Loan Calculator
Enter your loan amount, rate, and term below, and this personal loan calculator outputs your monthly payment and total interest cost.
About
About Loan Calculator
A loan calculator runs the standard amortization formula to work out your fixed monthly payment based on how much you're borrowing, the rate, and the repayment term. This personal loan calculator is useful for more than just the payment figure itself, it also shows total interest paid over the life of the loan, which is often the number that actually changes someone's mind about a longer term.
Without a clear monthly figure upfront, it's genuinely easy to take on more debt than actually fits comfortably into a budget. This calculator handles the underlying amortization math instantly, the kind of calculation that's not realistic to work out accurately by hand, and gives you the exact flat monthly commitment.
Comparing loan offers side by side gets confusing fast when rates and terms both differ between lenders. Running a few different scenarios through the same calculator, what happens with an extra $100 a month, a shorter term versus a lower payment, makes those tradeoffs concrete instead of abstract.
Enter the loan amount, the annual rate your lender offered, and the repayment term in months or years. The tool calculates your monthly installment immediately, along with the full interest cost over the loan's lifetime.
One thing worth knowing: paying extra toward principal typically doesn't lower your required monthly payment unless you formally refinance, what it does instead is shorten the loan's overall length, which can meaningfully cut your total interest paid. Your loan amount and rate stay private, calculated entirely in your browser.
FAQ
Frequently asked questions
What's the actual difference between principal and interest?
Principal is the amount you originally borrowed. Interest is the additional cost the lender charges for lending it to you, expressed as an annual percentage rate.
How does the calculator arrive at my monthly payment?
It applies a standard amortization formula, using the principal, the monthly rate derived from your annual rate, and the total number of payments, to calculate one consistent monthly figure.
If I pay extra, will my monthly payment go down?
Not automatically, no, not unless you formally refinance the loan. What typically happens instead is the loan's overall term shortens, which can save a substantial amount in total interest by the time it's paid off.
What exactly is an amortization schedule?
A detailed table showing every individual payment across the loan's full term, breaking down precisely how much of each one goes toward principal versus interest.
Does this work for any type of loan, or just certain ones?
The core amortization math applies to any fixed-rate installment loan, personal loans, debt consolidation, signature loans, all calculate the same way regardless of the specific lender or purpose.
Is my loan information saved anywhere?
No, every calculation happens locally in your browser. The amounts and rates you test are never transmitted to or stored on a server.
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