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
Why personal loans cost more than secured debt
Personal loans are typically unsecured — lenders don’t back them with collateral like a house or car. As a result, they usually carry a higher interest rate than a mortgage or auto loan, but they offer a fixed, predictable monthly payment over a set term. Many borrowers use them to consolidate other debt or cover a large one-time expense.
Why your rate is so specific to you
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. So, this calculator lets you plug in the rate a lender has offered you, or one you’re considering, to see the real monthly cost.
Comparing this against your current debt
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. For that side of the comparison, the credit card payoff calculator can help.
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. So, 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. In fact, shorter terms sometimes carry slightly lower rates.
Many personal loans charge an origination fee that lenders deduct 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, so 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. However, some lenders offer personal loans to borrowers with lower scores, typically at higher interest rates.
Personal loans are typically unsecured, so you can use them for a wide range of purposes, including debt consolidation, home improvements, medical expenses, or major purchases. That’s unlike loans tied to a specific asset.
Many personal loans charge an origination fee, often 1-8% of the loan amount, which the lender either deducts from the funds disbursed or adds to the balance. Either way, lenders factor this fee 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. That said, the right choice depends on the specific rates and fees of each option available to you.