Personal Loan Calculator
This calculator estimates the fixed monthly payment on a personal loan. Enter the loan amount, annual percentage rate, and repayment term in years to see your monthly payment and total interest cost.
How It Works
Personal loans are typically unsecured fixed-rate installment loans. The amortization formula spreads principal and interest evenly across all payments. Because personal loans often carry higher APRs than secured loans (auto or mortgage), even a modest reduction in rate or a shorter term can save substantially on total interest.
Worked Examples
Example 1. $10,000 at 11% APR, 3 years. Monthly payment ≈ $327.39. Total interest ≈ $1,786.
Example 2. $25,000 at 8% APR, 5 years. Monthly payment ≈ $506.91. Total interest ≈ $5,415.
When to Use This Calculator
Use when comparing personal loan offers, evaluating debt consolidation, or checking whether a loan payment fits your monthly budget.
Frequently Asked Questions
What is a typical APR for a personal loan?
Personal loan APRs commonly range from 7% to 36%, depending heavily on credit score. Borrowers with excellent credit qualify for the lower end.
Does this include origination fees?
No — principal and interest only. Origination fees (often 1–8% of the loan) add to the effective cost. Check the loan's APR, which legally must include fees.
Can I pay off a personal loan early?
Many lenders allow early payoff without penalty, which saves interest. Check your loan agreement for prepayment terms.