Loans
Personal Loan Calculator
Estimate payments and total cost for a personal loan.
Use CalculatorLoan Calculator
Work out the payment on any fixed-rate installment loan — auto, personal or business — and see the total interest you'll pay over the life of the loan.
How it works
Enter the amount you plan to borrow, the annual interest rate and the loan term in years, then choose how often you'll pay.
The calculator divides the annual rate by the number of payments per year and finds the level payment that pays the loan off exactly by the end of the term.
The schedule and charts show how the balance declines and how much of each payment goes to interest.
Formula & methodology
Payment = P × r / (1 − (1 + r)^−n)
- P
- Loan amount
- r
- Rate per payment (annual rate ÷ payments per year)
- n
- Total payments (years × payments per year)
Monthly = 12 payments per year, biweekly = 26, weekly = 52.
At 0% interest, the payment is P ÷ n. Lenders may compound or round differently, so their figures can vary slightly.
Illustrative example
A $25,000 five-year loan
At 7.25% with monthly payments, the payment is about $497.98 for 60 months.
Total paid is about $29,879, of which roughly $4,879 is interest.
Hypothetical figures for illustration only.
Frequently asked questions
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