The Personal Loan Calculator can give concise visuals to help determine what monthly payments and total costs will look like over the life of a personal loan. Since most personal loans come with fees and/or insurance, the end cost for them can actually be higher than advertised. The calculator takes all of these variables into account when determining the real annual percentage rate, or APR for the loan.
• Provide the borrowed loan principal, interest rate, and repayment duration in years and months.
• Toggle fees/insurance to model origination costs and inspect full annual & monthly amortization schedules.
$424.94
Fixed monthly personal loan payment| Year | Date | Interest | Principal | Ending Balance |
|---|---|---|---|---|
| Year 1 | 8/26-7/27 | $1,853.93 | $3,245.36 | $16,754.64 |
| Year 2 | 8/27-7/28 | $1,514.10 | $3,585.19 | $13,169.44 |
| Year 3 | 8/28-7/29 | $1,138.68 | $3,960.61 | $9,208.83 |
| Year 4 | 8/29-7/30 | $723.95 | $4,375.34 | $4,833.49 |
| Year 5 | 8/30-7/31 | $265.80 | $4,833.49 | $0.00 |
A personal loan is an installment loan provided by banks, credit unions, or online lenders that gives borrowers a lump sum of cash upfront. Borrowers repay the loan in fixed monthly installments over a predetermined term—typically ranging between 12 to 84 months (1 to 7 years).
Most personal loans are unsecured, meaning you do not need collateral (like a home or car) to qualify. Approval and interest rates are determined primarily by credit scores, Debt-to-Income (DTI) ratio, and verifiable income.
Lenders frequently deduct an upfront origination fee (typically 1% to 8% of the loan amount) from the disbursed funds. While your nominal interest rate remains fixed, the origination fee increases the true Annual Percentage Rate (APR).
Personal loans are widely used for debt consolidation—combining high-interest revolving credit cards (18%–29% APR) into a single fixed lower-rate installment loan (8%–14% APR) with a guaranteed debt-free payoff date.
Find the fastest repayment strategy to eliminate revolving card debt.
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Compare multiple balances vs. one single consolidated loan rate.