Personal Loan Calculator
Calculate your monthly payments, total interest costs, and view a complete amortization schedule for your personal loan.
Understanding Personal Loans
Our Personal Loan Calculator helps you plan your borrowing by showing exactly how much you'll pay each month, the total interest costs over the life of the loan, and how adding extra payments can save you money and time.
How Personal Loans Work
Personal loans are typically unsecured installment loans with fixed interest rates and repayment terms. Unlike credit cards, they provide a lump sum upfront that you repay in equal installments over a set period, usually 1-7 years.
Factors That Affect Your Loan:
- Interest Rate: Determined by your credit score, income, and market conditions. Better credit typically means lower rates.
- Loan Term: Longer terms mean lower monthly payments but higher total interest costs.
- Payment Frequency: Making payments more frequently (weekly/bi-weekly) can reduce your total interest.
- Extra Payments: Even small additional payments can significantly reduce your loan term and interest costs.
Types of Personal Loans:
- Debt Consolidation Loans: Combine multiple debts into a single payment
- Home Improvement Loans: Finance renovations without using home equity
- Medical Loans: Cover healthcare expenses not covered by insurance
- Wedding Loans: Finance wedding expenses
- Emergency Loans: Cover unexpected expenses
- Major Purchase Loans: Finance large purchases over time
How to Use the Calculator:
- Enter your loan amount
- Input the annual interest rate (APR)
- Specify the loan term in months or years
- Select your preferred payment frequency
- Choose a start date for your loan
- Optionally, enter an extra payment amount to see potential savings
- Click "Calculate Loan Details" to see your results
Smart Borrowing Tips
- Compare rates from multiple lenders before applying
- Check for origination fees or prepayment penalties
- Consider making bi-weekly instead of monthly payments
- Round up your payments or add small extra amounts when possible
- Set up automatic payments to avoid late fees and possibly qualify for rate discounts