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Loans

Personal Loan Calculator

Calculate your monthly payment and total interest cost for any personal loan amount and rate.

Updated June 2026 · Editorial standards

Your details

$
%
Monthly payment
$387.68
Total interest
$3,609
Total paid
$18,609
Payoff date
June 2030

Your $15,000 loan at 11% APR costs $3,609 in interest — 24% of the amount borrowed.

Principal paid vs interest paid vs remaining balance

Principal vs interest

By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the personal loan calculator?

In short

A personal loan's monthly payment uses the standard amortized loan formula: M = P × r(1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of months.

This calculator computes your monthly payment, total interest paid, and full amortization schedule for any personal loan. It also shows how different rates or terms affect your total cost of borrowing.

How to use this calculator

  1. 1Enter the loan amount you want to borrow.
  2. 2Enter the annual interest rate (APR) from your lender's offer.
  3. 3Select the loan term in months (24, 36, 48, 60, or 84 months are most common).
  4. 4View your monthly payment, total interest, and total repayment amount.
  5. 5Use the amortization table to see principal vs. interest for each payment.

The formula

M=P·r·(1+r)n(1+r)n−1
M = P × r(1+r)^n / ((1+r)^n − 1). Each payment covers accrued interest first; the remainder reduces the principal. Early payments are mostly interest; late payments are mostly principal.
M
— Monthly payment
P
— Principal (loan amount)
r
— Monthly interest rate (annual rate ÷ 12)
n
— Total number of monthly payments

Worked example

The scenario

gives

The result

Common use cases

  • Debt consolidation to a lower rate
  • Home improvement financing
  • Medical expense financing
  • Major purchase without a credit card
  • Comparing loan offers from different lenders

Limitations & assumptions

  • Does not include origination fees, which typically add 1–8% to the effective cost
  • Variable-rate personal loans will have changing payments
  • Assumes no prepayments; extra payments reduce total interest significantly

Frequently asked questions

As of 2024, average personal loan rates range from 8% to 36% APR depending on credit score. Excellent credit (720+) typically qualifies for 8–12%. Fair credit (580–669) often sees 20–30%. Rates above 28% are generally worth avoiding in favor of alternatives like 0% APR credit cards or secured loans.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.