Personal Loan Calculator

Calculate monthly payments, total interest costs, and amortization schedules for unsecured personal loans.

Calculator Inputs

$
Borrowing request.
%
Fixed interest rate.
Financing duration.

Calculated Results

Monthly Personal Loan Payment
$332.14 / month
Total Repaid Over Life $11,957.04
Total Interest Paid $1,957.04
Loan Payoff Horizon 36 Months (3 Years)
Values calculate live as you adjust inputs.

About Personal Loan Calculator

Calculates fixed equal monthly payment installments on unsecured bank, peer-to-peer, or credit union personal loans.

What is Personal Loan Calculator?

Calculates fixed equal monthly payment installments on unsecured bank, peer-to-peer, or credit union personal loans.

How to Use This Calculator

  1. Enter loan amount.
  2. Enter APR interest rate.
  3. Choose repayment term in years.
  4. View monthly installment and total financing cost.

The Mathematical Formula & Variables

PMT = Principal * (r * (1 + r)^n) / ((1 + r)^n - 1)

Step-by-Step Worked Example

Scenario: $10,000 personal loan at 11.5% for 3 years (36 months).

  1. r = 0.115 / 12 = 0.009583; n = 36.
  2. Monthly payment = $329.80.
  3. Total payments = $11,873; Total interest = $1,873.

Result: $329.80 / month

Frequently Asked Questions

Do personal loans require collateral?

No, traditional personal loans are unsecured, meaning you do not pledge assets like your home or car as collateral.