Personal Loan Calculator
Personal loans are simple fixed-rate instalment loans. Enter the amount, rate, and term for the payment and the total cost.
$395.01 / month
- Total interest
- $3,960
- Total repaid
- $18,960
How it works
The standard amortisation formula sets the payment that reduces the balance to zero over the term at a constant monthly rate.
Frequently asked questions
How is a personal loan payment calculated?
The same standard amortization formula used for mortgages and auto loans: a fixed monthly payment that pays off the balance exactly at the end of the term, given a constant monthly interest rate.
Is a personal loan's rate fixed for the whole term?
Most personal loans are fixed-rate installment loans, so the rate and payment don't change once you're approved — this calculator assumes that. Variable-rate personal loans exist but are less common.
What affects the interest rate I'm offered?
Primarily credit score, income, existing debt (your DTI), and the loan term — shorter terms and stronger credit typically get lower rates. Some lenders also price based on what the loan is for.
Are there fees beyond interest?
Many personal loans charge an origination fee (often 1–8% of the loan, deducted from the amount disbursed or added to the balance). This calculator models principal and interest only — check your loan's specific fee structure for the true cost, similar to how the APR calculator treats financed fees.