This online personal loan calculator helps you determine your loan repayment schedule and costs based on your loan amount, term, and interest rate.

Loan Calculation Formula

Monthly Payment = Loan Amount × Monthly Interest Rate / (1 – (1 + Monthly Interest Rate) ^ -Loan Term)
Total Loan Cost = Monthly Payment × Loan Term

Example Calculation

$5,000 loan, 36 months term, 7% interest rate → Monthly Payment = $154.05, Total Cost = $5,545.75

Why It Matters

Understanding your loan repayment amount can help you budget and make informed financial decisions.

Smart Strategy

Opt for a loan term that balances monthly affordability with the total loan cost.

FAQs

What is the impact of a higher interest rate? A higher interest rate increases your monthly payments and total loan cost.

Can I pay off my loan early? Yes, many loans allow early repayment, which could reduce interest costs.