Personal Loan Calculator
Personal loans get pitched as the fix for high-interest credit card debt, but "lower rate" isn't automatically "better deal" once fees and term length enter the picture. This calculator gives you the real monthly payment and total cost so you can compare against what you're paying now.
Enter your details to see your monthly payment.
How to use this calculator
- Enter the loan amount you're considering.
- Enter the interest rate and repayment term in months.
- Click "Calculate my payment" to see your monthly payment and total interest.
How the calculation works
Personal loans typically use the same fixed-payment amortization formula as an auto loan or mortgage: the amount borrowed, spread across equal monthly payments over your chosen term, with each payment covering both interest and a portion of principal. Unlike a mortgage or auto loan, there's no collateral involved — which is generally why personal loan rates run higher than secured loans, but often still well below typical credit card APRs.
A worked example
Say you borrow $10,000 at 12% over 36 months to consolidate credit card debt. That comes to a monthly payment of roughly $332, with total interest of about $1,960 over the loan's life. Compare that to carrying the same $10,000 on a credit card at a typical 22% APR making only minimum payments — the interest cost there can easily exceed $1,960 within the first year or two alone, which is the core math behind why debt consolidation loans often make sense.
Frequently asked questions
What is a typical personal loan rate?
Rates vary widely based on credit score and lender — often ranging from single digits for excellent credit to 30%+ for lower credit scores.
Are there fees I should account for?
Many personal loans charge an origination fee deducted from the loan proceeds — factor this in separately, as this calculator estimates principal and interest only.
Is a personal loan better than a credit card?
Personal loans often have lower, fixed rates compared to credit cards — but the best choice depends on your specific rates and how quickly you can repay either option.
Is a personal loan secured or unsecured?
Most personal loans are unsecured, meaning no collateral backs the loan — which is part of why rates tend to run higher than a secured loan like a mortgage or auto loan.
Will applying for a personal loan hurt my credit?
A single hard inquiry has a small, temporary impact on your credit score. Many lenders offer prequalification with only a soft inquiry, letting you compare rates before a formal application affects your score.