Calculate your personal loan payments, total interest, and payoff timeline with our free Personal Loan Calculator. Whether you're consolidating debt, financing a major purchase, or covering unexpected expenses, see exactly how much you'll pay monthly and over the life of your loan. Personal loans offer fixed rates and predictable payments, making them ideal for budgeting. Our calculator shows your monthly payment, total interest cost, and helps you compare different loan amounts and terms to find the right balance between affordable payments and minimizing interest costs.
Enter your details and click Calculate to see results.
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Input the total amount you wish to borrow.
Provide the annual interest rate (APR) quoted by your lender.
Enter the repayment period in months (e.g., 24, 36, 60).
If your lender charges an origination fee as a percentage of the loan, enter it here. Leave at 0 if none.
See your monthly payment, total interest, total cost, and the effective APR including fees.
Personal loans use standard amortization: M = P × [r(1+r)^n] / [(1+r)^n – 1] where P is principal, r is monthly interest rate, and n is total payments. Unlike credit cards, personal loans have fixed payments that pay off the loan by a specific date. For a $15,000 personal loan at 10% APR for 48 months, your monthly payment would be approximately $380, with total interest of about $3,280.
Most personal loans have fixed rates, meaning your payment stays the same throughout the loan term. This makes budgeting predictable. Variable rate loans may start lower but can increase over time, making them riskier for longer terms. Fixed rates are especially valuable when interest rates are expected to rise. Lock in today's rate and know exactly what you'll pay each month.
Many personal loans charge origination fees (1-8% of loan amount). A $10,000 loan with 5% origination fee means you receive $9,500 but repay $10,000. This effectively increases your interest rate. Always calculate the APR including fees to compare loans accurately.
Requirements vary by lender. Excellent credit (750+) qualifies for rates around 6-10%. Good credit (700-749) typically sees 10-15%. Fair credit (650-699) may qualify at 15-25%. Some lenders serve borrowers with scores as low as 580, but rates can exceed 30%. Higher scores mean lower rates and more loan options.
