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 |
| APR | 6% - 36% |
| Term | 12 - 84 months |
| Credit Score Needed | 580+ |
Monthly Payment Examples
| Loan Amount | APR | Term | Monthly Payment |
|---|---|---|---|
| $10,000 | 10% | 36 mo | $323 |
| $20,000 | 12% | 48 mo | $527 |
| $15,000 | 8% | 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.