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.
Personal loans are common for debt consolidation, large purchases, and home improvements. They're also one of the easiest places to overpay if you don't compare offers. This calculator shows monthly payment and total interest for any amount, APR, and term so you can compare two offers in seconds.
Monthly payment = P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the monthly rate (APR ÷ 12), and n is the number of monthly payments.
A $15,000 personal loan at 11.5% APR over 5 years has a monthly payment of about $330 and total interest of $4,793. Dropping the APR to 8.5% saves over $1,300 in interest.
Estimate your monthly car payment with down payment, trade-in value, sales tax, and fees built in.
Compare paying off multiple debts individually against rolling them into a single consolidation loan — monthly payment, total interest, and projected savings.
Calculate the true APR of a loan when origination fees, points, and other financed costs are included — the number that actually compares two offers.
Compare two loan offers side by side — monthly payment, total interest, total cost including fees, and effective APR.
Usually yes. Personal loan APRs typically run 7–18% versus 20–28% for credit cards, but it depends on your credit.
Most reputable lenders no longer charge them, but read your loan agreement to confirm.
A hard inquiry temporarily lowers your score a few points. Many lenders offer pre-qualification with a soft pull first.
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