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Personal Loan Calculator

Estimate the monthly payment and total interest on a fixed-rate personal loan — the kind used for debt consolidation, home projects, or a big one-off expense.

Loan details

Everything updates instantly and stays in your browser.

%
months
Common terms
$0

Your payment

Monthly payment

$398.70

over 4 years · $15,000 financed

Total interest

$4,138

Total paid

$19,138

Payoff time

4 years

Year-by-year principal, interest, and remaining balance.
YearPrincipalInterestBalance
1$3,082$1,702$11,918
2$3,490$1,294$8,428
3$3,952$832$4,476
4$4,476$309$0

Estimates for a fixed-rate, fully-amortizing loan. Your actual rate, fees, and terms depend on the lender and your credit.

What a personal loan costs

A personal loan gives you a lump sum you repay in fixed monthly installments over a set term, usually two to seven years. Because the rate and payment are fixed, you know the exact total cost up front — enter your numbers above to see it.

The two levers that matter

Your total interest is driven by the APR and the term. A lower rate always helps. A longer term lowers the monthly payment but quietly increases what you pay overall, because you're borrowing the money for longer. Try shortening the term above and watch the total interest fall.

Example

A $15,000 loan at 12.5% over 4 years runs about $400 a month and roughly $4,200 in total interest. Stretch it to 6 years and the payment drops near $300 — but total interest climbs past $6,500. Same loan, $2,300 more.

Before you borrow

If you're consolidating debt, compare the loan against your current balances with the debt consolidation calculator, and check how it affects the ratio lenders care about using the debt-to-income calculator. For a 0%-APR alternative on card debt, see the balance transfer calculator.

Related calculators

Debt Consolidation CalculatorCompare your current debts to a single consolidation loan.Loan CalculatorPayment, total interest, and amortization for any fixed-rate loan.Amortization Schedule CalculatorFull month-by-month principal and interest breakdown for any loan.Debt Payoff CalculatorSnowball vs. avalanche across all your debts, with your debt-free date and interest saved.

Frequently asked questions

What APR can I expect on a personal loan?
Rates range widely by credit score — roughly 7%–12% for excellent credit and 20%–36% for fair or poor credit. Personal loans are unsecured, so lenders price them by risk. Get pre-qualified with a soft credit check to see your real rate before applying.
Is a personal loan good for consolidating credit card debt?
Often, yes. If the loan APR is well below your cards’ APRs, you save on interest and get one fixed payment with a real payoff date. Compare the two side by side with the debt consolidation calculator before committing.
Do personal loans have prepayment penalties?
Most reputable lenders don’t charge one, so paying extra or paying off early saves interest. Check the loan agreement — the calculator above assumes no prepayment penalty.
What loan term should I choose?
A shorter term means a higher monthly payment but much less total interest. Pick the shortest term whose payment fits your budget comfortably.