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Personal Loan Calculator: Payment & Total Cost

Use this personal loan calculator to see your exact monthly payment and total interest before applying. Standard amortization math — works for any unsecured loan term and APR.

$
%
months
Monthly payment$0
Total amount paid$0
Total interest paid$0
Interest as % of loan0%
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How this calculator works

Monthly payment is calculated using the standard amortization formula:

M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1]

  • P = loan principal (amount borrowed)
  • r = monthly interest rate (APR ÷ 12 ÷ 100)
  • n = total number of monthly payments (term in months)

Each payment covers accrued interest first; the remainder reduces the principal. Early payments are mostly interest; later payments are mostly principal. This is standard amortization used by every US lender.

The APR (Annual Percentage Rate) shown in loan offers already accounts for the lender's fees in some cases, but always confirm whether origination fees are included before comparing offers.

Source: Amortization formula per CFPB personal installment loan guidance and TILA (12 CFR § 1026.17) payment disclosure standards.

FAQ

What is a good interest rate for a personal loan?
Average personal loan rates range from roughly 8% to 36% APR in 2025. Borrowers with excellent credit (720+) typically qualify for rates under 12%. Rates above 20% APR should be compared to alternatives — credit unions and 0% intro credit cards can often beat high-rate personal loans.
Should I choose a shorter or longer loan term?
Shorter term = higher monthly payment, much less total interest. Longer term = lower payment, higher total cost. Run both in this calculator. Always choose the shortest term your budget can handle.
How does a personal loan affect my credit score?
Applying causes a hard inquiry (−5 to −10 points temporarily). On-time payments build positive history. Paying the loan off in full generally improves your score over time. The short-term impact is negative; the long-term impact is positive if you pay consistently.
What is a good APR on a personal loan?
As of 2026: 7-12% APR for excellent credit (FICO 760+), 12-18% for good (700-759), 18-25% for fair (640-699), 25-35%+ for poor. Credit unions consistently beat banks by 1-3 points. Personal loans are unsecured, so APRs are higher than auto loans.
How is a personal loan different from a credit card?
Personal loan: fixed rate, fixed monthly payment, fixed term (2-7 years). Credit card: variable rate, minimum payment scales with balance, no fixed payoff date. Personal loans are usually cheaper for large one-time expenses because the structure forces you to pay off the principal.
Can I pay off a personal loan early without penalty?
Most personal loans (LightStream, SoFi, Discover, Marcus) have no prepayment penalty. A few smaller lenders include 'precomputed interest' where early payoff does not save you money. Always check the disclosure for 'prepayment penalty' before signing.
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