How to Use the Personal Loan Calculator

Using our personal loan calculator is simple and helps you plan your finances with ease. This step-by-step guide will show you how to use this personal loan EMI calculator to estimate your monthly payments, interest costs, and repayment schedule.

Step 1: Enter the Loan Details

• Loan Amount ($): Input the total amount you wish to borrow. For example, if you’re borrowing $10,000, enter “10000” to calculate your personal loan EMI.
• Loan Term (years): Specify the duration of your loan in years. For instance, enter “5” for a 5-year loan term to use this personal loan repayment calculator.
• Interest Rate (%): Enter the annual interest rate offered by your lender. For example, if the rate is 5.95%, enter “5.95” to see how it affects your payments with this personal loan interest calculator.
• Start Date: Select the date when your loan begins. For example, choose “04/10/2025” to calculate your payoff date accurately.

Step 2: Add Origination Fee Details

• Origination Fee (%): Input the origination fee percentage charged by the lender. For example, if the fee is 5%, enter “5” to see its impact on your loan cost.
• How will origination fees be paid?: Choose whether the fee is deducted from the loan or paid separately. Select “Deducted from loan” or “Paid separately” to adjust your cash received.
• Include fee and insurance?: Check this box if you want to include additional fees and insurance in your calculations, a feature often found in a personal loan EMI calculator SBI.

Step 3: Calculate Your Loan

After entering all the details, click the Calculate button. The personal loan calculator will instantly display your results, including your monthly EMI and total loan cost.

Step 4: Review Your Results

• Monthly Payment: This is the amount you’ll pay each month. For example, “$193”.
• Cash Received: The amount you actually receive after origination fees, such as “$9,500.00”.
• Total Principal: The loan amount you borrowed, like “$10,000.00”.
• Total Interest Payments: The total interest you’ll pay over the loan term, for example, “$1,585.74”.
• Total Loan Payments: The sum of all monthly payments, such as “$11,585.74”.
• Payoff Date: The date when your loan will be fully paid, like “04/2030”.
• Origination Fee: The fee charged by the lender, such as “$500.00”.
• Cost of Loan: The total cost including interest and fees, for example, “$12,085.74”.
• APR: The annual percentage rate, reflecting the true cost of the loan, like “12.13%”.

Step 5: Explore the Loan Breakdown

The Loan Breakdown section displays a pie chart showing the proportion of your loan that goes toward the principal versus interest, helping you understand your costs with this personal loan interest calculator.

Step 6: Check the Amortization Schedule

• The Amortization Schedule provides a detailed view of your loan repayment over time using this personal loan repayment calculator.
• Toggle between Annual and Monthly views using the tabs.
  • Annual View: Shows the total interest, principal, and remaining balance for each year.
  • Monthly View: Breaks down the interest, principal, and balance for each month.
• For example, in the annual view, you might see that in Year 1, you paid $585.93 in interest, $3,245.36 in principal, leaving a balance of $16,754.64.

Step 7: Adjust and Recalculate

To explore different scenarios, adjust the input values and click Calculate again. You can also click Clear to reset all fields and start over with this personal loan EMI calculator.

This personal loan calculator helps you gain a comprehensive understanding of your loan, making financial planning easier and more informed.