Personal Loan Calculator

This Personal Loan Calculator helps you understand the true cost of your loan and explore different repayment scenarios, including:

• Regular payment amounts
• Total interest and APR
• Early payoff options
• Payment schedules
• Multiple payment frequencies

How to Use

1. Enter your loan details:

   • Loan amount
   • Interest rate
   • Loan term
   • Origination fee (if any)

2. Choose your payment options:

   • Payment frequency (monthly, bi-weekly, or weekly)
   • Extra payment amount (optional)
   • Start date

3. Click “Calculate Loan” to see your results

Features

Payment Flexibility

• Monthly payments
• Bi-weekly payments (26 payments per year)
• Weekly payments (52 payments per year)

Early Payoff Analysis

• Add extra payments to see how much you can save
• View your new payoff date
• Calculate total interest savings

Cost Breakdown

• Regular payment amount
• Total interest paid
• Annual Percentage Rate (APR)
• Complete amortization schedule

Understanding APR

The Annual Percentage Rate (APR) includes:

• Interest rate
• Origination fees
• Other loan costs

APR provides a more accurate picture of your loan’s total cost than the interest rate alone.

Tips for Personal Loans

1. Compare APRs: Look at the APR, not just the interest rate, when comparing loans
2. Consider Bi-weekly Payments: Make 26 half-payments instead of 12 monthly payments to reduce interest
3. Make Extra Payments: Even small additional payments can significantly reduce your total interest
4. Watch for Fees: Include origination fees in your calculations
5. Check Early Payoff Penalties: Some lenders charge fees for early payoff

Common Uses

• Debt consolidation
• Home improvements
• Major purchases
• Medical expenses
• Wedding costs
• Emergency expenses

Understanding Your Results

• Regular Payment: Your scheduled payment amount
• APR: The true annual cost of your loan
• Total Interest: The total amount you’ll pay in interest
• Early Payoff Date: When you’ll pay off the loan with extra payments
• Interest Savings: How much you’ll save by making extra payments
• Amortization Schedule: A detailed breakdown of each payment