Personal Loan Calculator

Use this simple personal loan calculator to see what your monthly payments might be. Simple input the loan amount, loan term, and interest rate to see how much a personal loan might cost.

Your estimated monthly payment
Total principal paid
Total interest paid
Total loan payment

What is a personal loan?

Personal loans are short unsecured fixed-rate loans, which are paid back over months or a few years. Borrowers receive a lump-sum payment upfront.

Because personal loans are not backed by collateral (such as a house), your credit score is a key factor in determining the interest rate on your personal loan. Borrowers with excellent credit rates receive lower interest rates and higher loan amounts. Those with poor credit may need to pay a higher interest rate.

You can get a personal loan from banks, credit unions, and online lenders.

How does this personal loan calculator work

This personal loan calculator will calculate your monthly loan payments. The inputs are:

  • Loan amount: Enter the amount of money you are looking to borrow.
  • Loan term: Enter how long you will need to repay your loan. This can be in months or years
  • Interest rate: What interest rate, or APY, do you expect to receive?

Toggle the inputs in the calculator to see how each of them affect your monthly payments.

The loan calculator will calculate your monthly loan payment, total cost of the loan which includes the original loan amount or principal as well as the total interest you will pay over the life of the loan.

  • Monthly payments: This is how much you will pay each month to repay your loan. This amount includes repayment of both principal and interest.
  • Total principal paid: The principal of the loan is the original amount of money you borrowed.
  • Total interest paid: This is the sum of all the interest that you will pay over the course of the loan.
  • Total payment: This is the sum of the loan principal and all of the interest you pay on the loan.

What interest can you expect?

Personal loan interest rates vary depending on your credit score, and currency range between around 5% to 35%.

Take a look at the table below to see what interest rate you might receive.

Credit scoreAverage personal loan interest rate
Excellent (720 - 850)10.0% - 12.5%
Good (690 - 719)13.0% - 15.5%
Average (630 - 689)18.0% - 19.9%
Poor (300 - 629)28.3% - 32.0%

What can a personal loan be used for?

A personal loan can be used for a variety of expenses, such as:

  • Making a large purchase
  • Moving expenses
  • Emergency expenses
  • Home remodeling
  • Debt consolidation
  • Weddings

What are the benefits and drawbacks of a personal loan?


  • No collateral: Personal loans are unsecured and require no collateral, such as a house or a car.
  • Lower interest rates than payday loans: Personal loans typically have lower interest rates than payday loans.
  • Quick money: Sometimes you can receive your money within a day depending on your lender.


  • Credit scores are important: Because personal loans are unsecured, your credit score plays a bigger role in what interest rate and loan size you receive. Borrowers with low credit scores may receive higher interest rates or may not qualify for certain personal loans.
  • Higher interest rates that secured loans: Interest rates on personal loans may be higher than those on secured loans.
  • Increasing your debt: By taking out a personal loan, you are increasing your debt load and will have another monthly bill to pay.



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