Personal Loan Calculator
Calculate personal loan monthly payments, total interest, and amortization. Compare borrowing cost before taking a personal or consolidation loan.
Personal Loans: Know the True Cost Before You Borrow
Personal loans are often marketed for debt consolidation, home improvements, or major purchases. The monthly payment looks manageable — but the total interest over 3, 5, or 7 years can be substantial. This calculator shows both numbers upfront.
Unlike credit cards, personal loans have fixed payments and a defined end date. That predictability helps with budgeting, but it doesn't automatically mean you're getting a good deal. A $15,000 loan at 11.5% over 5 years costs about $4,600 in interest on top of what you borrowed.
Before taking a personal loan to pay off credit cards, compare the personal loan APR against your card rates. If your cards are at 22%+ and you qualify for a 10% personal loan, consolidation may save money. If the rates are similar, you're better off using avalanche or snowball strategy on the cards directly.
Always factor in origination fees. A loan advertised at 9% with a 5% origination fee has a higher effective APR than it appears. Use our APR Calculator alongside this tool to compare offers apples-to-apples.
How These Calculations Work
Transparent methodology — no black boxes. Here's exactly what happens when you use this calculator.
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Enter loan amount, APR, and term in months.
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Monthly payment is calculated using standard amortization.
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The engine builds a full payment schedule month by month.
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Total interest and payoff date reflect the complete loan lifecycle.
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Use results to compare against credit card or other debt costs before borrowing.
Frequently Asked Questions
Personal loans use fixed-rate amortization. Your payment stays the same each month; the split between interest and principal changes over time.
Most personal loans range from 2 to 7 years (24–84 months). Shorter terms mean higher payments but less total interest.
It can work if the personal loan APR is significantly lower than your card rates and you stop using the cards. Run the Debt Consolidation Calculator to compare.
This calculator models a new loan from scratch. The Personal Loan Early Payoff calculator analyzes paying extra on an existing loan.
Rates vary by credit score — typically 6%–36%. Always compare the effective APR including origination fees using our APR Calculator.