Personal Loan Calculator

About the Personal Loan Calculator

The GlimMarket personal loan calculator gives you a fast, accurate way to preview your monthly payment, total interest, and payoff schedule—before you borrow. By entering three inputs—loan amount, APR, and term—the tool applies a standard amortization formula and returns an instant estimate. You’ll see a clean chip summary for the monthly payment, total paid, and total interest, plus a compact amortization preview you can expand to the full schedule.

Why use a personal loan monthly payment calculator?

When you’re consolidating debt, covering an unexpected expense, or funding a purchase, clarity matters. A slight change in rate or term can shift your monthly payment and the total interest paid over time. This calculator lets you experiment: shorten the term to pay less interest overall, or extend it to lower the monthly cost. Because the math is standardized, your estimate is a reliable baseline for lender conversations.

How the calculation works

For fixed-rate personal loans, the monthly payment equals the loan amount multiplied by the periodic rate, divided by one minus (1 + periodic rate) raised to the negative number of payments. We translate your APR to a monthly rate and multiply the years by twelve to compute payments. The amortization table then shows how each installment splits into interest and principal while your remaining balance declines to zero.

Reading your results

Your results display four quick insights: monthly payment, total interest, total paid, and the amortization length in years and payments. Opening the full schedule reveals line-by-line principal and interest for every installment, along with the remaining balance. This helps you spot how much earlier you could finish if you add even small extra principal payments (when allowed without penalty).

Plan next steps with more tools

If you’re comparing financing options, pair this page with our related tools: the Business Loan Calculator, the Mortgage Calculator, and the Debt Payoff Planner. Together they cover common decisions from short-term borrowing to long-term planning, all with the same clean, mobile-friendly interface and GlimMarket’s dark-teal design language.

GlimMarket Tip: If your lender allows extra payments without penalty, applying even $25–$50 to principal each month can shorten your payoff horizon and reduce total interest meaningfully.

Want to dig deeper? Review fundamentals at the CFPB Loan Education Center and Investopedia’s Personal Loan Guide. Use those resources alongside this calculator to choose a repayment strategy that matches your budget and timeline.