Calculate Monthly Payment on Loan

Estimate your monthly payments and total interest costs instantly.

Estimated Monthly Payment

$0.00

Total Interest Paid

$0.00

Total Cost of Loan

$0.00

*Note: Your effective loan amount received will be lower due to the origination fee.

Understanding Your Personal Loan Payments

Taking out a personal loan is a significant financial commitment. Whether you are consolidating debt, funding a home improvement project, or covering an unexpected expense, knowing your monthly obligation is the first step toward responsible borrowing.

How the Monthly Payment is Calculated

Personal loans typically use an amortizing structure. This means your fixed monthly payment consists of both principal (the amount you borrowed) and interest (the cost of borrowing). The formula used in this calculator is:

M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]

• M = Total monthly payment
• P = Principal loan amount
• r = Monthly interest rate (Annual rate / 12 months)
• n = Total number of months (Term)

Factors That Affect Your Loan Cost

1. Credit Score: Borrowers with excellent credit (740+) usually qualify for the lowest interest rates, significantly reducing the total cost of the loan.

2. Loan Term: A longer term (e.g., 60 months) will lower your monthly payment but increase the total interest paid over the life of the loan.

3. Origination Fees: Many lenders charge an upfront fee (1% to 8%) to process the loan. This is often deducted from your loan payout, meaning you receive less cash than you actually borrow.

Calculation Example

Imagine you borrow $10,000 at a 10% interest rate for a 36-month term:

• Monthly Payment: $322.67
• Total Interest: $1,616.12
• Total Repayment: $11,616.12

By increasing your monthly payment by just $50, you could save hundreds in interest and pay the loan off months earlier.

function calculatePersonalLoan() { var amount = parseFloat(document.getElementById('loanAmount').value); var annualRate = parseFloat(document.getElementById('interestRate').value); var months = parseInt(document.getElementById('loanTerm').value); var feePercent = parseFloat(document.getElementById('originationFee').value); // Validation if (isNaN(amount) || amount <= 0) { alert("Please enter a valid loan amount."); return; } if (isNaN(annualRate) || annualRate < 0) { alert("Please enter a valid interest rate."); return; } if (isNaN(months) || months 0) { feeAmount = amount * (feePercent / 100); document.getElementById('feeWarning').style.display = 'block'; document.getElementById('feeWarning').innerText = "*Note: You will receive approximately $" + (amount – feeAmount).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}) + " after the " + feePercent + "% origination fee."; } else { document.getElementById('feeWarning').style.display = 'none'; } // Display Results document.getElementById('resultsArea').style.display = 'block'; document.getElementById('monthlyPaymentDisplay').innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalInterestDisplay').innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalCostDisplay').innerText = "$" + totalRepayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); // Scroll to result on small screens if(window.innerWidth < 600) { document.getElementById('resultsArea').scrollIntoView({behavior: 'smooth'}); } }