Personal Loan Calculator
See the monthly payment and total interest on a personal loan for any amount, rate and term.
Updated 20 Jun 2026 · Free · No sign-up
Some personal loans charge an origination fee that’s deducted from your loan proceeds — ask your lender, as it raises your effective cost.
Personal loans are used for everything from consolidating credit-card debt to covering a big expense, and because they’re unsecured, the interest rate depends heavily on your credit. This personal loan calculator shows your fixed monthly payment and — just as importantly — the total interest you’ll pay, so you can compare offers and decide whether a loan really makes sense.
How it works
A personal loan is an installment loan: you borrow a fixed amount and repay it in equal monthly payments over a set term, usually one to seven years. Each payment covers interest plus a bit of principal, and the loan is fully paid off (“amortized”) by the end of the term. This calculator takes your loan amount, APR, and term and returns the monthly payment and total interest.
The formula
It uses the standard amortization formula M = P × r × (1 + r)n ÷ ((1 + r)n − 1), with P as the loan amount, r as the monthly rate (APR ÷ 12 ÷ 100) and n as the number of months. The total interest is the sum of every payment minus the amount you originally borrowed.
A worked example
Borrow $15,000 at an 11.5% APR over 3 years and your monthly payment is about $495, with total interest of roughly $2,800. Keep the same loan but stretch it to 5 years and the monthly payment drops to around $330 — but total interest jumps to about $4,800. The longer loan feels easier each month yet costs almost $2,000 more overall, which is the key trade-off to weigh.
Is a personal loan the right move?
A personal loan can make sense when its rate is clearly lower than the debt it replaces — for example, consolidating high-interest credit cards. Use our credit card payoff calculator to compare. But borrowing to fund spending you can’t afford simply adds interest to the bill. Check the monthly payment fits comfortably in your budget, and prefer the shortest term you can manage to minimize total interest.
Frequently asked questions
How is a personal loan payment calculated?
It uses the standard amortization formula based on your loan amount, APR, and term in months. Each equal monthly payment covers interest plus some principal, fully paying off the loan by the end of the term. The calculator also shows your total interest over the life of the loan.
What's a typical personal loan interest rate?
Rates vary widely by credit profile — strong-credit borrowers may qualify for single-digit APRs, while fair-credit borrowers can see rates near or above 20%. Because the rate drives both your payment and total interest, it's worth shopping multiple lenders and entering your actual quoted APR here.
What is an origination fee?
It's an upfront fee (often 1–8% of the loan) some lenders deduct from your loan proceeds. You receive less than you borrow but repay the full amount plus interest, so it raises your real cost. Comparing the APR rather than just the interest rate helps capture fees like this.
Should I pick a longer term for a lower payment?
A longer term lowers the monthly payment but significantly increases total interest, as the worked example shows. Choose the shortest term whose payment fits comfortably in your budget. This calculator is for educational estimates only and is not financial advice.