Personal Loan Payment Calculator
Enter an amount, an APR and a term to see the monthly payment, the total of payments and the interest paid.
Loan payment
Figures are arithmetic on your inputs, not an offer.
The formula
PMT = P × r ÷ (1 − (1+r)−n), where P is the principal, r the monthly rate (APR ÷ 12) and n the number of monthly payments. Total of payments = PMT × n.
How to read the output
The monthly payment is the fixed amount that amortises the principal exactly over the term. Total of payments is that payment multiplied by the number of payments; interest is the difference between the two. A longer term lowers the payment and raises both of the other two figures.
Every calculator runs in this page. Nothing you type is transmitted or stored.
What a calculator cannot tell you
A calculator cannot tell you what a lender will offer. It tells you what a given rate, term and amount cost. The rate you are actually offered is set by the lender against your file.
Sources
- Federal Reserve Board — Consumer Credit (G.19), current release — Commercial-bank interest rates: 24-month personal, credit card, 48/60/72-month new car.
- FDIC Consumer Resource Center — Consumer guidance on credit, loans and deposit accounts.
Figures marked VERIFIED were read from these sources at build time; figures marked CALCULATED come from the arithmetic shown; VARIABLE means the number differs by lender, state or credit tier and is not quoted as a single value.