford it.
Common mistakes to avoid
- Ignoring origination fees.
- Borrowing for non-essentials at a high rate.
Please note: Calculators and guides give general estimates, not financial, tax or investment advice. Real offers depend on your lender, location and personal situation. See our Disclaimer.