Personal Loan Calculator
Calculate personal loan monthly payments, total interest and repayment cost for any amount, rate and term.
Monthly payment
$424.94
Total payment
$25,496
Total interest
$5,496
Interest share
22%
A fixed-rate personal loan is fully amortized, so each payment covers interest plus a growing share of the principal.
How it works
M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), r = APR ÷ 12, n = term × 12. Total interest = M × n − P.
Example: $10,000 at 11% for 36 months → $327/month, $1,782 total interest.
Personal Loan Calculator on True Calculator gives you an instant, accurate answer with no sign-up and no app install. Calculate personal loan monthly payments, total interest and repayment cost for any amount, rate and term. Every result shows the formula and a worked example so you can verify the calculation yourself, and all values are computed in your own browser — your numbers never leave your device.
Popular uses: personal loan calculator · personal loan payment calculator · loan monthly payment calculator
Last updated: August 2026
How We Calculate
This calculator uses standard mathematical formulas verified by our team. All calculations are performed instantly in your browser using JavaScript — no data is sent to any server. The formulas used are industry-standard and match those used by banks, financial institutions and health organizations.
For financial calculators, we use RBI-approved formulas and regularly updated bank rates. For health calculators, we use WHO-recommended formulas and medical standards. All rates and standards are sourced from official government and regulatory websites.
Frequently Asked Questions
How do I calculate my personal loan payment?
Enter the loan amount, APR and term. The calculator divides the total into equal monthly payments using the standard amortising formula, so principal and interest are cleared by the end of the term.
What APR should I expect on a personal loan?
Rates vary widely by credit score — typically 6%–36%. Good to excellent credit gets the lowest rates; lower scores see higher APRs. Compare multiple lenders before applying.
Does a longer personal loan term cost more?
Yes. A longer term lowers your monthly payment but you pay interest for more months, so total interest is higher. Enter two terms here to compare the trade-off.
Is this personal loan calculator free to use?
Yes, True Calculator's personal loan calculator is completely free with no sign-up, no app install and no usage limits.
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