Personal Loan Calculator
Calculate your personal loan payments, total interest, and amortization schedule. Understand how loan amount, interest rate, and term affect your monthly payments.
Step 1: Loan Details
Understanding Interest Rates
Interest rates vary based on credit score, loan amount, and term. Lower rates mean less total interest paid. A good credit score typically qualifies for better rates.
Step 2: Additional Options
About Loan Terms
Shorter terms mean higher monthly payments but less total interest paid. Longer terms reduce monthly payments but increase total interest costs over the life of the loan.
Loan Calculation Results
Monthly Payment
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|
Payment Breakdown Analysis
Loan Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n – 1]
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of payments (term in years × 12)
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