Understand the cost
APR vs. interest rate on a personal loan: which number should you use?
Separate contract interest from APR, avoid counting fees twice and choose the right inputs for a personal loan payment calculation.
Personal loan payment planner
Estimate monthly payments, interest and total outlay using your loan’s interest rate.
How to use this planner
Enter the principal, the annual interest rate and the term in years. Use the contract interest rate, not an APR that already includes fees. A separately paid upfront fee increases total outlay but does not change the payment. If a fee is financed, include it in principal and do not enter it again. A deducted fee reduces the cash received; it does not reduce the debt used to calculate payments.
Formula and illustrative example
For principal P, monthly rate r = annual interest rate ÷ 100 ÷ 12 and n monthly payments, payment = P × r ÷ (1 − (1 + r) raised to −n). At zero interest the payment is P ÷ n. An illustrative $10,000 loan at 12% interest for 36 months has a payment of about $332.14, interest of $1,957.15 and total payments of $11,957.15 before fees. Displayed cents are rounded; calculations keep precision.
Limits
This assumes fixed interest, equal monthly payments and no missed or extra payments. Daily accrual, an irregular first period and lender rounding can change the result. It does not calculate a legally disclosed APR. Compare the written payment schedule before signing. Learn about fees.
Fractional-year inputs are rounded to the nearest whole month. The planner accepts terms from one month to 100 years as a numerical limit, not a claim about available products.
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