Personal Loan Calculator
Calculate your monthly EMI, total interest, and view a complete amortization schedule.
Before you calculate
Assumes a fixed rate and equal monthly payments. Origination fees, payment protection products and penalties are not included.
Personal Loan Payment Formula
The monthly payment is calculated using the standard loan amortization formula, which distributes both principal and interest evenly across all payments.
PMT = P × r(1+r)^n / ((1+r)^n - 1)Example Scenarios
Scenario 1: Short-Term vs Long-Term
A $15,000 loan at 8.5% APR: a 36-month term costs ~$473/mo but only $2,043 in total interest. Extending to 84 months lowers payments to ~$236/mo but increases total interest to ~$4,803.
Scenario 2: Rate Impact
On a $15,000 60-month loan, raising the rate from 6% to 12% increases the monthly payment from $290 to $333 and total interest from $2,396 to $4,993.
Methodology & Assumptions
Uses the standard amortization formula. Each month, interest accrues on the remaining balance; the rest of the payment reduces principal.
Sources & calculation notes
Maintained by MoneyCalc. Results are estimates based on the inputs and assumptions shown, not personalized financial advice or a lender quote. Default rates are examples unless a specific tax year or official table is identified.
References explain the underlying concepts or rules. They do not endorse or independently certify this implementation.
Calculations run in your browser. Some tools retain settings on this device. Displayed rounding can produce small differences from a statement or contract.