Estimate equal monthly payments, total interest, and total repayment for a fixed-rate, fully amortizing personal loan.
Monthly Payment
Total Interest: $0.00
Total Payment: $0.00
How the Personal Loan Payment Is Calculated
The calculator treats the loan as a fixed-rate, fully amortizing loan with equal monthly payments. It converts the annual interest rate to a monthly rate, converts the term from years to months, and applies the standard payment formula. The total-payment result is the monthly payment multiplied by the number of installments; total interest is the amount above the original principal.
What is outside the model
Origination charges, account fees, insurance, late fees, variable rates, and early repayments are not included. Your lender's contract may use different day-count conventions or additional charges.
Financial note: Use this result as a comparison estimate only. Review the full annual percentage rate, fees, and repayment terms before borrowing.
Example and limitations
For a fixed-rate loan, the payment is determined by the principal, periodic interest rate, and number of payments. Fees, optional insurance, late charges, and variable-rate changes are not included unless entered separately.