Personal Loan Payment Calculator
Calculate monthly payments on a $15,000 personal loan at 10% for 3 years.
USD
%
years
Monthly Payment
$484.01
Total Amount Paid$17,424.28
Total Interest$2,424.28
Principal
Total Interest
Monthly Payment vs Loan Term (Years)
How to Calculate Loan Payments
The loan payment formula determines your fixed monthly payment based on the loan amount, interest rate, and repayment term.
Formula
M = P * [r(1+r)^n] / [(1+r)^n - 1]
Where:
Example Calculation
You take out a $25,000 personal loan at 7.5% annual interest for 5 years.
- 01Monthly interest rate: 7.5% / 12 = 0.625% (0.00625)
- 02Total payments: 5 * 12 = 60
- 03Monthly Payment = $25,000 * [0.00625 * (1.00625)^60] / [(1.00625)^60 - 1]
- 04Monthly Payment = $500.57
- 05Total paid: $500.57 * 60 = $30,034.20
- 06Total interest: $30,034.20 - $25,000 = $5,034.20