Personal Loan Calculator
Calculate your personal loan payments, total interest, and amortization schedule. This calculator helps you understand the true cost of a personal loan and compare different loan options.
Loan Summary
| Monthly Payment | $0.00 |
|---|---|
| Total Interest | $0.00 |
| Total Cost | $0.00 |
| Payoff Date | - |
| Interest Savings | $0.00 |
| Time Savings | 0 months |
About Personal Loan Calculator
The Personal Loan Calculator helps you estimate your monthly payments and the total cost of a personal loan. It considers the loan amount, interest rate, and term to calculate your payment schedule and shows how extra payments can save you money.
How to Use This Calculator
To calculate your personal loan payments:
- Enter the loan amount you wish to borrow
- Input the loan term in months (e.g., 36 for 3 years)
- Enter the annual interest rate (APR)
- Optionally, add any extra monthly payments to see how they affect your loan
- Click "Calculate" to see your results
Understanding Personal Loans
Personal loans are typically unsecured loans that can be used for various purposes such as debt consolidation, home improvements, or major purchases. They usually have fixed interest rates and fixed monthly payments over the loan term.
How Personal Loan Interest Works
Personal loans use simple interest, which means interest is calculated only on the principal balance. Each payment first covers the interest due, then reduces the principal. This is different from credit cards which use compound interest.