Personal Loan Calculator

To calculate your monthly personal loan payment, use the formula: M = P × [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 × 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) that this calculator models as financed into your loan balance. For example, if you borrow $10,000 with a 3% origination fee ($300), your loan balance becomes $10,300 — you receive the full $10,000 but repay $10,300 plus interest. Some lenders instead deduct the fee from the proceeds (you receive $9,700 and repay $10,000); always confirm how your lender handles it. 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.