Free Tool
Personal Loan Calculator
Estimate your monthly payment, total interest, and compare loan scenarios. Adjust the sliders to see real-time results.
$20,000
$1,000$100,000
11.5%
3.0%36.0%
36 months
12 months84 months
Monthly Payment
$659.52
Total Interest
$3,743
Total Cost
$23,743
Principal (84%)Interest (16%)
How is my monthly payment calculated?
Your monthly payment is calculated using the standard amortization formula. The formula takes into account three key factors: the principal amount (how much you borrow), the annual interest rate (APR), and the loan term (how many months you have to repay).
M = P [r(1+r)^n] / [(1+r)^n - 1]
Where M = monthly payment, P = principal, r = monthly interest rate, n = number of payments.
Tips to lower your monthly payment
- Improve your credit score before applying — even 20 points can make a difference
- Choose a longer repayment term (note: you'll pay more in total interest)
- Compare offers from multiple lenders to find the lowest APR
- Consider a co-signer or secured loan option for a lower rate
- Look for lenders with no origination fees to reduce upfront costs