Personal Loan Calculator
Calculate monthly payments and total interest for personal loans.
Personal Loan Calculator
Calculate monthly payments and total interest for personal loans.
Loan Payment Formula
ℹ️ Total interest paid = (M × n) – P
Disclaimer
Results provided by this calculator are for informational and educational purposes only. They are based on the values you enter and standard formulas, and should not be considered financial, medical, legal, or professional advice. Always consult a qualified professional before making important decisions based on these results. Roughtools makes no warranties regarding the accuracy or completeness of these calculations for your specific situation.
Frequently Asked Questions
Pro Tips
Even a 0.5% lower interest rate saves thousands over the life of a loan. Shop at least 3 lenders and get pre-approval before committing — lenders compete on rate when they know you have options.
Making one extra payment per year directly toward principal can shorten a 30-year mortgage by 4–6 years and save over $30,000 in interest on a typical home loan.
Your Annual Percentage Rate (APR) includes fees the interest rate does not — always compare APR, not just rate, when evaluating lender offers.
Bi-weekly payments (half the monthly amount every 2 weeks) result in 26 half-payments per year — equivalent to 13 full monthly payments instead of 12, accelerating payoff.
When to Use This Calculator
Compare dealer financing vs. bank pre-approval to find the lowest monthly payment and total cost before you sign.
Estimate monthly payments before taking out student loans to ensure they fit within your future income budget.
Calculate the cost of a business loan before applying — know your break-even point before borrowing.
Enter identical principal and term with different rates to instantly compare the true cost of competing offers.
See if consolidating multiple debts into a single lower-rate loan reduces your total monthly payment and interest.
About the Personal Loan Calculator
This personal loan calculator computes your fixed monthly payment, total interest paid, and complete repayment schedule for any unsecured personal loan. Enter the loan amount, annual interest rate, and repayment term to instantly see your full cost of borrowing. Built for borrowers comparing personal loan offers from banks, credit unions, and online lenders.
How to Use the Personal Loan Calculator
- 1
Enter the personal loan amount you need in dollars.
- 2
Enter the annual interest rate quoted by the lender.
- 3
Enter the loan term in months (12, 24, 36, 48, or 60 months are typical).
- 4
Your monthly payment and total interest cost appear instantly.
- 5
Compare multiple rate or term combinations to find your best option.
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