Personal Loan Calculator - Estimate Your Loan Payment
Calculate your personal loan monthly payment, total interest, and payoff timeline. See how extra payments can save you money and shorten your loan term.
A personal loan calculator helps you estimate monthly payments and total interest for unsecured personal loans. These loans can be used for debt consolidation, home improvement, medical expenses, or other purposes without requiring collateral.
Formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]M = monthly payment, P = principal, r = monthly interest rate, n = number of payments
- 1
Enter the loan amount you need
- 2
Input the interest rate (based on your credit score)
- 3
Choose the loan term (typically 2-7 years)
- 4
View your monthly payment amount
- 5
See total interest over the loan life
- 6
Compare different loan scenarios
- Fixed payments make budgeting predictable
- Often lower rates than credit cards for good credit
- Can consolidate high-interest debts
- No collateral required (unsecured)
- Builds credit when paid responsibly
- Consolidating credit card debt
- Financing home improvement
- Covering medical expenses
- Funding major purchases
- Comparing lender offers
- Planning wedding or event expenses
- •Check rates with multiple lenders - soft pulls don't hurt credit
- •Credit unions often offer the best personal loan rates
- •Avoid loans with prepayment penalties
- •Consider 0% credit cards for shorter-term needs
Have questions about using this calculator? Check out our financial guides or contact us for help.
Fee deducted from loan amount at funding
Enter your loan details and click Calculate
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Frequently Asked Questions
What is a personal loan and how does it work?
A personal loan is an unsecured loan that you repay in fixed monthly installments over a set term, typically 2-7 years. Unlike mortgages or auto loans, personal loans don't require collateral. Interest rates depend on your credit score, income, and debt-to-income ratio.
What is a good APR for a personal loan?
Personal loan APRs typically range from 6% to 36%. Excellent credit (720+) may qualify for 6-12% APR, good credit (690-719) for 13-18%, fair credit (630-689) for 19-25%, and poor credit may see 25-36% or higher. Always compare offers from multiple lenders.
How much personal loan can I afford?
A general rule is to keep your total debt payments (including the new loan) below 36% of your gross monthly income. Consider your existing obligations, emergency fund, and financial goals. Only borrow what you need and can comfortably repay.
Should I choose a fixed or variable rate personal loan?
Fixed-rate loans have the same interest rate throughout the loan term, making budgeting predictable. Variable-rate loans may start lower but can increase over time. For most borrowers, fixed rates offer more stability and protection against rate increases.
Does applying for a personal loan hurt my credit score?
Applying causes a hard inquiry, which may temporarily lower your score by a few points. However, many lenders offer pre-qualification with a soft inquiry that doesn't affect your score. Making on-time payments can improve your credit over time.