How to Choose the Right Personal Loan
Personal loans can be used for a variety of purposes, such as consolidating debt, paying for medical expenses, or funding a home improvement project.
Personal Loan Calculator: Payment & Interest
Written by Calcida Team
Reviewed for accuracy and clarity
Last updated: April 2026
Calculate monthly payments for a personal loan. See how different interest rates and terms affect your monthly budget and total cost.
This calculator is useful for borrowers estimating payments for fixed-rate installment loans. You will typically enter Loan amount, Interest rate, Loan term.
The result represents monthly payment, total interest, and total cost. If you are browsing similar tools, start with Loan Calculators or view the full calculators directory.
Also useful: Auto Loan Calculator: Estimate Monthly Car Payments, Student Loan Calculator: Payoff Estimator.
Personal Loan Calculator
Estimated Monthly Payment
$377
Total Interest: $2,645
Total Cost Breakdown
Compare your loan options
See how different rates and terms affect your payment.
How This Calculator Works
A personal loan calculator estimates your monthly payments based on the loan amount, the annual interest rate (APR), and the loan term.
Formula
M = P × [ i(1 + i)^n ] / [ (1 + i)^n − 1 ]
Where:
- M = monthly payment
- P = principal (loan amount)
- i = monthly interest rate
- n = number of payments
Example Calculation
Loan amount$10,000
APR11.00%
Term3 years
Estimated monthly payment
≈ $327