Monthly Loan Payment Calculator

Estimate your monthly payments for a personal loan. Enter the loan amount, interest rate, and term.

How It Works

This calculator uses the standard amortization formula to compute your monthly payment:

M = P x [r(1+r)^n] / [(1+r)^n - 1]

Where:

  • M = Monthly payment
  • P = Loan amount (principal)
  • r = Monthly interest rate (annual rate divided by 12)
  • n = Total number of months (loan term)

The total interest is calculated as: (monthly payment x number of months) - loan amount. The total payment is the sum of all monthly payments over the loan term.

Default values shown are for a $10,000 loan at 7.5% APR over 36 months. Adjust the inputs to match your personal loan scenario.