Calculator
Personal Loan Payment Calculator
Estimate the monthly payment for a fixed-rate personal loan. Use loan amount, annual interest rate, and term to model principal-and-interest payments before lender fees or credit-based pricing adjustments.
Result
- Monthly payment
- $381.60
- Total interest
- $1,737.48
- Total paid
- $13,737.48
Estimated fixed principal-and-interest payment.
How personal loan payment calculation works
Most installment personal loans are repaid with fixed monthly payments over a set term.
The calculator uses the standard amortization formula to estimate the scheduled principal-and-interest payment.
Actual personal loan cost can differ because lenders may charge origination fees, adjust rates by credit profile, or subtract fees from the amount disbursed.
Personal loan payment formula
Payment = P x [r(1+r)^n] / [(1+r)^n - 1]The formula assumes a fixed-rate installment loan with monthly payments. If the rate is 0%, payment equals loan amount divided by the number of payments.
- P is the personal loan amount.
- r is the monthly interest rate.
- n is the number of monthly payments.
What the Numbers Mean
- Personal loan amount
- The amount borrowed before interest. Include financed fees only if you want them treated as part of the principal.
- Annual interest rate
- The yearly rate used by the calculator. Your quoted APR may include fees depending on lender disclosures.
- Loan term
- The repayment period. Common personal loan terms are often two to seven years.
- Total paid
- The sum of scheduled payments under the modeled rate and term.
Assumptions
- The loan is a fixed-rate installment personal loan.
- Payments are monthly and made on schedule.
- Origination fees, late fees, prepayment penalties, credit insurance, and optional add-ons are excluded unless included in the loan amount.
- The calculator does not model lender underwriting, approval odds, or credit-based pricing.
- The estimate is principal and interest only.
Worked Examples
$12,000 personal loan at 9% for 3 years
- Input
- $12,000 loan amount, 9% annual rate, 3-year term
- Formula
- P = 12,000, r = 0.09 / 12, n = 36
- Output
- $381.60 monthly payment
The scheduled payments total about $13,737.48, including about $1,737.48 of interest.
$10,000 personal loan at 10.5% for 3 years
- Input
- $10,000 loan amount, 10.5% annual rate, 3-year term
- Formula
- P = 10,000, r = 0.105 / 12, n = 36
- Output
- $325.02 monthly payment
At this rate and term, total interest is about $1,700.88.
$25,000 personal loan at 11% for 5 years
- Input
- $25,000 loan amount, 11% annual rate, 5-year term
- Formula
- P = 25,000, r = 0.11 / 12, n = 60
- Output
- $543.56 monthly payment
Longer terms can reduce the monthly payment but increase lifetime interest.
$15,000 personal loan at 0% for 5 years
- Input
- $15,000 loan amount, 0% annual rate, 5-year term
- Formula
- $15,000 / 60 payments
- Output
- $250.00 monthly payment
At a zero rate, payments repay principal only.
Frequently Asked Questions
How do I estimate a personal loan payment?
Enter the loan amount, annual interest rate, and term. The calculator uses fixed-rate amortization to estimate monthly principal and interest.
Does this include origination fees?
No, unless you include the fee in the loan amount. Some lenders charge fees that affect APR or the cash you actually receive.
Is the interest rate the same as APR?
Not always. APR can include certain fees and disclosure assumptions. This calculator uses the annual interest rate you enter.
Can a personal loan rate change?
Some personal loans are fixed, while others can have different terms. This calculator assumes a fixed rate.
Does this show whether I qualify?
No. It only estimates payment math. Approval and pricing depend on lender rules, credit profile, income, debt, and other underwriting factors.
What loan term should I compare?
Compare several terms. Shorter terms usually cost less interest but require higher monthly payments.
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Disclaimer
This calculator is a simplified personal loan payment estimate. It is not lending, credit, tax, legal, or financial advice.