How to use it
Enter the amount you want to borrow, the yearly interest rate and the number of months. The calculator uses fixed monthly payments (standard amortization), which is how most personal loans work.
Payment = P × r ÷ (1 − (1 + r)⁻ⁿ)
where P is the loan amount, r the monthly rate and n the number of months.
Example
Borrowing $15,000 at 11% per year for 36 months costs about $491 per month, with roughly $2,680 in total interest.
Before you borrow
- Compare the APR, which includes fees, not only the interest rate.
- Check for origination fees and prepayment penalties.
- Borrow only what you need — every extra dollar costs interest.
Frequently asked questions
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the money. The APR (annual percentage rate) adds fees such as origination charges, so it shows the full yearly cost and is better for comparing offers.
Can I pay off a loan early?
Usually yes, and it saves interest. Some lenders charge a prepayment penalty, so read the contract.
Why does most of my early payment go to interest?
Interest is charged on the remaining balance. At the start the balance is highest, so the interest part is largest; it shrinks every month.
Results are estimates for information only and are not financial, legal or medical advice. Rates, taxes and fees vary — confirm with a professional or your lender.