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Personal Loan Calculator

Enter the loan amount, APR and term. You'll get the monthly payment, total interest and a payoff schedule.

Reading the result

The amount financed is your loan amount plus any origination fee. The monthly payment comes from the amortized-loan formula; total interest is the interest paid across every scheduled payment. "Total of payments" is what leaves your account over the life of the loan.

Worked example

A $15,000 loan with a 3% origination fee, 12% APR, over 36 months: $15,450 is financed, the payment is about $513/month, total interest is roughly $3,020, and the total of payments is about $18,470. At 24% APR (a below-prime rate) the same loan costs about $610/month and $6,500 in interest — nearly double.

Using one to consolidate debt

Rolling several 22–29% credit-card balances into one 12% personal loan lowers the rate and gives a fixed end date. It only works if you stop adding to the cards — otherwise you end up with the loan and new card debt. Model the payoff both ways with the debt payoff calculator.

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Frequently asked questions

What APR can I expect on a personal loan?
It depends heavily on your credit. Well-qualified borrowers may see rates in the high single digits; below-prime borrowers can see 20 to 36 percent. Always compare the APR, which folds in origination fees.
Do personal loans have origination fees?
Often, typically 1 to 8 percent of the amount, deducted from what you receive or added to the balance. Enter it below so the payment reflects the true cost.
Is a personal loan cheaper than a credit card?
Usually, if it has a lower APR and a fixed payoff date. Using one to consolidate card debt only helps if you avoid running the cards back up.
Can I pay it off early?
Most personal loans allow early payoff without penalty, which saves the remaining interest. Check the agreement for a prepayment clause.
What can I use a personal loan for?
Almost anything: debt consolidation, medical bills, home repairs, a large purchase. Lenders may offer a slightly better rate for a stated purpose like debt consolidation. They're generally not a good idea for discretionary spending or as a substitute for an emergency fund.
Personal loan vs 0% APR credit card vs HELOC?
A 0% intro credit card is cheapest if you can clear the balance before the promo ends (usually 12 to 21 months). A personal loan gives a fixed rate and payoff date over 2 to 5 years. A HELOC is usually the lowest rate but is secured by your home. Match the tool to how fast you can realistically repay.
How does the origination fee affect the cost?
A 5% origination fee on a $15,000 loan is $750. If it's deducted upfront you receive $14,250 but repay based on $15,000; if it's added to the balance you repay $15,750. Either way it raises the effective APR — which is why comparing APR, not the nominal rate, matters.
Will applying hurt my credit score?
A formal application triggers a hard inquiry, which knocks a few points off temporarily. Checking your rate through a lender's 'pre-qualification' uses a soft inquiry and doesn't. Rate-shop within a two-week window so multiple hard inquiries count as one.

Last reviewed: September 2026. Figures and formulas are checked against their published sources; see the site's data notes.