How the Personal Loan Calculator works
Personal loans are unsecured, so rates run higher than a mortgage or auto loan and terms are shorter. Comparing two offers by APR alone is misleading if the terms differ; compare total interest paid instead.
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate (APR ÷ 12) and n is the number of monthly payments.