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The offers that appear on LoanStart.com are from companies from which LoanStart.com receives compensation. LoanStart.com does not make loan offers, but instead pairs potential borrowers with lenders and lending partners. We are not a lender, do not make credit decisions, broker loans, or make short-term cash loans. We also do not charge fees to potential borrowers for our services and do not represent or endorse any particular participating lender or lending partner, service, or product. Submitting a request allows us to refer you to third party lenders and lending partners and does not constitute approval for a loan.

Personal Loan Calculator
Loan Amount
Interest Rate
%
Loan Term
/years
Monthly Payment
Total Paid
Total Interest Paid
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Getting Started with Our Personal Loan Calculator

Without a calculator, it can be tricky to figure out how expensive your loan will be. Use ours and see your rate and payment for each month.

Here’s a little information about how our calculator works.

You’re first asked to enter your Loan Amount, or what you hope to borrow minus the interest you’ll need to pay. For example, if you’re using the loan to make a home repair that will cost $10,000, then you would enter $10,000 into the Loan Amount field.

Next, you enter your Interest Rate.

If you haven’t found a loan provider yet, then you probably won’t know the interest rate associated with your loan. At LoanStart.com, we try to help you find lenders and lending partners who offer interest rates starting at 4.84 percent, and going up to 35.99 percent. Try entering numbers within that range to get an idea of how these rates would affect your loan payments.

The last number is your Loan Term. This is the years that your loan will last. At LoanStart.com, we work with lenders and lending partners who offer two to seven-year loans.

After you enter your Loan Amount, Interest Rate, and Loan Term information, you’ll be ready to hit the orange “CALCULATE” button.

Our personal loan calculator shows you your Monthly Payment, Total Paid, and the Total Interest Paid amounts based on the numbers you entered. Please note that your loan may have additional fees that are not represented by our totals. Because of this, you should use our calculator for educational purposes only.

Your Monthly Payment is the amount you would pay your loan provider each month throughout the life of the loan. The Total Paid shows how much you would have paid the lender (if you did not encounter any extra fees). The Total Interest Paid shows how much you would pay in interest over the life of your loan.

What is an Amortization Schedule Calculator?

Our personal loan calculator assumes that you will be using an amortizing loan. With an amortizing loan, each payment you make goes toward the interest and the principle. Throughout the life of your loan, the ratio will change, but your monthly payment should stay the same. At the beginning of your loan, most of your monthly payment will pay off the interest, but toward the end, the majority will pay off the principle.

To determine your monthly payment (MP), our calculator uses the following formula, where “i” is the monthly interest rate, “LA” is the original loan amount, and “N” is the number of total monthly payments:

MP = i x LA x (1 + i)N / (1 + i)N - 1

After you know your monthly payment, it’s easy to figure out everything else. To determine the total amount paid, you just multiply your monthly payment by the number of months in your loan term. Then, to figure out the total amount of interest paid, you subtract your original loan amount from the total amount paid. Or, just let our calculator do those things for you.

What if I Have More Data to Enter?

We offer a basic tool that helps you get a general idea of what you might pay for a loan. Your loan might include fees that cannot be entered into our calculator. You can still use our tool to compare loan interest rates quickly. Just know that you’ll need to consult your loan agreement to see your actual rates and fees.