Personal Loan Calculator – Monthly Payment
Calculate monthly payment and total cost for any personal loan. Compare different loan amounts, rates, and terms.
💳 Finance📐 M = P[r(1+r)^n]/[(1+r)^n-1]
Loan amount ($)
Annual rate (%)
Term (years)
Please enter valid values.
Formula & Reference
| Variable | Formula | Units |
|---|---|---|
| Personal Loan Calculator – Monthly Payment | M = P[r(1+r)^n]/[(1+r)^n-1] | $/month |
Step-by-Step Examples
Example 1
$15K, 11%, 3yr
- Monthly: $491 | Interest: $2,693
✓ $491/month
Example 2
Debt Consolidation $30K
- Monthly: $623/mo at 9%, 5yr | Interest: $7,365
✓ $623/month
Example 3
2yr vs 5yr
$10K at 12%.
- 2yr: $471/mo, $1,313 interest vs 5yr: $222/mo, $3,332 interest
✓ Shorter = less interest
Real-World Applications
Borrowers
Compare loan offers before signing.
Consolidators
Calculate consolidation payments.
Planners
Model personal loan scenarios.
Lenders
Quick payment calculator.
Common Mistakes to Avoid
⚠️
Rate vs APR
Always compare APR (includes fees), not just stated rate.
⚠️
Prepayment penalties
Some personal loans charge for paying off early. Check before borrowing.
Frequently Asked Questions
Good personal loan rate? ▾
720+: 7-12%. 680-720: 12-20%. Below 680: 20%+. Credit unions often beat banks.
Personal loan vs credit card? ▾
Loans: fixed rate 7-20%. Cards: variable 20-30%. Loan usually costs far less for large purchases.
Best uses? ▾
Debt consolidation, home improvement, major purchases, medical emergencies.