Personal loan inputs
Useful for unsecured loans, fixed-rate offers, and side-by-side lender comparison.
Essential Calculator
Personal Loan Calculator
Use this personal loan calculator to estimate monthly payments, total interest, and the full cost of borrowing.
How to use this page
- Enter the amount borrowed, annual rate, and repayment term.
- Use the chart to see how quickly the balance drops over time.
- Compare shorter and longer terms before you accept an offer.
Results
Monthly payment$460
Total interest$4,080
Total paid$22,080
M48$0
What this calculator helps you see
Personal loans are often compared on monthly payment alone, but the term and rate can change the total borrowing cost more than many people expect.
When to use this calculator
Compare personal loan offers
Use the same loan amount across lenders so you can see which combination of rate and term is actually cheaper.
Check affordability
A quick monthly payment estimate helps you see whether a smaller loan or shorter term would fit your budget better.
Formula
Payment = P × r ÷ (1 - (1 + r)^-n)
Fixed-rate personal loans typically use standard amortization with equal monthly payments over the term.
Worked example
Borrowing $18,000 at 10.4% for 4 years can be manageable month to month, but total interest still matters when comparing lenders.
| Item | Value |
|---|---|
| Loan amount | $18,000 |
| Interest rate | 10.4% |
| Term | 4 years |
| Main question | Could a shorter term reduce total cost enough to be worth it? |
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Before you decide
- Outputs are estimates and should be reviewed against lender or plan-specific terms.
- Inputs are intentionally transparent so assumptions are easy to audit.
- Rates, fees, taxes, and account terms can change the final result.
Page details
- Updated April 15, 2026
- For assumptions and general guidance, see Methodology.
- For how explanatory content is written, see Editorial Policy.
Typical personal loan tradeoff
| Choice | Monthly payment | Total interest |
|---|---|---|
| Lower rate | Lower | Lower |
| Longer term | Lower | Higher |
| Shorter term | Higher | Lower |
Questions and answers
Do origination fees change the result?
Yes. Fees can raise the true borrowing cost even if the monthly payment looks similar, which is why APR comparison is useful too.
Should I compare monthly payment or total interest?
Both. Monthly payment affects affordability, while total interest shows the full borrowing cost.