Personal Loan Rates Calculator

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Personal Loan Rate Calculator body { font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif; background-color: #f8f9fa; color: #333; margin: 0; padding: 20px; display: flex; justify-content: center; align-items: flex-start; min-height: 100vh; } .loan-calc-container { background-color: #ffffff; border-radius: 8px; box-shadow: 0 2px 10px rgba(0, 74, 153, 0.1); padding: 30px; width: 100%; max-width: 700px; box-sizing: border-box; } h1 { color: #004a99; text-align: center; margin-bottom: 30px; font-weight: 600; } .input-section, .result-section, .article-section { margin-bottom: 30px; padding: 20px; border: 1px solid #e0e0e0; border-radius: 6px; background-color: #fdfdfd; } .input-group { margin-bottom: 20px; display: flex; flex-direction: column; align-items: flex-start; } label { font-weight: 500; margin-bottom: 8px; color: #004a99; display: block; } input[type="number"], input[type="range"] { width: calc(100% – 20px); padding: 10px; border: 1px solid #ccc; border-radius: 4px; box-sizing: border-box; margin-top: 5px; font-size: 1rem; } input[type="number"] { margin-bottom: 15px; } button { background-color: #004a99; color: white; border: none; padding: 12px 25px; border-radius: 5px; font-size: 1.1rem; cursor: pointer; transition: background-color 0.3s ease; width: 100%; margin-top: 10px; } button:hover { background-color: #003366; } .result-section { background-color: #e9ecef; text-align: center; border-color: #004a99; border-left-width: 5px; } #monthlyPaymentResult, #totalInterestResult, #totalRepaymentResult { font-size: 1.8rem; font-weight: bold; color: #28a745; display: block; margin-top: 10px; } .result-label { font-size: 1.1rem; font-weight: 500; color: #004a99; display: block; margin-bottom: 5px; } .article-section h2 { color: #004a99; margin-bottom: 15px; font-weight: 600; } .article-section p, .article-section ul { line-height: 1.6; margin-bottom: 15px; } .article-section ul { padding-left: 20px; } .article-section li { margin-bottom: 8px; } .disclaimer { font-size: 0.85rem; color: #6c757d; text-align: center; margin-top: 20px; border-top: 1px solid #e0e0e0; padding-top: 15px; } @media (max-width: 600px) { .loan-calc-container { padding: 20px; } h1 { font-size: 1.8rem; } button { font-size: 1rem; padding: 10px 20px; } #monthlyPaymentResult, #totalInterestResult, #totalRepaymentResult { font-size: 1.5rem; } }

Personal Loan Rate Calculator

Estimated Monthly Payment $0.00 Estimated Total Interest Paid $0.00 Estimated Total Repayment $0.00

Understanding Your Personal Loan Payments

A personal loan is a type of installment loan that allows you to borrow a fixed amount of money and repay it over a set period with regular monthly payments. These loans can be used for various purposes, such as debt consolidation, home improvements, medical expenses, or significant purchases. The key components that determine your repayment schedule are the loan amount, the annual interest rate, and the loan term.

How the Calculation Works

The calculator above uses a standard loan amortization formula to estimate your monthly payments, total interest, and total repayment. The formula for calculating the monthly payment (M) is derived from the present value of an annuity formula:

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

Where:

  • P is the principal loan amount (the total amount borrowed).
  • i is the monthly interest rate (annual interest rate divided by 12).
  • n is the total number of payments (loan term in months).

Once the monthly payment (M) is calculated, the total repayment is simply M multiplied by n. The total interest paid is the total repayment minus the principal loan amount (P).

Factors Affecting Your Loan Rate

The annual interest rate you are offered on a personal loan depends on several factors, including:

  • Credit Score: A higher credit score generally leads to lower interest rates.
  • Income and Debt-to-Income Ratio: Lenders assess your ability to repay based on your income and existing debts.
  • Loan Term: Longer loan terms may sometimes come with slightly higher rates.
  • Loan Amount: While less of a factor for personal loans than mortgages, very large amounts might influence the rate.
  • Lender: Different financial institutions offer varying rates and terms.

It's crucial to shop around and compare offers from multiple lenders to find the most favorable personal loan rates for your financial situation. This calculator provides an estimate based on the inputs you provide and does not represent a loan offer.

This calculator is for informational purposes only and does not constitute financial advice or a loan offer. Actual loan terms may vary.
function calculateLoan() { var loanAmount = parseFloat(document.getElementById("loanAmount").value); var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value); var loanTermMonths = parseInt(document.getElementById("loanTermMonths").value); var monthlyPaymentResultElement = document.getElementById("monthlyPaymentResult"); var totalInterestResultElement = document.getElementById("totalInterestResult"); var totalRepaymentResultElement = document.getElementById("totalRepaymentResult"); monthlyPaymentResultElement.textContent = "$0.00"; totalInterestResultElement.textContent = "$0.00"; totalRepaymentResultElement.textContent = "$0.00"; if (isNaN(loanAmount) || loanAmount <= 0 || isNaN(annualInterestRate) || annualInterestRate < 0 || isNaN(loanTermMonths) || loanTermMonths 0) { monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTermMonths)) / (Math.pow(1 + monthlyInterestRate, loanTermMonths) – 1); } else { monthlyPayment = loanAmount / loanTermMonths; } var totalRepayment = monthlyPayment * loanTermMonths; var totalInterest = totalRepayment – loanAmount; monthlyPaymentResultElement.textContent = "$" + monthlyPayment.toFixed(2); totalInterestResultElement.textContent = "$" + totalInterest.toFixed(2); totalRepaymentResultElement.textContent = "$" + totalRepayment.toFixed(2); }

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