Personal Loan Interest Calculator — Accurate Payment & Cost Estimates

Personal Loan Interest Calculator

Calculate your personal loan payments, total interest costs, and repayment schedule. Compare loan options and make informed financial decisions.

Step 1: Loan Details

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Loan Details

Enter the principal loan amount, annual interest rate, and repayment term. These three factors determine your monthly payment and total interest cost.

Step 2: Additional Details

About Loan Calculations

This calculator uses standard loan amortization formulas to calculate monthly payments. Your actual rates may vary based on credit score, lender, and other factors.

Personal Loan Calculation Results

Summary
Payment Schedule
Cost Breakdown

Monthly Payment

$200.38
For a 5-year $10,000 loan at 7.5% interest
Total Interest
$2,022.72
Total Payment
$12,022.72
Payoff Time
5 years
Interest Rate
7.5% APR

Loan Amortization Schedule

Principal Paid
$10,000
Total loan amount
Interest Paid
$2,022.72
Over entire loan term
Payments Made
60
Monthly payments
Avg Interest/Month
$33.71
Average monthly interest

Amortization Schedule

In the early years, most of your payment goes toward interest. As the loan balance decreases, more of each payment goes toward the principal. Making extra payments can significantly reduce total interest.

Interest & Payment Breakdown

Loan Calculation Formula

Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]

Where P = Principal loan amount, r = Monthly interest rate (annual rate ÷ 12), n = Total number of payments (loan term in years × 12). This is the standard amortization formula used by most lenders.

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