Estimate your monthly payments and total interest costs instantly.
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Monthly Payment:$0.00
Total Interest Paid:$0.00
Total Repayment:$0.00
Upfront Fees:$0.00
Effective APR:0.00%
How to Use the Personal Loan Calculator
Planning your finances requires precision. Our personal loan calculator helps you break down the true cost of borrowing. By entering your desired loan amount, the interest rate offered by your lender, and the repayment term in months, you can visualize your monthly budget impact immediately.
Understanding Your Results
Monthly Payment: This is the fixed amount you will pay each month until the loan is settled.
Total Interest: The aggregate cost of borrowing over the life of the loan. This is what the lender charges for the service.
Origination Fees: Many lenders charge an upfront percentage (1% to 8%) to process the loan. This reduces the actual cash you receive.
Example Calculation
If you borrow $10,000 at a 10% interest rate for 36 months with a 2% origination fee:
Your monthly payment would be approximately $322.67.
Your total interest paid over 3 years would be $1,616.19.
You would pay $200 in upfront fees.
Tips for Lowering Your Loan Costs
To reduce the amount of interest you pay, consider choosing a shorter loan term. While this increases your monthly payment, it significantly decreases the total interest accrued. Additionally, improving your credit score before applying can help you qualify for lower annual percentage rates (APR).