BankingScoop’s personal loan calculator makes it easy to estimate your monthly payments. Just enter the loan amount, term, and interest rate, then click “Calculate” to see your payments and total interest. We also cover US bank rates to keep you updated
Loan Payment Calculator by Bankingscoop
How do I calculate the total cost of a personal loan, including interest?
To calculate the total cost of a personal loan, including interest:
- Multiply the monthly payment amount by the total number of payments (loan term in months).
- Subtract the original loan amount (principal) from the total paid amount.
This gives you the total interest paid. Adding the principal to the total interest gives you the total cost of the loan.
For example: If your monthly payment is $200 for a 5-year loan ($200 x 60 months = $12,000) and your loan amount is $10,000, the total interest is $2,000. The total cost of the loan is $12,000