Personal Loans Calculator

With Lendstart’s personal loan calculator, you can estimate the overall cost of the loan to find out what works best for you.


Loan amount


Term in months


Interest rate per year


Monthly payment


Total paid


Interest paid


Month Balance Interest Principal
1 $10000.00 $37.50 $816.29
2 $9183.71 $34.44 $819.35
3 $8364.37 $31.37 $822.42
4 $7541.95 $28.28 $825.50
5 $6716.45 $25.19 $828.60
6 $5887.85 $22.08 $831.71
7 $5056.14 $18.96 $834.82
8 $4221.32 $15.83 $837.96
9 $3383.36 $12.69 $841.10
10 $2542.26 $9.53 $844.25
11 $1698.01 $6.37 $847.42
12 $850.60 $3.19 $850.60

With a personal loan, you can consolidate high-interest debt, finance a new purchase, make home improvements, and more. Before getting one, though, make sure it fits into your monthly budget. This means considering the monthly payments, interest rate, and loan terms.

How to Use a Personal Loan Calculator

A personal loan calculator can help you determine how much you’ll be paying in principal balance plus interest. This can be vital to figuring out what you can realistically budget for each month. A good personal loan calculator will factor in the following:

  • Loan amount
  • Term length in months or years
  • Annual interest rate or APR (fixed or variable)

Some also calculate things like:

  • Loan’s actual start date
  • Additional fees (ex. origination fee)
  • Insurance (ex. credit involuntary unemployment insurance)

Personal Loan Calculator Formula

Here’s the basic formula for personal loans. Remember, it’s meant to calculate your equated monthly installment (EMI) or monthly payments, so the figures may vary slightly.
P x [R x (1+R)^N]/[(1+R^N)-1]

Here’s how each variable breaks down:

  • P = Principal amount. This is the original amount you borrow from a lender (not including interest).
  • R = Yearly interest rate: This is how much interest you’ll pay each year. Interest rates vary. To determine the monthly interest rate, take the APR and divide it by 12.
  • N = Number of payments. This is how many payments you’ll need to make before paying off the loan (dependent on the loan’s term). Most personal loans have a loan term of 1 to 7 years or 12 to 84 monthly payments.

Personal Loan Examples

Here are some examples of how much you might end up paying using a simple formula:

Example A Example B Example C
Principal Amount $1,000 $1,500 $2,000
Yearly Interest 3.63% 4.00% 4.67%
Number of Payments 12 (1-year term) 36 (3-year term) 72 (6-year term)
Estimated Monthly Payment $85 $44 $32
Total Payment + Interest $1,019.77 $1,594.30 $2,297.13

Note: The above examples are estimates only. They also don’t include other fees or insurance. Also, many personal loan calculators also include an amortization schedule. This includes how much goes towards the principal balance vs. interest and how much you still owe.

Why Use a Personal Loan Calculator

Using a personal loan calculator can help you figure out if a personal loan is right for you – and your financial situation. It can also help you determine how much to borrow, the best loan term, and where your money is going each month.

Lendstart Lendstart Last update:
Lendstart aims to simplify complicated topics in the personal finance field. Gain insight from our thought leaders, seasoned industry experts, who strive to provide timely and practical information on current market trends.