Personal Loan Monthly Payment Calculator

Personal loan payments are calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate / 12), and n is the total number of payments. For example, a $10,000 personal loan at 8% APR over 3 years (36 months) yields a monthly payment of approximately $313.36. The total amount repaid is $11,281, meaning $1,281 goes toward interest.

Your credit score is the primary factor lenders use to determine your interest rate. Borrowers with scores above 720 typically qualify for rates between 6%–9%, while scores below 650 may see rates of 15%–30%. Consider improving your credit score before applying, comparing offers from at least three lenders, and choosing the shortest term you can afford to minimize total interest paid.