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Loan Calculators

Personal Loan Calculator

Estimate the monthly payment, total interest, and total cost of a personal loan at any rate and term.

Personal loan APRs vary widely by credit profile — use the rate you've actually been offered.

$
%
yr
Monthly payment
$330
5 years at 11.5% APR.
Total interest
$4,793
Total paid
$19,793
Explain this result

Turn the numbers above into plain-language takeaways. Educational only — not financial advice.

Save & Compare Scenarios

Save the current inputs under a name, then reload or compare them side by side. Scenarios stay on this device only.

Overview

How the Personal Loan Calculator Works

A personal loan is unsecured, which means the rate you are offered depends almost entirely on your credit profile — APRs from 7% to 36% are all normal depending on the borrower. This calculator turns any amount, rate, and term into the monthly payment and, more importantly, the total interest, so you can see the real price of borrowing before an origination fee gets folded into the balance.

Formula

The Math Behind the Calculator

Monthly Payment = P × r / (1 − (1 + r)^−n), where P is the amount financed, r is the APR divided by 12, and n is the term in months. Total Cost = Monthly Payment × n. Total Interest = Total Cost − P. When a lender deducts an origination fee from the disbursement, the effective APR is higher than the stated rate.

Example

A Worked Example

Borrow $15,000 at 11.5% over 48 months and the payment is $391 with $3,764 in total interest. Stretch it to 72 months and the payment drops to $292, which is easier monthly but costs $6,050 in interest — an extra $2,286 for the convenience. If the lender also charges a 5% origination fee, you receive $14,250 while repaying on $15,000, pushing the effective cost closer to 14%.

How to use

How to Use the Personal Loan Calculator

  1. 1Enter the amount you actually need, not the maximum you are pre-qualified for.
  2. 2Enter the APR from a written offer; prequalification ranges quoted in adverts are usually the best-case tier.
  3. 3Set the term in months — 36 to 60 is typical for personal loans.
  4. 4If the lender charges an origination fee, add it to the loan amount to see the true cost of what you will repay.
  5. 5Compare the total interest across two or three terms before choosing the lowest payment.
Interpretation

What the Results Mean

  • Monthly payment is fixed for the life of the loan, which makes personal loans easier to budget than a credit card.
  • Total interest is the actual price of borrowing, and it grows quickly with term length even at the same rate.
  • Total cost is what leaves your account across the whole loan, and it is the figure to compare between competing offers.
  • If total interest approaches or exceeds a third of the amount borrowed, the loan is expensive and worth rethinking.
Keep exploring

Smart Next Steps

What to explore next
Avoid

Common Mistakes to Avoid

  • Comparing offers by monthly payment instead of APR and total cost, which rewards the longest term rather than the cheapest loan.
  • Overlooking origination fees of 1–8% that are deducted from the disbursement but still repaid in full.
  • Consolidating credit card debt with a personal loan and then running the cards back up.
  • Borrowing more than needed because the approval amount was higher.
  • Missing a prepayment penalty clause, which removes the benefit of paying the loan off early.
Scope

Limitations of This Calculator

  • It assumes a fixed rate and equal monthly payments; variable-rate personal loans are not modeled.
  • Origination fees are not deducted automatically — add them to the principal manually to approximate the true cost.
  • Late fees, insurance add-ons, and prepayment penalties are excluded.
  • It does not model extra payments or early payoff. Use the debt payoff calculator for that.
  • Approval and pricing depend on credit score, income, and lender policy, none of which this tool can assess.
Keep going

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See exactly how long it will take to pay off any debt — and what the interest will cost you along the way.

Learn

Related Guides

7 min read

The Add-On Interest Method: How It Works and Why the Real APR Is Higher

How add-on interest is calculated, why the quoted rate roughly doubles as an effective APR, and how to compare it against a normal amortizing loan.

Read guide
FAQ

Frequently Asked Questions

What is a good personal loan APR?+

Borrowers with excellent credit typically see 7–12%, good credit 12–18%, and fair credit 18–30%. Anything approaching 36% is the legal ceiling in many states and is very expensive.

Does a personal loan hurt my credit score?+

The hard inquiry and new account cause a small short-term dip, but on-time payments and a lower credit utilization ratio usually improve the score within several months.

Personal loan or credit card?+

A personal loan is normally cheaper and has a fixed payoff date. A card only makes sense for short-term borrowing you can clear inside a 0% promotional window.

What is an origination fee?+

A one-time charge of roughly 1–8% of the loan, usually deducted from the money you receive. You still repay the full loan amount, so it raises the effective APR.

Can I pay a personal loan off early?+

Most reputable lenders allow it with no penalty, which saves the remaining interest. Confirm the terms before signing, since a minority still charge one.

Financial Disclaimer

This calculator is for educational and estimation purposes only. It does not provide financial, mortgage, tax, investment, or legal advice. Actual rates, payments, taxes, fees, insurance costs, eligibility, and loan terms vary by lender, location, credit profile, and market conditions. Always compare official offers and consult a qualified professional before making financial decisions.

Last updated June 2026 · Prepared by the mCalculator Editorial Team