Calculator
Personal Loan Calculator
A personal loan calculator turns your loan amount, interest rate, and term into a fixed monthly payment. It also shows the total interest and total cost, so you can compare offers before you borrow.
Advertising disclosure: EmergencyLoaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
- Runs in your browser
- No sign-up
- Free
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
A personal loan is repaid in equal monthly installments. Each payment covers the interest owed for that month plus a slice of the principal, so the balance falls a little faster every month.
The calculator uses the standard amortization formula:
M = P * r * (1 + r)^n / ((1 + r)^n - 1)
- M = monthly payment
- P = amount borrowed
- r = annual interest rate divided by 12, then by 100
- n = number of monthly payments
Total interest is the monthly payment times the number of payments, minus the amount borrowed. When the rate is 0%, the payment is simply P / n.
The rate you enter is your own assumption. Lenders set rates based on credit history, loan amount, and term, so your actual offer may differ.
How to use this calculator
Enter your numbers
Everything runs in your browser. Nothing you type is sent to us.
Read the result
The result shows the headline figure and the numbers behind it, so you can see where the cost comes from.
Check the rules before you apply
State caps and licensing decide what a lender may offer you. The state reference lists both with their sources.
Before you apply, run the numbers
The calculators are free and run in your browser. When you are ready to look at real offers, the link below goes to our referral partner.
Advertising disclosure: EmergencyLoaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.