A Personal Installment Loan calculator will help you to determine the interest charges, the finance charges, the amount of each installment as well as the total cost of your Personal Installment Loan. These calculations are an essential tool used to compare the lenders and to plan the repayment so that borrowing money would turn into an easy affordable process.

Personal Loan Calculator

Select the amount for the loan you want in order to get the principal, which is the basis that we use to calculate the interest and the total cost of the cash advance.
The number of days within that you will be ready to repay the loan. It’s used to count the total cost of cash advance by multiplying the time period by the amount of interest.
To calculate the total cost of your loan, we take the minimal average APR legal in all States, which is 36%. This figure is only a representative, providing you with general information on how much the loan may cost. To find out a more accurate total, fill in the Annual Percentage Rate required by the lender you want to apply to.
Every Payment (Installment) =

per month for year(s) at % APR

* It’s the amount of money you’ll need to pay every month (or other agreed period) according to your repayment plan.
Total Paid After Payments =
Total Interest Paid* =
* The total amount of interest over all the period of the loan.
This calculation is just a representative example and is for illustration purpose only. The rate is also just a representation of what a loan may cost and may differ from the rate you’ll be offered by the lender. Their rate will be based on their vision of your personal financial situation. All the calculations are provided as guides only. They don’t guarantee 100% the same cost you are going to be charged but they do help you understand the overpay much better. Unless you change the APR, the calculations will be based on the average or lowest rate represented by most lenders for each loan type. You’ll find the accurate interest rate as well as the real cost of your cash advance after you get approved before you sign the agreement. It will depend on many factors including the amount, the term of the loan, your credit score and the lender’s conditions. Interest rates are not fixed figures and are subject to change at any time. As soon as you fill out an application and get approved all the details concerning the rates and terms will be sent to you.

What is a Personal Loan calculator?

A Personal Installment Loan Calculator is a necessary tool for comparing Personal Loans. It will help you to determine:

  • The total cost
  • Each monthly (or semimonthly, weekly) payment
  • The APR

It’s essential to take into account all these factors as the advertised price for the loan is usually much lower than the real one which will include additional fees and finance charges. So, take your time to use the calculator. It will give you the answers to many questions:

  • How many payments will you have?
  • How long will it take to pay off the loan?
  • How much will each installment be?
  • What might the payments be at different interest rates?
  • How much can you save if you pay off the loan earlier?
  • What kind of repayment plan should you choose to make the loan more affordable?

Just change the numbers in the calculator and submit to see the differing prices.

How to calculate a personal Installment loan cost?

  1. At first choose the type of calculator depending on what information you would like to get:
  • The total cost
  • The finance charges
  • The interest
  • The APR
  1. Enter the required information: the amount, the terms, the frequency of payment, the APR, etc.
  2. Simulate the repayment period and see how the cost changes.
  3. Find out how much you will pay in principal and interest.
  4. Compare the APRs of other lenders and find the cheapest loan.

Besides, you can use the amortization schedule option and get the timetable of your installments. Or add some extra payments and see how the price of the loan changes if you pay it off earlier.

How is total interest calculated?

The interest you pay for your loan depends on interest rate and the term. The interest rate, or APR is usually stated by the law and varies for lender to lender. It also depends on the amount you need, on the terms, on your credit score.

Though Personal Installment Loans are highly available even for bad credit borrowers, it’s better to take care of your FICO score in advance. The higher it is the better rates you can expect.

To calculate the interest rate for the specific amount of Personal Loan you need:

  1. Divide your interest rate by the number of installments a year.
  2. Multiply it by the balance of your loan.

(interest rate / number of payments) х loan principal = interest

Must know!

The balance always changes. For the first payment it is the principal of the loan. Then to find out a new balance you need to use the following formula:

Principal – (repayment – interest) = new balance

Doing these calculations yourself may turn rather complicated, so you’d better use the calculator designed by experts.

What should you do before applying for a Personal Loan?

  • Compare the rates from alternative financial institutions: banks, credit unions, direct lenders only, peer-to-peer lenders.
  • Investigate the loan terms thoroughly and choose the one you need.
  • Make sure there are no hidden or additional fees or penalties which can make the price for the loan much higher.
  • Use a Personal Installment Loan calculator to find out the total cost of the loan and make sure you can afford it.

Why use a personal loan calculator?

  • To know the cost of the loan
  • To make a repayment plan
  • To compare different lenders’ prices
  • To find the right lender
  • To check whether you can afford this loan

A personal loan is a good way to find the necessary funds for a variety of expenses: debt consolidation, car repair, house redecoration, medical bills, etc. It’s repaid at a fixed interest rate over a set period of time in equal installments which makes it easier not to miss any payments or get into debt.

And a free online calculator is an additional helpful tool to ensure the lending process goes smooth.