Personal Loan Calculator - Purefy

Personal Loan Calculator

See how much your personal loan will cost in seconds. Enter your loan amount, interest rate, and repayment term to view your estimated monthly payment and total interest.

Enter Your Loan Information

Loan Amount
The total amount of money you would like to take out a loan for.
Interest Rate
The amount that the lender charges in interest, expressed as a percentage.
Term
The length of time you have to repay your personal loan debt in full.

Results

$256

Monthly Payment

$3,341

Lifetime Interest

Want to find a low interest personal loan? Use our rate comparison tool to check multiple lenders in 2 minutes with no impact on credit.

FAQs – Personal Loan Calculator

To see your monthly payment on a personal loan, first enter your loan amount, interest rate, and repayment term (in years) under “Enter Your Loan Information”. Then, simply hit “Calculate”.

You will then be shown your estimated monthly payment, as well as an estimate of the total life of loan interest you will pay on the loan.

The easiest way to find your best rate on a personal loan is to check rates from multiple lenders. You can use Purefy’s rate comparison tool to search a network of lenders with one fast form. In about 2 minutes, you’ll see which lenders you prequalify with, including the prequalified rates and monthly payment estimates for each loan option.

In addition to the interest rate, you will also want to consider other aspects of the loan – for instance, does it come with any origination fees, late fees, or prepayment penalties?

Once you have chosen a lender, you can proceed with an online application.

A personal loan is a type of installment loan where a bank, credit union, or other financial institution lends you money which you agree to pay back on a monthly basis over an agreed upon period of time.

The repayment terms available can vary by lender, but typically range from two to six years. A shorter repayment term has a higher monthly payment than a longer repayment term, for the same loan amount.

Personal loans can be used for a variety of purposes. One of the most common is debt consolidation, where you take out a low interest personal loan and use the funds to pay off higher-interest debt, such as credit cards.

Personal loans are also commonly used for home improvement, wedding expenses, family planning, vacations, moving expenses, unexpected events, emergencies, and more.

Personal loans are credit-based loans, meaning your interest rate is determined by your credit score as well as other factors. Personal loans are available for a variety of credit profiles, including for bad credit. However, the better your credit is, the better your chance of qualifying with a variety of lenders and the better your chance of securing a low interest rate.

To find a low interest rate personal loan, you can use Purefy’s rate comparison tool to check rates from multiple lenders and see which one offers you the best prequalified rate, based on your credit information.