Calculate your monthly installments and total interest costs instantly.
Monthly Payment:$0.00
Total Principal Paid:$0.00
Total Interest Paid:$0.00
Origination Fee Cost:$0.00
Total Cost of Loan:$0.00
How to Use the Personal Loan Calculator
Planning your finances requires precision. Our Personal Loan Repayment Calculator helps you understand the long-term impact of borrowing. To get an accurate estimate, follow these steps:
Loan Amount: Enter the total sum you wish to borrow.
Annual Interest Rate: Enter the APR offered by your lender. Note that personal loan rates typically range from 6% to 36% based on credit score.
Loan Term: Specify how many years you have to repay the debt. Common terms are 3, 5, or 7 years.
Origination Fee: Some lenders charge a fee upfront (usually 1% to 8%). This is deducted from your loan payout but added to your total cost.
Understanding Your Results
Once you click "Calculate," the tool uses the standard amortization formula to provide a breakdown. The Monthly Payment is what you will owe each month. However, pay close attention to the Total Interest Paid; this is the true "price" of the loan. A longer term will lower your monthly payment but significantly increase the total interest you pay over the life of the loan.
Example Calculation
If you borrow $15,000 at a 10% interest rate for 5 years:
Monthly Payment: $318.71
Total Interest: $4,122.31
Total Repayment: $19,122.31
By increasing your monthly payment by just $50, you could shave months off your debt and save hundreds in interest costs.
Personal Loan Borrowing Tips
Before signing a loan agreement, consider the following SEO-backed financial advice:
Check for Prepayment Penalties: Ensure your lender doesn't charge you for paying off the loan early.
Compare APR, not just Interest: The Annual Percentage Rate (APR) includes fees, providing a more accurate cost comparison than the base interest rate alone.
Improve Your Credit Score: Even a 1% difference in interest rates can save you thousands on large loans.
function calculatePersonalLoan() {
var principal = parseFloat(document.getElementById('loanAmount').value);
var annualRate = parseFloat(document.getElementById('interest_rate' ? 'interestRate' : 'interestRate').value);
var years = parseFloat(document.getElementById('loanTerm').value);
var feePercent = parseFloat(document.getElementById('originationFee').value);
if (isNaN(principal) || isNaN(annualRate) || isNaN(years) || principal <= 0 || years <= 0) {
alert("Please enter valid positive numbers for loan amount, rate, and term.");
return;
}
var monthlyRate = annualRate / 100 / 12;
var totalMonths = years * 12;
var monthlyPayment = 0;
if (monthlyRate === 0) {
monthlyPayment = principal / totalMonths;
} else {
var x = Math.pow(1 + monthlyRate, totalMonths);
monthlyPayment = (principal * x * monthlyRate) / (x – 1);
}
var totalRepayment = monthlyPayment * totalMonths;
var totalInterest = totalRepayment – principal;
var originationFeeCost = principal * (feePercent / 100);
var absoluteTotalCost = totalInterest + originationFeeCost;
document.getElementById('monthlyPayment').innerHTML = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalPrincipal').innerHTML = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalInterest').innerHTML = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('feeCost').innerHTML = "$" + originationFeeCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalCost').innerHTML = "$" + (totalRepayment + originationFeeCost).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('loanResult').style.display = 'block';
}