Personal Loan Calculator
Adjust the inputs below. Results update as you type.
How it works
Personal loan rates range from 6–36% APR depending on credit score and lender. Compare total interest paid across loan terms—a lower monthly payment from a longer term often costs thousands more overall. Origination fees (1–8% of loan) are typically deducted from disbursement or added to balance. Prepayment penalties are now rare but worth confirming before signing.
Input guidance
- Use realistic rates from lender or provider quotes instead of headline averages.
- Model conservative, baseline, and optimistic scenarios before deciding.
- Include recurring real-world costs (fees, taxes, insurance, maintenance) where relevant.
The formula
Personal loans amortize with M = P · r · (1+r)^n / ((1+r)^n − 1). They are usually unsecured fixed-rate installment loans with terms of 2–7 years.
Worked example
A $15,000 personal loan at 11% over 4 years costs about $388/month and roughly $3,600 in total interest.
More examples to test
- Conservative case: use a higher interest rate and lower growth assumptions to stress-test affordability.
- Optimistic case: use a lower rate with stable income assumptions to compare upside potential.
How to interpret results
Treat this as a planning model, not a final approval tool. Compare at least two scenarios and focus on total-cost and cash-flow trade-offs.
When this can be inaccurate
Results can diverge due to fees, changing rates, tax rules, lender policies, and behavior changes that simplified models cannot fully capture.
Change history
- July 2026: Quality-reviewed for publication with formula checks and explanatory copy updates.
Site-wide corrections also appear on the corrections log.
Compare personal loan rates
Soft credit pull — won't affect your score.
Frequently asked questions
What can a personal loan be used for?+
Almost anything — debt consolidation, home improvement, medical bills, or large purchases. Because it is unsecured, the rate depends heavily on credit.
Are there origination fees?+
Many lenders charge a 1–8% origination fee taken from the proceeds, which raises the effective cost above the stated interest rate.
How is the rate set?+
Mainly by credit score, income, and loan term. Strong credit can mean single-digit rates; weaker credit can push rates much higher.
How should I use this result?+
Treat it as a planning estimate. Compare at least two realistic scenarios, then confirm with statements, quotes, or a qualified professional before acting.
How often should I refresh assumptions?+
Refresh whenever rates, income, costs, or policy limits change materially, and before making irreversible commitments.