Personal Loan Calculator
Loan Details
Results
| Monthly Payment | — |
|---|---|
| Total Interest | — |
| Total Payment | — |
How to Use This Personal Loan Calculator
Pre-qualification emails throw three term options at you and none of them show total interest. Unsecured personal loans hit double-digit APRs for many borrowers, so the difference between a three-year and five-year term is real money. I run every offer here before clicking accept.
- Enter loan amount. Net proceeds you need—home improvement, medical, consolidation, or other use.
- Enter interest rate. APR from your pre-qualification or firm offer.
- Enter loan term in years. Most unsecured personal loans run 1–7 years.
- Toggle amortization preview. Optional first-12-month principal vs interest breakdown.
- Press Calculate. Review monthly payment, total interest, and total payment.
Comparing consolidation against keeping separate debts? Use the Debt Consolidation Calculator. For general loan math without the personal-loan context, see the Loan Calculator.
Personal Loan Formulas and Practical Applications
Personal loans are typically unsecured—no collateral—so rates reflect credit score and debt-to-income. Fixed payments make budgeting predictable, but origination fees deducted upfront effectively raise your APR.
Monthly payment
M = P × [ i(1 + i)ⁿ ] / [ (1 + i)ⁿ − 1 ]
Borrowing $15,000 at 11% over 3 years costs about $491/month.
Shorter term savings
The same $15,000 at 11% over 5 years drops the payment to about $326 but raises total interest from roughly $2,680 to $4,560.
Origination fee impact
A 5% origination fee on $15,000 means you receive $14,250 but pay interest on the full $15,000. Factor that into your true cost comparison.
Frequently Asked Questions
What is a typical personal loan term?
Most unsecured personal loans run 1 to 7 years. Enter the term your lender offers for your credit profile.
How does credit score affect the rate I should enter?
Enter the APR quoted on your pre-qualification or offer. Rates vary widely by credit score, income, and lender—this tool does not estimate your rate.
Are origination fees included?
No. Enter the net amount you receive. Origination fees deducted upfront are not added to the loan amount automatically.
Can I use this for debt consolidation?
Yes for the new loan payment. To compare multiple existing debts against one consolidation loan, use the Debt Consolidation Calculator.
What does total payment include?
Total payment is monthly payment times all months in the term—principal plus all interest, assuming on-time fixed payments.