Personal Loan Calculator
Estimate the monthly payment and total interest for an unsecured personal loan, based on amount, rate, and term.
Understanding the Personal Loan Calculator
Personal loans are typically unsecured — not backed by collateral like a house or car — which usually means a higher interest rate than a mortgage or auto loan, but a fixed, predictable monthly payment over a set term, often used to consolidate other debt or cover a large one-time expense.
Because rates depend heavily on creditworthiness, the same loan amount and term can carry very different monthly payments from one borrower — or one lender — to the next. This calculator lets you plug in the rate you’ve been offered (or are considering) to see the real monthly cost.
If you’re using a personal loan to consolidate higher-rate debt like credit cards, compare the total interest here against what you’d pay leaving the balances where they are — the credit card payoff calculator can help with that side of the comparison.
See it in practice
Example 1 — Debt consolidation loan
Example 2 — Smaller loan, longer term
Common questions
Often yes for larger balances — personal loan APRs are typically lower than credit card APRs, and the fixed term forces steady progress rather than open-ended revolving debt. Compare your card’s APR against the rate you’re offered here.
Primarily credit score and history, but also income, existing debt levels, and the loan term itself — shorter terms sometimes carry slightly lower rates.
Many personal loans charge an origination fee deducted from the amount disbursed. If yours does, the APR calculator can help translate that fee into an effective annual rate for a fairer comparison across offers.
Usually yes, though some lenders charge a prepayment penalty — check your loan agreement. If there’s no penalty, extra payments reduce total interest the same way the debt payoff calculator models.
Requirements vary by lender, but scores in the high 600s or above generally qualify for the best rates. Some lenders offer personal loans to borrowers with lower scores, typically at higher interest rates.
Personal loans are typically unsecured and can be used for a wide range of purposes, including debt consolidation, home improvements, medical expenses, or major purchases, unlike loans tied to a specific asset.
Many personal loans charge an origination fee, often 1-8% of the loan amount, deducted from the funds disbursed or added to the balance. This fee is factored into the loan’s APR, not just its interest rate.
Personal loans often carry lower interest rates than credit cards and come with a fixed payoff timeline, which can make budgeting easier. The right choice depends on the specific rates and fees of each option available to you.