Estimate your monthly payments and total interest costs instantly.
Years
Months
Monthly Payment:
Total Principal:
Total Interest:
Total Repayment:
How to Use the Personal Loan Calculator
A personal loan can be a powerful financial tool for debt consolidation, home improvements, or unexpected expenses. Our calculator helps you understand the long-term cost of borrowing by breaking down your monthly obligations.
Understanding the Variables
Loan Amount: The total sum of money you wish to borrow from the lender.
Interest Rate: The annual percentage rate (APR) charged by the lender. This is determined by your credit score and financial history.
Loan Term: The duration you have to pay back the loan. Longer terms result in lower monthly payments but higher total interest paid.
Example Calculation
If you borrow $5,000 at an interest rate of 10% for a term of 2 years (24 months):
Your estimated monthly payment would be approximately $230.72.
The total interest paid over the life of the loan would be $537.39.
The total amount repaid to the lender would be $5,537.39.
Strategies for Personal Loans
To minimize your costs, aim for the shortest term you can comfortably afford. Even a 1% difference in interest rates can save you hundreds of dollars over the life of a 5-year loan. Always check for origination fees, which some lenders charge upfront and are not always included in the basic interest calculation.
function calculatePersonalLoan() {
var principal = parseFloat(document.getElementById("loan_amount").value);
var annualRate = parseFloat(document.getElementById("interest_rate").value);
var term = parseFloat(document.getElementById("loan_term").value);
var termUnit = document.getElementById("term_unit").value;
if (isNaN(principal) || isNaN(annualRate) || isNaN(term) || principal <= 0 || annualRate < 0 || term <= 0) {
alert("Please enter valid positive numbers for all fields.");
return;
}
var monthlyRate = annualRate / 100 / 12;
var numberOfPayments = term;
if (termUnit === "years") {
numberOfPayments = term * 12;
}
var monthlyPayment = 0;
// If interest rate is 0
if (monthlyRate === 0) {
monthlyPayment = principal / numberOfPayments;
} else {
var x = Math.pow(1 + monthlyRate, numberOfPayments);
monthlyPayment = (principal * x * monthlyRate) / (x – 1);
}
var totalRepayment = monthlyPayment * numberOfPayments;
var totalInterest = totalRepayment – principal;
// Display results
document.getElementById("res_monthly").innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("res_principal").innerText = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("res_interest").innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("res_total").innerText = "$" + totalRepayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("loan_results").style.display = "block";
}