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Loan Calculator
Calculate the monthly payment, total interest, and total cost of a personal loan at a fixed interest rate.
Your numbers
$
%
yrs
Monthly payment
$0
What you pay each month
Loan amount$0
Total interest$0
Total paid$0
How the loan calculator works
A fixed-rate personal loan is repaid in equal monthly payments. Each payment is split between interest on the remaining balance and principal that reduces what you owe, until the balance reaches zero at the end of the term.
M = P · r / (1 − (1 + r)⁻ⁿ) where r = monthly rate, n = number of months
Frequently asked questions
What interest rate should I use?+
Use the APR your lender quotes. The lower the rate, the less interest you pay over the term for the same loan amount.
Does a shorter term cost less?+
A shorter term raises the monthly payment but usually lowers total interest, because you borrow the money for less time.