The formula
M = P · r / (1 − (1 + r)^−n), where P is the loan amount, r is the monthly rate, and n is the number of months — identical algebra to a mortgage, just with a shorter typical term and no collateral.
Personal Loan Calculator
Monthly payment, total interest, total paid — plus the full amortisation table.
Financial disclaimer: This calculator is for educational purposes only and is not financial advice. Verify all figures with a qualified financial professional or your lender before acting on them.
An unsecured personal loan amortises the same way a mortgage does — a fixed monthly payment split between principal and interest, using the standard closed-form annuity formula. The calculator below shows the monthly payment, total interest, and a full month-by-month amortisation schedule so you can see exactly how the balance declines.
Monthly payment
$361.52
Total interest
$3,014.86
Total paid
$13,014.86
Principal & interest only, at a fixed monthly rate. Origination fees, credit insurance, and other lender-specific charges are not included.
How to use
Enter the loan amount
The amount you're borrowing, before any origination fee your lender may deduct.
Enter the rate and term
Use your lender's quoted monthly rate (or convert an APR to a monthly rate). Personal loan terms typically run 12–60 months.
Read the numbers, expand the schedule
Monthly payment is fixed for the life of the loan. Total interest is what the lender earns. Expand the amortisation schedule to see the principal/interest split for every month.
Frequently asked questions
- What's included in the monthly payment?
- Principal and interest only, at a fixed rate. Origination fees, credit insurance, and other lender-specific charges aren't included — subtract an origination fee from the loan amount you receive if your lender deducts one upfront.
- How is a personal loan different from a mortgage?
- Personal loans are usually unsecured (no collateral), have shorter terms (1–5 years vs. 15–30), and carry higher rates since the lender takes on more risk without an asset to repossess.
- Does the calculator store my numbers?
- No. Everything stays in your browser.