How Much Will a Personal Loan Really Cost You?
The headline rate is only part of the story. The term you pick changes the total you repay, sometimes by thousands.
What is the Personal Loan Calculator?
Personal loans are usually repaid in equal monthly instalments over a fixed number of years. This calculator applies the standard loan formula to your amount, annual rate and term, so you can see the monthly payment, the total you will repay, and how much of that total is interest.
How to use it
- Enter the amount you want to borrow.
- Enter the annual interest rate and the term in years.
- Press Calculate to see the monthly payment and total cost.
Worked example
Loan 15000, rate 10%, term 3 years: EMI about 484.01, total payment about 17424.28, total interest about 2424.28.
Is a longer personal loan term cheaper?
It is cheaper per month, but not cheaper overall. Stretching the same loan over more years means interest keeps accruing for longer, so the total interest rises even though each payment falls. Compare the total payment, not just the monthly figure, before choosing a term.
Frequently asked questions
Should I choose a shorter or longer term?
A shorter term means a higher monthly payment but less total interest. A longer term is easier each month but costs more overall.
Does this include fees?
No. It covers principal and interest only, so check separately for any origination or late fees your lender charges.