Personal Loan Calculator
Use our personal loan calculator to see monthly payments, total cost and payoff date for a personal loan. Today's rates start around 7%.
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Need a personal loan? See if you pre-qualify
Answer a few questions to get personalized rate estimates in 2 minutes.
Calculate your personal loan payments
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A personal loan calculator shows your monthly personal loan payments based on the loan amount, interest rate and repayment term. It also shows the total interest cost, with or without an origination fee.
Use this calculator to help you decide whether a personal loan is the right financing option for your plans.
How to use this calculator
1. Enter a loan amount. Enter a personal loan amount from $1,000 to $100,000 — the typical range offered by lenders.
Borrowers with strong credit and income are more likely to qualify for large loan amounts.
2. Enter your interest rate. Current rates range from about 7% to 36%. The rate you receive depends primarily on your credit profile and financial information.
Borrowers with excellent credit and low debt-to-income ratios get the lowest rates.
3. Choose a repayment term. Personal loans typically have repayment terms from two to seven years. A loan with a long term has lower monthly payments, while a shorter-term loan costs less in interest.
Look for a repayment term that balances affordable payments and low interest costs.
4. Add a repayment start date. This is the date your first payment is due. Many lenders require the first payment 30 days after the loan is funded.
5. Include an origination fee (optional). An origination fee is a one-time fee that’s charged as an upfront percentage of the loan, usually 1% to 10% of the loan amount. It’s typically deducted from the loan amount, so if you take out a $10,000 loan with a 5% origination fee, you’ll receive $9,500.
Not all lenders charge origination fees. You'll know whether you owe one and how much it is when you get a loan offer.
How to read your personal loan calculator results
Monthly payment: The amount you pay the lender each month for the life of the loan. Part of each payment goes to interest and the rest goes to the principal.
Total principal: The amount you’re borrowing. It will match your loan amount.
Total interest payments: The amount you’ll pay in interest alone over the life of the loan.
Total loan payments: The loan principal plus the total interest cost.
Payoff date: The date you’ll make your final loan payment. Your start date and loan term determine the payoff date.
Amortization schedule: A table showing how each monthly payment is distributed between principal and interest over the life of the loan.
You’ll typically see a high percentage of your monthly balance go toward interest early in the loan. But as you pay down the loan, less of your payment goes toward interest and a higher percentage gets applied to the principal.
How to get a personal loan
Once you’ve calculated monthly payments and interest costs, it’s time to compare loan offers and apply. Here’s what’s next:
1. Pre-qualify
Many online lenders, banks and credit unions allow you to pre-qualify for a personal loan. You give the lender some information about yourself, such as your name, income, desired loan amount and loan purpose
The lender will then do a soft credit check to determine what loan amount, rate and repayment term you may qualify for. Soft credit checks don’t impact your credit score.
Pre-qualify with multiple lenders to find the best offer.
2. Compare lender features
Once you see multiple lenders’ offers, it’s time to compare their features to find the best fit for you. Consider these factors:
APR or interest rate: APR (annual percentage rate) represents the cost of borrowing, making it the best apples-to-apples cost comparison tool. A lender is required to disclose this number before you get a loan.
A personal loan’s APR is only different from its interest rate if there are other fees, like an origination fee.
Monthly payment: Loan payments should fit comfortably into your monthly budget. On-time personal loan payments help you build credit, while late and missed payments hurt it.
Total interest payments: Looking at the total interest paid by itself lets you compare the cost of one loan to another. You can also use it as a gut-check to decide if the loan is worth it.
If you have multiple promising offers, compare special loan features to break the tie. Some lenders have credit-building tools, flexible payment dates, fast funding and the option to pay your creditors directly with loan funds.
» See our picks: Best personal loan lenders
3. Read the fine print
Once you’ve chosen a lender, closely review the terms before formally applying. Here are a few important details to note:
Fees: Check for origination, late fees or prepayment penalties. Most lenders allow you to repay the loan early with no penalty.
Automatic withdrawals: Note whether the lender automatically withdraws payments from your checking account. If it does, consider setting up a low-balance alert with your bank to avoid overdraft fees.
Extra payments: Ideally extra payments above the minimum can be applied directly to the principal. That move can save you money on interest and speed up repayment.
4. Submit an application
Accept your pre-qualified offer and fill out the lender’s formal application. Having documents ready that prove your identity and income, like W-2s and tax forms, can help move the application process more quickly.
When you submit your application, the lender does a hard credit pull, causing your credit score to temporarily dip. Some lenders offer same-day loan approval, while others take between one and seven business days to process your application.
5. Get funded
If approved, most personal loan lenders can fund a loan within a week. Some say they’ll send you the money the same or next business day after approval.
Get started
Answer a few questions to see if you pre-qualify for a personal loan. Within minutes, we’ll show your personalized rate estimates from several lenders.