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Personal Loan Calculator

Estimate your monthly payments and total interest costs

Estimated Monthly Payment $311.06

Total Principal: $10,000.00

Total Interest: $1,198.23

Total Cost of Loan: $11,198.23

Understanding Your Personal Loan Calculation

A personal loan can be a powerful financial tool for debt consolidation, home improvements, or unexpected expenses. Using this personal loan calculator helps you visualize the long-term cost of borrowing before you sign a contract.

Key Factors in Personal Loan Costs

• Loan Amount: This is the principal—the actual amount of money you receive in your bank account.
• Interest Rate (APR): The Annual Percentage Rate includes the interest rate plus any fees (like origination fees). A higher credit score typically earns you a lower APR.
• Loan Term: This is how long you have to pay the loan back. Common terms range from 24 to 84 months. Short terms mean higher monthly payments but lower total interest.

Example: The Impact of Interest Rates

Imagine you need a $15,000 personal loan to renovate your kitchen with a 5-year (60 month) term:

Interest Rate	Monthly Payment	Total Interest Paid
6% (Excellent Credit)	$289.99	$2,399.52
12% (Good Credit)	$333.67	$5,020.00
18% (Fair Credit)	$380.93	$7,855.80

How to Secure a Lower Rate

To reduce your monthly payments and total interest, consider improving your credit score by paying down existing credit card balances. Additionally, many lenders offer a 0.25% discount if you set up automatic payments (autopay) from your checking account.

function calculatePersonalLoan() { var amount = parseFloat(document.getElementById('pl_amount').value); var annualRate = parseFloat(document.getElementById('pl_rate').value); var months = parseInt(document.getElementById('pl_term').value); 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) { alert("Please enter a valid loan term in months."); return; } var monthlyRate = (annualRate / 100) / 12; var monthlyPayment; if (monthlyRate === 0) { monthlyPayment = amount / months; } else { var x = Math.pow(1 + monthlyRate, months); monthlyPayment = (amount * x * monthlyRate) / (x – 1); } var totalPayment = monthlyPayment * months; var totalInterest = totalPayment – amount; document.getElementById('res_monthly').innerHTML = '$' + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('res_principal').innerHTML = '$' + amount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('res_interest').innerHTML = '$' + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('res_total').innerHTML = '$' + totalPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); } // Initialize on load window.onload = function() { calculatePersonalLoan(); };