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
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Enter your loan details:
- Loan amount
- Interest rate
- Loan term
- Origination fee (if any)
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Choose your payment options:
- Payment frequency (monthly, bi-weekly, or weekly)
- Extra payment amount (optional)
- Start date
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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
- Compare APRs: Look at the APR, not just the interest rate, when comparing loans
- Consider Bi-weekly Payments: Make 26 half-payments instead of 12 monthly payments to reduce interest
- Make Extra Payments: Even small additional payments can significantly reduce your total interest
- Watch for Fees: Include origination fees in your calculations
- 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