Personal Loan Calculator
Calculate your monthly payment, total interest, and payoff timeline for personal loans. Compare loan terms to find the best option for debt consolidation, home improvement, or major expenses.
Quick Answer
How much will my personal loan cost?
For a $15,000 personal loan at 10% APR over 5 years, your monthly payment is $318.71. You'll pay $4,122 in total interest, making the total cost $19,122.
Calculate your exact payment, total interest, and see how extra payments can save you money.
Key Takeaways
- APR includes fees - Always compare APR (not just interest rate) as it includes origination fees in the cost
- Shorter terms = less interest - A 3-year term vs 5-year can save 40%+ on total interest paid
- Credit score impact - Excellent credit (720+) qualifies for 6-10% APR vs 25%+ for poor credit
- Watch for fees - Origination fees (1-6%) reduce your cash received; some lenders charge none
- Shop 3-5 lenders - Pre-qualification uses soft pulls that don't hurt your credit score
Loan Insights
Interest vs Principal
You'll pay 27.5% of the loan amount in interest. For every $100 borrowed, you'll pay $127.50 total.
Credit Score Impact
Average rate. Improving your credit score could help you qualify for better rates in the future.
Extra Payment Savings
If you paid an extra 25% ($79.68/month), you'd pay off the loan 12 months early and save $718 in interest.
Loan Projections
Principal vs Interest Over Time
Amortization Schedule
60 monthly payments of $318.71
Personal Loan Comparison
Understanding Personal Loans
What is a Personal Loan?
A personal loan is an unsecured loan (no collateral required) with a fixed monthly payment over 1-7 years. Use it for debt consolidation, home improvements, medical bills, or major purchases. Rates depend on your credit score and income.
How Interest Rates Work
APR (Annual Percentage Rate) includes the interest rate plus fees. Lower APR = less total cost. Your credit score is the biggest factor:
- Excellent (720+): 6-10% APR
- Good (690-719): 10-18% APR
- Fair (630-689): 18-25% APR
Choosing Your Loan Term
Shorter terms (1-3 years): Higher monthly payments, less total interest, faster debt freedom.
Longer terms (5-7 years): Lower monthly payments, more total interest, better cash flow.
Personal Loan Tips
- Shop 3-5 lenders (soft pulls don't hurt credit)
- Avoid origination fees over 5% if possible
- Consider debt consolidation for high-rate cards
- Make extra payments to save on interest
- Check for prepayment penalties before signing
Frequently Asked Questions
To calculate your monthly personal loan payment, use the formula: M = P x [r(1+r)^n] / [(1+r)^n-1], where M is monthly payment, P is loan amount, r is monthly interest rate (APR / 12 / 100), and n is number of payments (years x 12). Our calculator does this automatically - just enter your loan amount, interest rate, and loan term above.
Personal loan interest rates typically range from 6% to 36% APR depending on your credit score. Excellent credit (720+) may qualify for 6-10% APR, good credit (690-719) around 10-18%, fair credit (630-689) around 18-25%, and poor credit may see rates above 25%. Shop multiple lenders to find the best rate.
Choose a personal loan for: Large one-time expenses ($5,000+), debt consolidation, fixed payment schedule over 2-7 years, and if you have good credit for lower rates.
Choose a credit card for: Small ongoing expenses, rewards/cashback, short-term needs you can pay off in 1-3 months, or 0% intro APR offers (pay off before promo ends).
An origination fee is a one-time charge (typically 1-6% of the loan amount) deducted from your loan proceeds before you receive the money. For example, if you borrow $10,000 with a 3% origination fee ($300), you'll receive $9,700 but still owe $10,000 plus interest. Some lenders charge no origination fee, so shop around.
Soft credit pulls (rate shopping, pre-qualification) do NOT hurt your credit score. Hard credit pulls (formal application) may lower your score by 5-10 points temporarily. Multiple hard pulls for personal loans within 14-45 days (depending on scoring model) count as ONE inquiry, so shop around without fear.
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