Personal Loan Calculator
Calculate monthly payments, total interest, and payoff date for personal loans. View a full amortization schedule. See also Loan Calculator and Compound Interest Calculator.
How to Calculate Personal Loan Payments
Personal loan payments are calculated using the standard amortization formula. Enter the loan amount, annual interest rate, and loan term. The calculator determines a fixed monthly payment that covers both principal and interest. Each payment reduces the outstanding balance, with early payments going mostly toward interest and later payments mostly toward principal. Personal loans typically range from 12 to 84 months with fixed interest rates.
Personal Loan Payment Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
Where:
P = Loan amount (principal)
r = Monthly interest rate (annual rate / 12 / 100)
n = Total number of monthly payments
Example
Loan: $15,000 at 8% for 36 months
r = 8 / 12 / 100 = 0.006667
n = 36 months
Monthly Payment = $470.05
Total Paid = $470.05 × 36 = $16,921.80
Total Interest = $16,921.80 − $15,000 = $1,921.80
Payoff Date: 36 months from start
Personal Loan Comparison Table
| Amount | Rate | Term | Monthly | Total Interest |
|---|---|---|---|---|
| $5,000 | 7% | 24 mo | $224.22 | $381.28 |
| $10,000 | 8% | 36 mo | $313.36 | $1,281.08 |
| $15,000 | 8% | 36 mo | $470.05 | $1,921.80 |
| $20,000 | 10% | 48 mo | $507.25 | $4,348.00 |
| $25,000 | 9% | 60 mo | $518.96 | $6,137.60 |
| $30,000 | 12% | 60 mo | $667.33 | $10,039.80 |
Frequently Asked Questions
What is a good interest rate for a personal loan?
Personal loan rates typically range from 6% to 36% depending on credit score. Excellent credit (750+) can qualify for rates under 8%. Good credit (670-749) typically sees rates of 8-15%. Fair credit may see rates of 15-25%.
How does loan term affect total cost?
A longer term means lower monthly payments but more total interest. For a $15,000 loan at 8%: a 36-month term costs $1,922 in interest, while a 60-month term costs $3,250 — nearly 70% more interest for the same loan amount.
Can I pay off a personal loan early?
Most personal loans allow early payoff without penalties, but check your loan agreement. Some lenders charge prepayment penalties. Paying extra toward principal each month reduces total interest and shortens the loan term.