Personal Loan Calculator
See your monthly payment and total borrowing cost before you sign. Enter amount, rate, and term for instant results.
💰 Financial Disclaimer: This calculator is for educational purposes only. Consult a qualified financial professional.
How It Works
Uses fixed-rate amortization to calculate monthly payment and total interest for any personal loan.
Formula
Monthly Payment = P × r(1+r)n / ((1+r)n−1)
Example
$10,000 loan, 12% APR, 36 months:
Monthly = $332.14. Total paid = $11,957. Interest = $1,957.
When to Use This Calculator
Use before applying for any fixed-term personal loan to understand the monthly commitment and total cost.
Common Mistakes to Avoid
- Not comparing origination fees — lower rate + 3% fee can cost more than higher rate with no fee.
- Borrowing the maximum offered — borrow only what you need.
- Longer term for lower payments — more months = much more interest paid.
Frequently Asked Questions
Credit score needed?
600+ for most approvals. Best rates (under 10%) typically require 720+.
How fast is funding?
Online lenders: 1–3 business days. Banks/credit unions: 1–2 weeks.
Can I pay off early?
Usually yes. Check your agreement — some lenders charge a prepayment penalty.
Good personal loan rate?
Under 10% is excellent. 10–20% is average. Above 20%: work on credit first.
Related Calculators
Last Updated: July 4, 2026