Personal Loan Calculator

Calculate monthly payments, total interest, and see a full amortization schedule for your personal loan.

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Calculate your monthly payment and total cost for a personal loan with our free calculator, useful for debt consolidation, home improvement, or other major expenses.

How Personal Loan Payments Are Calculated

Personal loans typically use fixed-rate amortization: M = P[i(1+i)^n]/[(1+i)^n−1].

How to Use This Calculator

  1. Enter your desired loan amount
  2. Enter the interest rate offered
  3. Enter your loan term
  4. Click Calculate to see your monthly payment and total interest cost

Frequently Asked Questions

Are personal loan rates higher than secured loans?

Generally yes, since personal loans are typically unsecured.

What credit score do I need for a good rate?

Higher credit scores generally qualify for lower personal loan rates.

Can I use a personal loan for debt consolidation?

Yes, this is a common use case, simplifying multiple debts into one payment.

Are there prepayment penalties?

Some lenders charge fees for paying off a personal loan early; check your specific loan terms.