Personal Loan Calculator
Calculate your monthly personal loan payment, total interest, and payoff timeline for any loan amount and rate.
Loan Details
Enter loan details above to see your payment breakdown.
About the Personal Loan Calculator
A personal loan is one of the most common ways to borrow for a specific purpose — consolidating debt, covering a large expense, or funding a home project — and this personal loan calculator shows you exactly what that borrowing will cost. Enter the amount you need, the rate you have been quoted, and the repayment term, and it instantly shows your monthly payment and the total interest you will pay.
Personal loan rates vary enormously by credit score and lender — from around 6% for excellent credit to 36% or more for poor credit — which is why comparing actual quotes matters so much. This calculator lets you test any rate scenario and see the real cost difference. A loan at 12% versus 24% for the same amount and term does not just double the interest — the compounding effect means the gap is even larger than it initially appears.
Because everything runs in your browser, you can test as many scenarios as you like privately, without any lender seeing your inquiries. Use it to find the loan structure that fits your budget before you apply anywhere.
Looking for more options? Open the full Loan Calculator — it’s the same tool with every feature.
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Frequently Asked Questions
What is a typical personal loan rate?
Personal loan APRs typically range from about 6% for borrowers with excellent credit (750+) to 36% for those with poor credit. The average in 2025 is around 12–14% for mid-range credit scores. Getting pre-qualified from multiple lenders — which uses a soft credit pull — is the best way to find your actual rate before applying formally.
How long should a personal loan term be?
Terms typically run from 1–7 years. A shorter term means higher monthly payments but far less total interest. A longer term lowers the payment but increases total cost. Use the calculator to find the shortest term where the payment remains comfortable — that minimizes total interest while staying manageable month to month.
What fees should I watch for on personal loans?
The most common fee is an origination fee (typically 1–8% of the loan amount), which is deducted upfront or added to the principal. This means you may receive less than you borrowed or owe more than quoted. Always ask for the APR (which includes fees) rather than just the interest rate — APR is the true cost.
Understanding Personal Loans
When a personal loan makes sense
Personal loans are best suited for fixed, one-time expenses where the amount is known upfront: debt consolidation (converting multiple high-rate debts to one lower-rate payment), home improvement, medical bills, or large purchases. They work less well for ongoing or uncertain expenses — a credit line or HELOC suits those better. The key is that the loan's purpose has a defined endpoint, matching the fixed repayment schedule.
Fixed vs variable rate personal loans
Most personal loans are fixed-rate — your payment stays the same for the life of the loan, making budgeting straightforward. Variable-rate personal loans are less common; they may start lower but can rise with market rates. For most borrowers, the payment certainty of a fixed rate is worth a slightly higher starting cost, especially in rising-rate environments.
Using a personal loan for debt consolidation
Consolidating high-rate credit card debt into a lower-rate personal loan is one of the most financially effective uses of personal borrowing. Moving $15,000 at 22% APR to a personal loan at 10% APR saves thousands in interest and creates a clear payoff date. The discipline required is not to run the credit cards back up after clearing them — which undoes the benefit entirely and leaves you with both the loan and new card debt.