Personal Loan Calculator
Estimate your monthly payment on any unsecured loan
Calculate the monthly payment, total interest, and total cost of a personal loan. Useful for debt consolidation, medical expenses, home improvements, or any large purchase.
When a Personal Loan Makes Sense
Personal loans work best when:
- Consolidating high-interest debt — replacing 24% APR credit card debt with a 10% personal loan saves real money
- One-time large expense — medical bills, home repairs, or a wedding where you want a fixed payoff schedule
- You have good credit — sub-12% APR makes the math work; above 18% gets dicey
- You want predictable payments — fixed monthly amount makes budgeting easier than variable credit card minimums
Personal loans are usually a bad idea for vacations, weddings you can't comfortably afford, or anything that's a want rather than a need. Borrowing to lifestyle-inflate compounds against you.
APR by Credit Score (2026)
| Credit Score | Typical APR Range | What This Means |
|---|---|---|
| 720+ | 6-11% | Best offers — multiple lenders compete for you |
| 680-719 | 11-15% | Good — shop 3-4 lenders |
| 640-679 | 15-22% | Acceptable — check credit unions |
| 580-639 | 22-30% | Marginal — consider waiting + improving score |
| Below 580 | 28-36% | Subprime — be very careful, often not worth it |
The difference between 11% and 22% on a $15,000 loan over 4 years is $1,800 in extra interest. Spending 2-3 months bumping your score from 670 to 720 can pay off massively.
The Loan Payment Formula
M = P × r × (1 + r)n / ((1 + r)n - 1)
Where:
- M = Monthly payment
- P = Loan amount (principal, after any origination fee deduction)
- r = Monthly interest rate (annual APR ÷ 12 ÷ 100)
- n = Total number of payments (years × 12)
Frequently Asked Questions
How is a personal loan payment calculated?
Standard amortization formula. For $15,000 at 11% over 4 years, the monthly payment is ~$387 with $3,584 in total interest over the life of the loan.
What's a good APR?
8-13% is competitive if your credit is 700+. Above 20% APR, think hard before signing — debt consolidation only helps if the new rate is meaningfully lower than the old one.
Personal loan vs credit card?
Personal loans usually win for balances you'll carry more than 3 months. Lower APRs (8-15% vs 20-29%), fixed payments, and a clear payoff date. Credit cards win for short-term float you'll pay off in full each month.
Watch out for fees?
Origination fees can be 1-8% of the loan amount and are sometimes deducted from your disbursement. Always compare APR (which by law includes origination), not interest rate, across offers.
Does applying hurt my credit?
Pre-qualification typically uses a soft pull (no impact). Formal application is a hard pull (5-10 point dip for a few months). If you're shopping multiple lenders, do it within a 2-week window — credit bureaus count multiple hard pulls in that window as one inquiry for scoring purposes.