Personal Loan Calculator
Personal loans are fixed and finite: equal payments, a set end date. Enter the amount, rate, term, and any origination fee to see what the loan really costs per month and in total.
Your results
Charts & visualization
Principal vs interest
What you borrowed vs what borrowing cost.
Balance over time
Standard amortization: early payments are interest-heavy.
Every chart’s underlying numbers are available as text — use the “view as table” control under each chart.
How it works
The calculator applies the standard amortizing formula across your term, producing an exact monthly payment, then simulates every month for total interest. Origination fees are shown separately because lenders deduct them from proceeds — you borrow $15,000 but receive less, while repaying based on the full amount.
Comparing terms reveals the core trade-off: longer terms cut the payment but extend the time interest accrues.
Formula used
P— loan amountr— monthly rate = APR ÷ 12 ÷ 100n— term in monthsNet proceeds— amount × (1 − origination %)
Example calculation
Borrowing $15,000 at 11.5% over 48 months costs about $391 monthly with roughly $3,784 in total interest. A 3% origination fee ($450) means the deposit is only $14,550 — worth remembering when sizing the loan. Dropping the same loan to 36 months raises the payment but cuts total interest substantially.
Assumptions & limitations
- Fixed-rate installment loan, no prepayment penalty.
- Fee percentages vary by lender and are often lower for strong credit.
- Autopay rate discounts (commonly 0.25%–0.5%) are not applied automatically.
- Late-payment fees excluded.
Results are planning estimates based on your inputs and the stated assumptions — not financial advice or a loan offer. Verify important figures with your lender or advisor.
Frequently asked questions
What credit score do I need for a personal loan?
Most lenders approve prime borrowers around 640+, though rates improve sharply near 700+. Some lenders serve lower scores at higher APRs. Pre-qualification uses a soft pull, so shopping costs nothing.
Is a personal loan good for consolidating credit cards?
It can be: fixed rates well below card APRs plus a forced end date beat revolving minimum payments. Run both paths through the Debt Consolidation Calculator before committing.
How does an origination fee work?
The lender deducts it from your deposit — borrow $15,000 with a 3% fee and you receive $14,550 but repay the full $15,000 plus interest. Compare offers on total cost, not just rate.
Can I pay off a personal loan early?
Most modern lenders have no prepayment penalty, and paying early saves all remaining interest. Confirm the absence of a penalty before signing.