Per Annum Interest Rate Calculator

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Personal Loan Monthly Payment Calculator

Monthly Payment

$0.00

Total Interest

$0.00

Total Payback

$0.00

function calculateLoan() { var p = parseFloat(document.getElementById("loanAmount").value); var annualRate = parseFloat(document.getElementById("interestRate").value); var n = parseFloat(document.getElementById("loanTerm").value); if (isNaN(p) || isNaN(annualRate) || isNaN(n) || p <= 0 || n <= 0) { alert("Please enter valid positive numbers in all fields."); return; } var r = (annualRate / 100) / 12; var monthlyPayment; if (r === 0) { monthlyPayment = p / n; } else { monthlyPayment = p * (r * Math.pow(1 + r, n)) / (Math.pow(1 + r, n) – 1); } var totalPayment = monthlyPayment * n; var totalInterest = totalPayment – p; document.getElementById("monthlyResult").innerHTML = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("interestResult").innerHTML = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("totalResult").innerHTML = "$" + totalPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("results").style.display = "block"; }

How to Use the Personal Loan Calculator

Whether you are consolidating debt, financing a home renovation, or covering an unexpected expense, understanding the long-term cost of borrowing is essential. Our personal loan calculator helps you break down your monthly commitment and the total interest you will pay over the life of the loan.

Key Factors Influencing Your Loan

  • Principal Amount: This is the total sum you wish to borrow. Larger amounts generally result in higher monthly payments.
  • Annual Percentage Rate (APR): This includes the interest rate plus any fees charged by the lender. A lower APR directly reduces your total cost of borrowing.
  • Loan Term: The duration of the loan. A longer term (e.g., 60 months) reduces your monthly payment but increases the total interest paid over time.

Example Calculation

Imagine you take out a $15,000 personal loan with a 10% interest rate for a term of 48 months (4 years):

Monthly Payment $380.44
Total Interest Paid $3,261.01
Total Cost of Loan $18,261.01

Personal Loan Tips

Before signing a loan agreement, consider the following:

  1. Check for Prepayment Penalties: Ensure you can pay off the loan early without extra fees.
  2. Improve Your Credit Score: Even a 1% difference in APR can save you hundreds or thousands of dollars.
  3. Compare Lenders: Look at credit unions, online lenders, and traditional banks to find the most competitive rates.

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