Personal Loan Calculator

Worked example

Example 1: $15,000 at 11.9% for 36 months → mid-$400s payment range before fees. Example 2: same $15,000 at 9.9% for 48 months → lower payment but more months of interest—compare total interest, not payment alone.

When to use this

• Comparing personal loan offers.
• Estimating consolidation payments.
• Seeing term length vs total interest tradeoffs.
• Checking affordability before applying.
• Modeling an origination fee in amount financed.

Common examples

• $15,000 at 11.9% for 36 months → mid-$400s payment before fees.
• $8,000 at 9.9% for 24 months → higher payment, less interest overall.
• $25,000 consolidation at 13% for 60 months—compare total interest vs keeping cards.
• Same principal: 36 vs 48 months—payment drops but interest rises.
• Add origination fee into amount financed for a truer payment.

Common mistakes

• Ignoring fees outside APR.
• Comparing only monthly payment.
• Assuming approval at the advertised rate.
• Forgetting prepayment penalties.
• Treating results as lender quotes.

How it works

Estimates fixed monthly payments for a personal loan from amount, APR, and term using standard amortization. Fees, insurance, and prepayment penalties are not included unless you add them to the principal.

Limitations

Estimates only for educational purposes. Not financial, tax, or legal advice. Verify figures with your lender, advisor, or official IRS/SSA sources before making decisions.

Privacy and file handling

Your data stays on your device and is not uploaded.

Formula or method

PMT = r × L / (1 − (1 + r)^−n) with r = APR/12 and n = months. Estimate only; lender quotes control.