Personal Loan Calculator
Calculate the monthly payment and total interest for a personal loan — an unsecured installment loan typically used for debt consolidation, large purchases or emergencies.
How to use the Personal Loan Calculator
- Enter your inputs into the Personal Loan Calculator above.
- Results update instantly as you type — no submit button needed.
- Adjust any value to see how the result changes in real time.
The personal loan payment formula
M = P · r(1 + r)^n / ((1 + r)^n − 1)
P is the loan amount, r is the monthly rate (APR / 12), n is the number of months. Same fixed-payment amortization formula as any installment loan. Personal loan terms are typically 24–60 months.
Worked example
A $15,000 personal loan at 12% APR over 4 years: M ≈ $395/month. Total paid: $18,963. Interest paid: $3,963 over the life of the loan.
Frequently asked questions
What's a typical personal loan APR?
In early 2026: 8–14% for excellent credit (720+), 14–22% for good credit (660–719), 22–36% for fair credit. Much wider range than auto or mortgage rates.
What is the best use of a personal loan?
Consolidating higher-rate debt (credit cards at 20%+ → personal loan at 10%) is the highest-EV use. Avoid personal loans for discretionary spending — the fixed payment lasts much longer than the purchase satisfaction.
Are origination fees common?
Yes — most personal lenders charge 1–8% origination, deducted from the funded amount. A 5% fee on a $15,000 loan means you receive $14,250 but repay as if you borrowed $15,000.