Estimate your monthly repayments and total interest costs instantly.
Estimated Monthly Payment$0.00
Total Principal$0.00
Total Interest Paid$0.00
Upfront Origination Fee$0.00
Total Cost of Loan$0.00
How Does a Personal Loan Calculator Work?
A personal loan calculator helps you understand the financial commitment of borrowing money before you sign an agreement. By entering the loan amount, interest rate, and term, you can visualize how much of your monthly budget will go toward debt repayment.
The Mathematics of Your Monthly Payment
Personal loans are typically amortized, meaning you pay a fixed amount every month. This amount is calculated using the following formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
M: Total monthly payment.
P: Principal loan amount.
i: Monthly interest rate (Annual rate divided by 12).
n: Number of months (loan term).
Key Factors Influencing Your Loan Cost
Three primary factors determine what you will pay for a personal loan:
Credit Score: Lenders use your credit history to set your interest rate. Higher scores usually result in lower APRs.
Loan Term: Short-term loans (e.g., 24 months) have higher monthly payments but lower total interest. Long-term loans (e.g., 60 months) lower your monthly payment but increase the total interest paid over time.
Origination Fees: Some lenders charge an upfront fee (usually 1% to 8%) to process the loan. Our calculator accounts for this to show you the "true" cost.
Realistic Example: Debt Consolidation
Suppose you want to consolidate credit card debt with a $15,000 personal loan at an 8% APR for 48 months.
Monthly Payment: $366.19
Total Interest Paid: $2,577.12
Total Repayment: $17,577.12
If you have a 3% origination fee, you would also pay $450 upfront or have it deducted from your loan proceeds.
Tips for Getting the Best Rates
To secure the lowest possible interest rate, consider checking your credit report for errors, opting for a shorter term if you can afford the payments, and comparing multiple lenders. Remember that "Pre-qualification" usually involves a soft credit pull which won't affect your score, making it easy to shop around.
function calculatePersonalLoan() {
var principal = parseFloat(document.getElementById('loanAmount').value);
var annualRate = parseFloat(document.getElementById('interest_rate' ? 'interestRate' : 'interestRate').value);
var months = parseFloat(document.getElementById('loanTerm').value);
var feePercent = parseFloat(document.getElementById('originationFee').value);
// Validation
if (isNaN(principal) || principal <= 0 || isNaN(annualRate) || annualRate < 0 || isNaN(months) || months <= 0) {
alert("Please enter valid positive numbers for loan amount, interest rate, and term.");
return;
}
// Monthly interest rate
var monthlyRate = (annualRate / 100) / 12;
var monthlyPayment = 0;
if (monthlyRate === 0) {
monthlyPayment = principal / months;
} else {
// Amortization Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var x = Math.pow(1 + monthlyRate, months);
monthlyPayment = (principal * x * monthlyRate) / (x – 1);
}
var totalRepayment = monthlyPayment * months;
var totalInterest = totalRepayment – principal;
var originationFeeValue = (feePercent / 100) * principal;
var totalCostWithFee = totalRepayment + originationFeeValue;
// Display Results
document.getElementById('resMonthly').innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resPrincipal').innerText = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resInterest').innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resFee').innerText = "$" + originationFeeValue.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resTotal').innerText = "$" + totalCostWithFee.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('loanResults').style.display = 'block';
// Smooth scroll to results
document.getElementById('loanResults').scrollIntoView({ behavior: 'smooth', block: 'nearest' });
}