Daily Figures Edition No Sign-Up • Free Forever Vol. XII — No. 204
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Loans — Personal

Personal Loan Calculator

Enter the amount, rate and term to get your monthly payment and total interest.

Filed by The Statistics Desk  |  Method: standard amortization formula
Monthly payment
—
Principal & interest.
Details
Total interest—
Total repaid—
Loan amount—
Term—
Show our math
Enter your figures above to see the step-by-step working.
Educational estimate — not a loan offerEverything computed client-side — nothing leaves this page

How the Personal Loan Calculator Works

A personal loan is a fixed-rate, fixed-term installment loan — you borrow a lump sum and repay it in equal monthly payments. The payment comes from the standard amortization formula, which spreads principal and interest so each identical payment covers that month’s interest and chips away at the balance. Borrow $10,000 at 12% APR over 36 months and the payment is about $332.

Early payments are mostly interest because interest is charged on the balance, which is largest at the start. A shorter term means a higher monthly payment but far less total interest. There are no taxes or fees here — just principal and interest.

payment = L × i × (1+i)ⁿ ÷ ((1+i)ⁿ − 1)

Frequently Asked Questions

How is a personal loan payment calculated?

From the amortization formula using the loan amount, the monthly rate (APR ÷ 12) and the number of months. Each payment is the same and the balance reaches zero at the end.

Does a longer term lower my payment?

Yes — but it raises the total interest you pay, because you owe the balance for longer. A shorter term costs more each month and less overall.

Is APR the same as the interest rate?

On a simple personal loan with no fees, effectively yes. If the loan has origination fees, the APR is a bit higher than the stated rate because it folds those fees in.

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