Personal Loan Calculator
Calculate your monthly payments and see the total cost of your loan.
Loan Details
Your Estimated Monthly Payment
$0.00
Total Principal
$0
Total Interest Paid
$0
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Understanding Your Personal Loan
What is a Personal Loan?
A personal loan is a type of unsecured loan that you can borrow from a bank, credit union, or online lender. “Unsecured” means it isn’t backed by collateral like a house or a car. People use personal loans for a variety of reasons, such as consolidating debt, financing a large purchase, or covering unexpected expenses. Our Personal Loan Calculator helps you understand the costs before you commit.
How to Use This Personal Loan Calculator
To find out your monthly payment, you only need three key pieces of information. This calculator makes it easy to see how changing these values can affect what you’ll pay.
- Loan Amount: This is the total amount of money you plan to borrow.
- Interest Rate (APR): This is the annual cost of the loan, including interest and some fees. Your credit score is the most significant factor in determining your interest rate.
- Loan Term: This is how long you have to pay back the loan, typically in years. Shorter terms mean higher monthly payments but less total interest, while longer terms have lower payments but cost more in the long run.
Frequently Asked Questions
What is a good interest rate for a personal loan?
A “good” interest rate depends heavily on your credit score. As of late 2025, borrowers with excellent credit (760+) might find rates between 8-12%, while those with fair credit may see rates from 18-25% or higher. It’s always a good idea to check with multiple lenders to find the best rate available to you.
How can I pay off my personal loan faster?
The best way to pay off your loan faster and save money on interest is to make extra payments. You can do this by paying more than the minimum each month, or by making an extra payment whenever you can. Be sure to specify that the extra amount should be applied directly to the principal balance.
Does this personal loan calculator include fees?
This calculator focuses on the principal and interest payments. Some personal loans come with an “origination fee,” which is a one-time charge deducted from the loan amount before you receive the funds. When comparing loan offers, always look at the Annual Percentage Rate (APR), as it includes both the interest rate and any lender fees for a more accurate cost comparison.