Personal Loan Calculator
Inputs
$
%
mo
Results
Monthly payment$304.15
Total interest$3,248.75
Total cost$18,248.75
Saved calculations
Stored locally on this device only — never sent anywhere.
Loan payment formula
M = P · [ c · (1 + c)^n ] / [ (1 + c)^n − 1 ]- M
- Monthly payment
- P
- Loan principal
- c
- Monthly rate = annual rate ÷ 12
- n
- Total number of monthly payments
- Standard amortization with monthly compounding. Each payment covers interest on the outstanding balance first; the rest reduces the principal.
- When c = 0 the payment simplifies to M = P ÷ n.