Personal Loan Calculator
A personal loan calculator helps you estimate monthly payments, total interest costs, and complete loan details for unsecured personal borrowing. Use our free personal loan calculator to understand your payment obligations, compare different loan offers, and make informed borrowing decisions. This tool accounts for loan amount, interest rate, loan term, and provides detailed payment breakdowns. Calculate your personal loan payments instantly for better budget planning and financial decision-making.
Free • Instant results • Detailed payment breakdown
How Personal Loan Calculation Works
Personal Loan Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
P = Principal Loan Amount
r = Monthly Interest Rate (Annual Rate ÷ 12)
n = Number of Monthly Payments
Total Interest = (Monthly Payment × n) - P
Example Personal Loan Calculation
A $10,000 personal loan at 12% interest for 36 months results in a $332 monthly payment. Total interest paid would be $1,952, making the total loan cost $11,952.
This example shows how interest rates and loan terms impact your total borrowing cost.
Benefits of Personal Loan Calculation
Frequently Asked Questions
What is a good personal loan interest rate?
Good personal loan rates range from 6-10% for excellent credit, 10-15% for good credit, and 15-25% for average credit. Rates vary based on credit score and loan term.
How much can I borrow with a personal loan?
Personal loans typically range from $1,000 to $50,000, with amounts based on credit score, income, and debt-to-income ratio.
What's the difference between secured and unsecured personal loans?
Unsecured loans don't require collateral and have higher rates. Secured loans use collateral (like car or home) and offer lower rates but risk losing the asset.
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Calculate Your Personal Loan Payment
Get accurate personal loan estimates including monthly payments, interest, and total cost for informed borrowing decisions.
Use Personal Loan Calculator