Personal Loan Calculator

Plan your finances with our free personal loan calculator. Instantly estimate your monthly payments, total interest, and view a full amortization schedule by entering the loan amount, interest rate, and term. This tool helps you understand the true cost of a loan before you commit. Explore more financial tools on CalculatorBolt.

Calculate Your Loan

The total amount you want to borrow
Annual percentage rate
How long to repay the loan

Preset Scenarios

Extra Payments

Add extra to your monthly payment to save on interest and pay off your loan faster.

Additional amount to pay each month

Export/Import

How to Use This Calculator

Enter the total amount you want to borrow (the principal), the annual percentage rate (APR) offered by the lender, and the duration of the loan in months. Click 'Calculate' to see your estimated monthly payment and a breakdown of total interest and principal paid over the life of the loan.

Inputs Explained

  • Loan Amount: The total sum of money you plan to borrow.
  • Interest Rate (APR): The annual cost of the loan, including interest and fees, expressed as a percentage.
  • Loan Term: The length of time you have to repay the loan, typically in months.

Example

For a $10,000 loan at an 8.5% APR over 3 years (36 months):

  • Monthly Payment: $315.70
  • Total Interest Paid: $1,365.20
  • Total Amount Paid: $11,365.20

Understanding the Amortization Schedule

The amortization table provides a detailed, payment-by-payment breakdown. It shows how much of each payment goes toward reducing the principal balance and how much goes toward interest. Early in the loan, a larger portion of your payment covers interest.

Tips & Important Notes

  • A lower interest rate or a shorter loan term will reduce the total interest you pay.
  • The APR is often a more accurate measure of loan cost than the simple interest rate, as it includes fees.
  • Use the 'Extra Payments' feature to see how making additional payments can save you money and shorten your loan.

FAQs

The interest rate is the cost of borrowing the principal. The APR includes the interest rate plus other lender fees, providing a more complete picture of the loan's cost.

It's calculated using a standard financial formula that amortizes the loan over a set number of payments, ensuring the loan is paid off by the end of the term.

It's a table detailing each periodic payment on a loan over time. Each payment is broken down into the amount going toward interest and the amount applied to the principal balance.

No. All calculations happen in your browser. You can use the Share Link or Export features to save your results.

Yes, use the Extra Payments feature in the Advanced Options to see how additional monthly payments can reduce your total interest and shorten your loan term.

This calculator provides accurate estimates based on standard loan amortization formulas. However, actual loan terms may vary based on lender policies and your creditworthiness.

Disclaimer

This calculator provides an estimate based on the data you enter. It is not a loan offer or a guarantee of credit. Interest rates and terms are determined by lenders and can vary based on your creditworthiness and other factors. Consult with a qualified financial advisor before making any financial decisions.

Related Calculators

Mortgage Calculator
Calculate home mortgage payments.
Interest-Only Loan Calculator
Calculate interest-only payments.
Author: CalculatorBolt Editorial Team
Reviewed by: Financial Advisor
Published: • Updated: