Personal loan calculator
The monthly payment on a personal loan and what it costs in interest, with shorter and longer terms beside it.
The rate you were quoted. The 18% here is an example.
Some lenders keep an origination fee. Enter 0 if there is none.
Estimated monthly payment
$180.76
$5,000 over 3 years at 18.00%
- Total interest
- $1,507
- Total of payments
- $6,507
- You receive
- $5,000
- Interest plus fee
- $1,507
| Term | Payment | Total interest |
|---|---|---|
| 2 years | $249.62 | $991 |
| 3 years | $180.76 | $1,507 |
| 4 years | $146.87 | $2,050 |
| 5 years | $126.97 | $2,618 |
The loan figures are exact for a fixed rate with equal monthly payments. The rate is your own figure, and a lender sets the real one from your application. Late fees and prepayment charges are left out, and the fee is treated as taken from the money you receive, not added to the debt. Your lender will quote the real figure. An estimate, not financial advice.
Questions
- Why does a longer term cost more?
- The payment is smaller, but interest is charged for more months on a balance that falls more slowly. The same loan over five years costs well over the interest of the three-year one.
- What is an origination fee?
- A fee some lenders keep out of the loan before paying it to you. You repay the full amount but receive less. Enter it to see what you would actually get.
- What rate will I get?
- The calculator does not know. A lender sets it from your application. Enter the rate on a quote you have, and treat the one the page opens with as an example.
Why this number behaves the way it does
Have a site of your own?
This calculator can be shown on your page with two lines of HTML. Free, with no account, no script and no ads.
Put this calculator on your site