Personal Loan Calculator
Calculate monthly payments for personal loans, including total interest paid over the loan term. Compare different loan offers to find the best deal.
Personal Loan Overview
| Factor | Typical Range | Loan Amount$1,000 - $100,000 APR6% - 36% Term12 - 84 months Credit Score Needed580+
Monthly Payment Examples
Loan AmountAPRTermMonthly Payment $10,00010%36 mo$323 $20,00012%48 mo$527 $15,0008%60 mo$304 | $5,000 | 15% | 24 mo | $242 |
Implementation
``javascript
function calculateLoanPayment(principal, annualRate, months) {
const monthlyRate = annualRate / 100 / 12;
if (monthlyRate === 0) return principal / months;
const payment = principal *
(monthlyRate * Math.pow(1 + monthlyRate, months)) /
(Math.pow(1 + monthlyRate, months) - 1);
return payment;
}
``
Personal Loan Uses
Common uses include debt consolidation, home improvement, medical expenses, major purchases, and emergency expenses.