This Personal Loan Calculator helps you understand the financial implications of a loan. It calculates monthly payments, total repayment amount, and total interest based on the loan amount, interest rate, and duration.

Personal Loan Calculator

Calculate your monthly payment, total payment, and total interest for a personal loan.

Monthly Payment:
Total Payment:
Total Interest:

How to Use:

  1. Enter the loan amount in the ‘Loan Amount’ field.
  2. Input the annual interest rate in the ‘Annual Interest Rate’ field.
  3. Specify the loan term in years or months. Entered values are stack on each other.
  4. Click ‘Calculate’ to get your results.

Formula Used:

Monthly Payment = [P x R x (1+R)^N] / [(1+R)^N – 1] Where P = Loan Amount, R = Monthly Interest Rate, N = Total Number of Payments

Personal Loan Calculator

Loan Literacy

Understanding Your Loan: Knowing how your loan works is crucial. This calculator offers insights into how much you will pay monthly and in total, helping you to plan and budget effectively.

Beyond the Basics:

  • Regularly reviewing loan terms helps manage debts better.
  • Understanding interest rates can save money in the long run.
  • Being informed aids in making better financial decisions.

This calculator is designed to give you a clear picture of your loan commitments, enabling you to make informed financial choices.