Personal Loan Calculator
This tool shows the real cost of a personal loan from start to finish. Enter how much you want to borrow, the interest rate, and how many years you have to repay, and it calculates a fixed monthly payment that clears the balance on schedule. Move the sliders to see how the rate and term change what you pay each month and overall.
How this math works
The calculator uses standard amortization to build a level monthly payment. Each month, part of the payment covers the interest owed on the remaining balance and the rest reduces the principal. Because the balance shrinks over time, the interest portion falls and the principal portion grows with every payment, until the loan reaches zero at the end of the term.
Personal loan rates can run high, so the interest rate matters as much as the amount you borrow. A lower rate or a shorter term can dramatically reduce the total interest, since you are paying for the money for less time. It helps to compare the total repaid, not just the monthly payment, when deciding what you can afford.
Common questions
What is a typical personal loan interest rate?
Rates vary widely based on your credit and the lender, often ranging from single digits for strong credit to the mid thirties for weaker credit. Because the spread is so large, it pays to shop several lenders and compare the APR, which includes fees, not just the headline rate.
Does APR include fees?
This calculator treats the rate you enter as the cost of borrowing and does not separately add origination fees. Some lenders deduct a fee from the amount you receive, so check the APR and the funded amount to understand the true cost.
Should I pick a shorter term?
A shorter term raises the monthly payment but lowers the total interest, because you repay the loan faster. If the higher payment fits comfortably in your budget, a shorter term is usually the less expensive option.
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