Free personal loan calculator
Calculate personal loan monthly payment and total interest — enter loan amount, APR, and repayment term, updated live, as you type.
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Fixed-rate personal loan estimate. Actual APR depends on creditworthiness, lender, and term. Check for origination fees.
Results are estimates. Consult a professional.
How the personal loan calculator works
A personal loan is an unsecured installment loan — no collateral required — typically ranging from $1,000 to $50,000 with terms of 1 to 7 years and APRs from roughly 7% to 36% depending on your credit profile. The calculator uses the standard loan amortization formula to compute the fixed monthly payment, then multiplies by the number of payments to show total cost.
Worked example: $15,000 personal loan at 11% / 4 years
Riley needs $15,000 to consolidate credit card debt. A local credit union offers a personal loan at 11% APR over 48 months. What is the monthly payment and total interest cost?
Monthly payment by loan amount, rate, and term
Use the table to find an approximate monthly payment for common personal loan sizes and rates. Figures are rounded to the nearest dollar.
| Loan amount | 8% / 2yr | 8% / 3yr | 8% / 5yr | 11% / 3yr | 11% / 5yr | 15% / 5yr | 20% / 5yr |
|---|---|---|---|---|---|---|---|
| $5,000 | $226 | $157 | $101 | $164 | $109 | $119 | $132 |
| $10,000 | $452 | $313 | $203 | $327 | $217 | $238 | $265 |
| $15,000 | $678 | $470 | $304 | $491 | $326 | $357 | $397 |
| $25,000 | $1,130 | $784 | $507 | $818 | $543 | $594 | $661 |
| $50,000 | $2,261 | $1,567 | $1,014 | $1,635 | $1,087 | $1,189 | $1,323 |
Source: Federal Reserve G.19 consumer credit data. Figures computed by this calculator using the standard amortization formula.
Tips for getting the best personal loan
Personal loans are versatile but not free money. A few smart moves can significantly cut the cost of borrowing.
- Check your credit score first. The single biggest driver of your APR is your credit score. A score above 720 can halve your rate compared to a score below 640 — saving hundreds or thousands in interest.
- Pre-qualify with multiple lenders. Most online lenders do a soft pull for pre-qualification, so shopping three to five lenders won't hurt your credit. Compare APRs, not just monthly payments.
- Shorter terms save more money. A 3-year term charges less total interest than a 5-year term at the same rate, even though the monthly payment is higher. If you can afford the higher payment, the shorter term wins on total cost.
- Watch for origination fees. Some lenders deduct a 1–8% origination fee from the loan proceeds upfront. Factor this into your effective cost — a 10% loan with a 5% fee may cost more than a 12% loan with no fee.
- Use it for debt consolidation if the math works. Replacing 20%+ credit card debt with a 10–12% personal loan is a straightforward win, but only if you stop charging new balances on the cards you've paid off.
Accuracy and limitations
The calculator uses fixed-rate amortization math and does not account for origination fees, late-payment fees, prepayment penalties, or variable-rate provisions. Actual loan costs depend on the specific terms offered by your lender. APR ranges cited are illustrative — individual rates depend on credit score, income, loan-to-income ratio, and lender policies.
Not financial advice — consult a financial professional for your situation.
Personal loan terms defined
About this personal loan calculator
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