This personal loan calculator will help you determine the monthly payments on a loan.

Personal Loan Calculator

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Monthly Payment
$ 0
Total Principal Paid $0
Total Interest Paid $0
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Calculate the impact of extra payments using any combination of the inputs below. To see your new estimated payoff date, click ‘Show amortization schedule’ link above.

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What is Loan Interest?

When you take out a personal loan, you will have to repay more money than you borrowed. This additional money you must pay is called interest. As a lender, it would not be worth it to simply give out money without any incentive. Therefore, lenders will charge you to borrow their money at a predetermined interest rate. The amount of interest you will end up paying can depend on factors like the type of loan and your credit score. Luckily, there are many tools online that can help you calculate how much interest you can expect to pay. This can save you the time of doing it manually on your own and let you focus on more important matters.

How to Calculate Personal Loan Interest?

Regardless of what you are planning to purchase with your loan money, it is important to calculate how much interest you are expected to pay. Doing so will allow you to visualize how much you will have to fork out for each month to cover your interest payment.

Nowadays, you can simply find a loan interest calculator online with a quick google search. Within the calculator, you can input the loan amount, loan term, interest rate, and even how often your interest compounds. There are many different loan types and multiple different formulas to calculate interest payments, so these calculators can make your life very easy compared to doing the math yourself. However, if you are interested in the math behind it, we can look at how it breaks down. Most loans are amortized which means the payments made go towards both the principal and interest. Using the following formula, “A” is going to be your monthly payment including interest. “P” is your principal which is just the amount of money borrowed. The variable “r” is the interest rate per period, and “n” is the number of payments.

A = P{r(1+r)^n} / {(1+r)^n-1}

Let’s look at a simple example using a $10,000 loan with a 3% interest rate paid over 5 years with monthly payments. You can simply just plug in “A” and “P”, but for “r” you must take .03 and divide it into 12 months (.03/12 = 0.0025). We do this because the interest rate is 3% for a 12-month period. To calculate “n”, we must multiply 12 by 5 to get 60, the total amount of monthly payments. Now that we have all the variables done let’s plug them all in.

10,000 {(0.0025 * 1.0025^60) / (1.0025^60 - 1)}

= 10,000 * (.0179686907)

= $179.69

According to our math above our monthly loan payment including interest will be $179.69.

Factors That Affect How Much Interest You Pay

At this point, you may be wondering how your interest rate is determined. Nobody wants to pay interest at all so inquiring about the factors that determine your rate are very important. The main factors that have an impact on your interest rate will be your credit score and the amount of debt you already have. It is important to remember that lenders are taking a risk when they decide to let you borrow money from them, so they must take these metrics into account when deciding how much interest you will have to pay.

If you already have a mountain of debt that you have yet to pay off it is pretty safe to assume that you will not be paying off your new loan anytime soon. In the eyes of the lender, this can be seen as a good and a bad thing. They will be happy that you will be paying them interest for a long time. However, they also realize that there is a chance that the money they lend out may never even come back given that you still have tons of debt owed to other lenders.

How to Get the Best Loan Interest Rates

The best way to ensure that you are getting the best interest rate is to take care of your financial health. This means paying off your debt on time and working to keep your credit score high. You must prove to lenders that debts will be paid off on time and that you are not posing a risk to them.

An easier way to make sure you are getting a good interest rate is to simply shop around. Make sure to compare loan offers and pick the one that is going to work the best in your situation.

Another option that you have is to get somebody to co-sign for you. If you know somebody with good credit you can have them vouch for you on the loan so that you are more likely to get a better rate. The payments would be on you, but if you miss any it could ruin your co-signers credit as well.


Understanding the factors that determine how you get the best interest rates is important. You do not want to risk ruining your credit score and not being able toget a good deal on a loan. You must prove to lenders that you are not a risky client, and they will reward you with better interest rates which will help you save money. If you understand how interest works and keep your credit score in check then getting a personal loan should be a breeze.

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