Use this calculator to find out how much you might owe each month on a personal loan.
How to use this personal loan monthly payment calculator
- Enter the amount you want to borrow under Loan amount.
- Write the loan term in years (not months) under Loan terms.
- Enter the loan’s interest rate if there are no fees under Interest rate. Otherwise, write the annual percentage rate (APR), which includes interest and fees.
- Hit Calculate.
- Review your results.
In addition to the monthly payment, our calculator also tells you how much you’ll pay back on the principal and the total interest you’ll pay. This total interest includes fees if you use your loan’s APR instead of its interest rate.
Is a lower monthly payment always better?
Not necessarily. A lower monthly payment might have less of an impact on your day-to-day expenses. But it can be more expensive in the long run.
Why’s that? To get a lower monthly payment, you need a longer loan term. And the longer you take to pay back a loan, the more time there is for interest to add up. This can get particularly pricey if you have a high interest rate.
If you want to lower your total loan cost, look at your budget and figure out how much you can comfortably afford to pay each month. Look for a loan that offers a monthly repayment around that amount.
Compare top personal loans
Knowing how much you could expect to pay each month equips you with a crucial piece of information for comparing personal loans. Two lenders may offer the same amounts but with very different interest rates and terms, causing one to be more expensive than the other.
Our personal loan monthly payment calculator also helps you understand what loan amount you can afford to borrow.
Interested in calculating something different? Check out our full list of personal loan calculators.