Personal loan calculator
Use this personal loan calculator to estimate your monthly repayment, total cost, and the effective yearly interest rate. It’s a simple way to compare loan offers and understand what you’ll pay back before you commit.
| Total cost of loan (lent amount + opening cost + interests + fees) | 0.00 |
|---|---|
| Monthly payment | 0.00 |
| Effective yearly interest rate | 0.00% |
| Number of payments | 0 |
| Total interests paid during loan tenure | 0.00 |
| Total fees paid during loan tenure | 0.00 |
- How this personal loan calculator works
- Why the “total cost” matters more than the headline rate
- Quick guide: what to change to see the biggest impact
- Example comparison table (what to look at)
- What’s the difference between interest rate and effective yearly rate?
- How to use the calculator for short-term vs long-term planning
- Short-term loans (months)
- Long-term loans (years)
- Common mistakes (and how to avoid them)
- FAQ
- Is this personal loan calculator accurate?
- What numbers should I use?
- How do I compare two personal loans properly?
How this personal loan calculator works
This calculator estimates the cost of a personal loan using the numbers you enter:
- Personal loan amount: how much you want to borrow.
- Loan period: how long you want to repay (months or years).
- Interest rate: the loan’s nominal rate (as a percentage).
- Opening cost: a once-off fee charged at the start (if applicable).
- Monthly fees: recurring fees charged each month (if applicable).
After you click Calculate, you’ll see:
- Monthly payment (estimated instalment)
- Total cost of loan (amount + interest + fees)
- Effective yearly interest rate (how fees change the “real” cost)
- Total interest paid
- Total fees paid
- Number of payments
Tip: If you’re comparing offers, keep the loan amount and loan period the same for each calculation. Then change only the interest rate and fees.
Why the “total cost” matters more than the headline rate
Many people focus only on the interest rate. But two loans with the same interest rate can cost different amounts because of fees.
That’s why this personal loan calculator shows:
- total interest
- total fees
- total cost
If the monthly fee looks small, remember it repeats every month. Over a longer term, it can add up quickly.
Quick guide: what to change to see the biggest impact
Use the calculator to test these common scenarios:
- Change the loan period
- Longer period → lower monthly payment (usually), higher total cost (often)
- Shorter period → higher monthly payment (usually), lower total cost (often)
Change the interest rate
Even a small rate difference can change the total interest you pay, especially on longer terms.Add or remove monthly fees
Monthly fees can push up the effective yearly interest rate. This is one of the fastest ways to spot a “cheap-looking” loan that is actually expensive.
Example comparison table (what to look at)
Use this simple checklist when comparing two offers:
| What to compare | Why it matters | What a “better” result looks like |
|---|---|---|
| Monthly payment | Fits your budget | Affordable without stress |
| Total cost of loan | Shows the real price | Lower total cost (for same amount/term) |
| Effective yearly rate | Captures fees + interest | Lower effective rate |
| Total interest | Pure interest cost | Lower interest paid |
| Total fees | Charges beyond interest | Lower fees paid |
What’s the difference between interest rate and effective yearly rate?
- Interest rate (nominal): the percentage the lender charges on the loan balance.
- Effective yearly rate: a “more real” annual number that reflects how fees and costs change the overall price.
If the effective yearly rate is much higher than the nominal rate, fees are likely a big reason.
How to use the calculator for short-term vs long-term planning
Short-term loans (months)
Shorter loans can be great for a specific expense, but the monthly payment can be higher. Use the calculator to check if the instalment is still realistic.
Long-term loans (years)
Longer terms reduce monthly pressure, but total cost can rise. The calculator helps you see how much extra you may pay by stretching the term.
Common mistakes (and how to avoid them)
Only checking the monthly payment
Always also check the total cost.Forgetting fees
Add opening cost and monthly fees if the lender charges them.Choosing a term that’s too long
A lower instalment can hide a much higher total repayment.Using an unrealistic interest rate
If you have a quote, use the quote numbers. If not, test a “best case” and a “worse case”.
FAQ
Is this personal loan calculator accurate?
It’s an estimate based on your inputs. Real offers can differ depending on the lender’s fees, your profile, and the final agreement terms.
What numbers should I use?
Use the lender’s quote if you have one (interest rate, once-off fees, monthly fees). If not, use realistic estimates and test a range.
How do I compare two personal loans properly?
Keep the same loan amount and loan period. Then compare total cost, effective yearly rate, and monthly payment.