Personal Loan Calculator
Personal loans are typically unsecured installment loans used for debt consolidation, home improvements, medical expenses, or major purchases, repaid in fixed monthly payments over a set term. Because they are unsecured — no collateral backs them — their APRs are higher than mortgages or auto loans, and the rate you're offered depends heavily on your credit score and income. This calculator estimates your monthly payment and total interest so you can compare offers from multiple lenders and choose a term that balances monthly affordability against total cost. Enter the loan amount, the APR the lender quoted, and the term in years, and the calculator returns the monthly payment, the total interest, and the total amount you'll repay. A shorter term raises the monthly payment but cuts total interest, while a longer term lowers the payment but increases the total interest paid; the calculator makes that trade-off visible in dollars so you can choose the shortest term whose payment fits your budget. For borrowers with good credit, APRs range from about 6% to 12%, while rates rise sharply for lower credit scores and can exceed 30% for subprime borrowers, so shopping among lenders and improving your credit before applying can save a meaningful amount. APR should include most fees, making it the best single rate to compare offers — the interest rate alone excludes fees and understates the true cost. Most personal loans allow early payoff, though some lenders charge prepayment penalties, so check the loan agreement before signing. Use this calculator before you borrow to see the true cost of the loan, after you receive offers to compare them, and when deciding whether to shorten the term to save interest or extend it to lower your monthly payment.
Personal Loan Calculator
Estimate the monthly payment and total interest on a personal loan.
Monthly payment
$484
Over 3 years
Total interest
$2,424
Total paid
$17,424
Personal loans are typically unsecured, so APRs are higher than mortgages or auto loans. A shorter term raises the payment but cuts total interest sharply.
How to Use This Calculator
- 1Enter the loan amount you want to borrow.
- 2Enter the APR the lender quoted.
- 3Enter the loan term in years.
- 4Read your monthly payment and total interest.
Why It Helps
- ✓Compares loan offers before you commit.
- ✓Shows the interest cost of different terms.
- ✓Helps you budget for a new payment.
- ✓Works for any unsecured installment loan.
About This Calculator
Personal loans are typically unsecured installment loans used for debt consolidation, home improvements, medical expenses, or major purchases, repaid in fixed monthly payments over a set term. Because they are unsecured — no collateral backs them — their APRs are higher than mortgages or auto loans, and the rate you're offered depends heavily on your credit score and income. This calculator estimates your monthly payment and total interest so you can compare offers from multiple lenders and choose a term that balances monthly affordability against total cost. Enter the loan amount, the APR the lender quoted, and the term in years, and the calculator returns the monthly payment, the total interest, and the total amount you'll repay. A shorter term raises the monthly payment but cuts total interest, while a longer term lowers the payment but increases the total interest paid; the calculator makes that trade-off visible in dollars so you can choose the shortest term whose payment fits your budget. For borrowers with good credit, APRs range from about 6% to 12%, while rates rise sharply for lower credit scores and can exceed 30% for subprime borrowers, so shopping among lenders and improving your credit before applying can save a meaningful amount. APR should include most fees, making it the best single rate to compare offers — the interest rate alone excludes fees and understates the true cost. Most personal loans allow early payoff, though some lenders charge prepayment penalties, so check the loan agreement before signing. Use this calculator before you borrow to see the true cost of the loan, after you receive offers to compare them, and when deciding whether to shorten the term to save interest or extend it to lower your monthly payment.
Disclaimer: This calculator provides estimates for educational purposes only and does not constitute financial, tax, or investment advice. Results depend on assumptions that may not reflect your actual situation.
Frequently Asked Questions
What is a good APR for a personal loan?
For borrowers with good credit, APRs range from about 6% to 12%. Rates rise significantly for lower credit scores, sometimes above 30%.
Should I choose a shorter or longer term?
A shorter term raises your monthly payment but cuts total interest. Choose the shortest term whose payment fits your budget.
Are personal loans secured or unsecured?
Most are unsecured, meaning no collateral. Secured personal loans (e.g., against a car or savings) offer lower rates but risk the asset.
Can I pay off a personal loan early?
Usually yes, but some lenders charge prepayment penalties. Check the loan agreement before signing.
Does the APR include fees?
APR should include most fees, making it the best rate to compare. The interest rate alone excludes fees.
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Written by
James MitchellSenior Financial Analyst & Personal Finance Expert
Certified Financial Planner (CFP) • MBA in Finance, University of Chicago Booth School of Business