Personal Loan Calculator
Quick answer
Enter amount, APR, term, and any origination fee. If the fee is deducted from proceeds, reduce principal accordingly. When fees are financed, reconcile periodic rate with an APR calculator.
For a related estimate, see Loan Payment Calculator.
Explore further: Payment Calculator · Auto Loan Calculator
What moves the payment
Fixed-rate amortizing loans use principal, APR, and term. APR calculators include fees in the effective rate. Credit cards revolve—interest compounds on average daily balance. Debt payoff order changes total interest when you redirect surplus dollars.
Personal loans are unsecured installment debt: fixed payment, fixed term, often origination fees. This page focuses on translating rate and term into cash flow and total interest so you can compare to cards or secured options. For the same inputs in generic form, the loan payment calculator frame matches the core amortization.
How to use this calculator
- Include origination: A 5% fee on $15k is $750—either net to you or added to balance.
- Prepayment: Most personal loans allow early payoff; confirm prepayment penalties.
- DTI context: Lenders look at payment relative to income—use a realistic term. If you are choosing among several installment debts, sanity-check the monthly loan payment line item against your budget first.
Real-world examples
- Example: $12k @ 11.5% for 48 months: Payment often ~$310–$320/mo; total interest several thousand dollars over the term (illustrative).
- Sensitivity check: Nudge the rate by about +0.5% and the principal by about −5%. If the payment, break-even, or target amount moves enough to change your decision, you are still on a steep part of the curve where small inputs matter.
What this means
Unsecured rates reflect default risk—improving credit before borrowing often beats squeezing a longer term for a lower payment.
FAQ
Is this a loan commitment?
No. Outputs are educational estimates. Final payments, APR, and fees come from your lender’s disclosures.
How accurate is this calculator?
It applies standard math to the inputs you enter. Real lenders, payroll rules, and rounding can differ—use results for planning and comparison, not as binding quotes.
Why might my result differ from another website?
Different assumptions (APR vs note rate, day-count, tax year, rounding mode, or unit definitions) shift outputs slightly. Align inputs with the same definitions when you compare.