The variables used in our online calculator are defined in detail below, including how to interpret the results.
The total amount of money borrowed for this loan, also referred to as the principal on the loan.
his is the annual interest rate on the loan. This is not the APR, which takes into account other costs associated with the loan.
This is the original term or length of the personal loan, stated in years. The most common terms for personal loans range from 3 to 10 years.
This is the monthly payment necessary to repay the loan over its lifetime.
The total amount paid to the bank or lending institution over the life of the loan.
The total amount of interest charges over the term of the loan. This is the cost of borrowing money from the lending institution.