Using the Personal Loan Calculator
Estimate a fixed personal loan payment
Enter the amount borrowed, annual interest rate, and repayment term. The calculator estimates equal monthly payments for a fixed-rate loan and shows estimated total interest and total payments over the term.
Compare the full cost before borrowing
A lower payment can come from a longer term but may mean more interest overall. Compare the APR, origination fees, late fees, prepayment terms, and total repayment amount in each lender’s disclosures. This calculator does not include lender-specific fees or eligibility criteria.
Use the result carefully
A calculator estimate is not an offer or approval. Confirm the payment schedule, rate type, and all fees directly with the lender. Avoid borrowing more than you can repay within your budget.
Frequently asked questions
Does the calculator include origination fees?
No. The estimate uses the loan amount and rate you enter and does not include fees or other charges.
Is the rate fixed?
The formula assumes a fixed annual rate and equal monthly payments throughout the term.
What is the difference between interest rate and APR?
APR can include certain borrowing costs in addition to interest. Compare the APR and disclosures from lenders; this calculator uses the interest rate entered.
Related tools: browse all free money calculators, or see how My Clear Money builds and explains its estimates.