💵 Personal Loan Calculator
See the real monthly payment and total interest on a personal loan before you sign — so you can compare offers on the number that matters, not just the headline rate.
How personal loan payments work
A personal loan is a fixed-rate, fixed-term installment loan: you borrow a lump sum and repay it in equal monthly payments. Each payment covers that month's interest first, with the rest reducing the balance, so early payments are more interest and later ones more principal. The monthly figure comes straight from the loan amount, the APR and the term.
APR is the number that matters
Lenders advertise a rate, but the APR folds in most fees and is the fair way to compare offers. On a personal loan your APR depends heavily on your credit score — the gap between good and fair credit can be 10 percentage points or more, which on a multi-year loan is real money. Always compare the APR and the total-of-payments figure, not just the monthly amount.
Borrowing smart
- Shorter term = less interest. A 60-month loan has a comfier payment but costs far more than a 24- or 36-month one. Use the shortest term you can comfortably afford.
- Check for origination fees. Some lenders deduct 1–8% up front, so you receive less than you borrow — factor that in.
- Watch prepayment terms. Most personal loans let you pay early with no penalty, which saves interest.
- Compare to alternatives like a 0% balance transfer for credit-card debt, which can be cheaper if you'll clear it in the promo window.
Frequently asked questions
How is my monthly personal loan payment calculated?
It's the loan amount amortized over the term at your APR, so every monthly payment is equal and the loan is fully paid off at the end. Enter your amount, rate and term above for the exact figure, total interest and total cost.
What APR will I get on a personal loan?
It depends mostly on your credit score, income and the lender. Strong credit can mean single-digit APRs; fair credit can be 20% or more. Get pre-qualified with a few lenders (a soft check that won't hurt your score) to see your real rate.
Should I choose a longer or shorter loan term?
A shorter term raises the monthly payment but sharply reduces total interest. If a shorter term's payment fits your budget, it's almost always the cheaper choice overall.
Do personal loans have fees?
Some charge an origination fee (often 1–8%) deducted from the amount you receive, and a few charge prepayment penalties. Read the terms and compare the APR, which is designed to include most fees.
These calculators provide general estimates for educational purposes and do not constitute financial, tax, or legal advice. Figures are approximate; verify with a qualified professional and your lender before making decisions.