Personal Loan Calculator
Calculate your fixed monthly payment, total interest, and total repayment for an unsecured personal loan with a 1 to 7 year term.
Calculator Inputs
Sets the currency this calculator's numbers are denominated in. This is presentation only — it does NOT convert your numbers between currencies, it only changes how they're formatted.
The total amount you're borrowing for this personal loan.
The loan's fixed nominal annual interest rate (e.g. 8 for 8%). Not an effective/compounded rate.
How many years you have to repay the loan. Combined with months, the total term must be between 1 and 7 years.
Additional months (0-11). For 18 months, enter 1 year 6 months.
- Fixed Monthly Payment
- $313.36
- Total Interest Paid
- $1,281.13
- Total Repayment
- $11,281.13
Amortization Schedule
All 36 monthly payments. The Principal, Interest, and Payment columns add up to the loan amount, Total Interest Paid, and Total Repayment shown above.
About these results
CalcSpectrum calculators produce automated estimates using established formulas and the specific values you enter. Because real-world outcomes depend on input accuracy, mathematical assumptions, and rounding conventions, please verify critical figures with an appropriately qualified financial, tax, medical, legal, or other professional, as relevant.
Financial Notice: These figures are informational estimates for personal planning only. They do not constitute financial, investment, tax, or legal advice, nor do they represent a lending offer or credit approval. Provider and financial institution figures, rates, fees, and underwriting requirements may differ.
How It's Calculated
Formula
This calculator works out the fixed monthly payment for an unsecured personal loan — a fully-amortizing loan where equal monthly payments pay off both principal and interest by the end of the term. Enter the loan amount, the fixed annual interest rate, and a term between 1 and 7 years, and it returns your monthly payment plus the total interest and total repayment over the life of the loan. "Unsecured" here just describes scope: this tool doesn't model collateral, so it applies to typical unsecured personal loans rather than secured products like auto loans or mortgages, which have their own dedicated calculators. Personal loan terms are capped at 7 years because that matches how unsecured personal loans are actually offered by lenders — unlike mortgages or auto loans, which routinely run 15-30 years, personal loan terms rarely extend past 7 years.
Worked Examples
$10,000 loan, 8% annual rate, 3-year term
- paymentsPerYear = 12 (monthly only), so n = 3 × 12 = 36 payments
- periodicRate r = 0.08 / 12 ≈ 0.0066667
- Payment = 10000 × 0.0066667 × (1.0066667)^36 / ((1.0066667)^36 − 1) ≈ $313.36
- Total repayment = $11,281.13 and total interest = $1,281.13, both taken from the actual amortization schedule (not 36 × $313.36 = $11,280.96 — the final payment is adjusted by a few cents so the balance reconciles to exactly $0.00, per the engine's rounding policy)
$25,000 loan, 9.5% annual rate, 7-year term
- paymentsPerYear = 12 (monthly only), so n = 7 × 12 = 84 payments
- periodicRate r = 0.095 / 12 ≈ 0.0079167
- Payment = 25000 × 0.0079167 × (1.0079167)^84 / ((1.0079167)^84 − 1) ≈ $408.60
- Total repayment = $34,322.36 and total interest = $9,322.36, from the amortization schedule (not 84 × $408.60 = $34,322.40 — the last payment is adjusted so the balance ends at exactly $0.00)
Frequently Asked Questions
What does "unsecured" mean here, and does this calculator check that?
An unsecured personal loan isn't backed by collateral like a house or car, so there's nothing for this calculator to value or subtract, unlike the Mortgage or Auto Loan calculators. "Unsecured" is a scope statement, not a computed check: this tool assumes you already have a fixed-rate personal loan offer (or are estimating one) and just does the payment math.
Why is the term capped at 7 years?
Unsecured personal loans are typically offered with terms from 1 to 7 years by lenders — much shorter than mortgages or auto loans, which are backed by collateral and can safely run 15-30 years. This calculator enforces that same 1-7 year range so the numbers stay realistic for a personal loan; for longer-term secured loans, use the Mortgage or Auto Loan calculators instead.
Does this check my credit or show me real loan offers?
No. This calculator does not perform credit scoring, connect to any lender marketplace, or show live rates or prequalification offers — it only computes the payment math for a rate and term you enter yourself. Treat the interest rate as an estimate or an offer you already have in hand, not a rate this tool is quoting you.
Does this include origination fees or other loan costs?
No. This calculator computes principal-and-interest payments only, with no origination fee, application fee, or other charges factored in. If your lender charges an origination fee, your actual disbursed amount or APR may differ from the numbers shown here.