Calculate your monthly payment and see how different interest rates impact your total loan cost.
| APR | Monthly | Total Interest | Total Cost |
|---|---|---|---|
| 8.49% | $473.44 | $2,044 | $17,044 |
| 9.99% | $483.94 | $2,422 | $17,422 |
| 11.49% ◀ | $494.57 | $2,804 | $17,804 |
| 12.99% | $505.34 | $3,192 | $18,192 |
| 14.49% | $516.24 | $3,585 | $18,585 |
The Personal Loan Calculator shows your fixed monthly payment, total interest paid, and overall loan cost for an unsecured personal loan — the kind used for debt consolidation, home improvements, medical bills, or major purchases.
Personal loans are typically repaid over 12 to 84 months at a fixed APR, with no collateral required. Because rates vary widely based on credit score, this calculator also includes an APR comparison table so you can see exactly how much a higher or lower rate would change your monthly payment and total interest.
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]This standard amortization formula spreads the loan principal and all accrued interest into equal monthly payments over the loan term.
Example 1: $15,000 debt consolidation loan at 11.49% for 36 months
P = $15,000, monthly rate = 11.49% ÷ 12 = 0.9575%, n = 36 payments.
Monthly payment ≈ $494.85 — total interest ≈ $2,814.60, total cost ≈ $17,814.60.
Example 2: Same loan, but with excellent credit (7.99% APR)
Same $15,000 over 36 months, but a 720+ credit score qualifies for a lower rate.
Monthly payment ≈ $469.92 — total interest drops to ≈ $1,917.12, saving roughly $897 versus the 11.49% rate.
Example 3: Stretching the term to lower the payment
$15,000 at 11.49% APR, but extended to a 60-month term instead of 36.
Monthly payment drops to ≈ $329.86, but total interest rises to ≈ $4,791.60 — about $1,977 more than the 36-month option.
Methodology
Monthly payment: M = P·r(1+r)^n / [(1+r)^n − 1]. All calculations use monthly compounding.
APR (Annual Percentage Rate) is the yearly cost of borrowing, including interest plus origination fees. It's a more complete picture than the interest rate alone. When comparing lenders, always compare APRs — not just interest rates.
Most lenders approve loans with scores 580+, but the best rates (under 10%) typically require 720+. Credit unions often offer better rates than banks. Online lenders like SoFi, LightStream, and Marcus may be competitive for borrowers with good credit.
Most online lenders and credit unions allow early payoff with no penalty. Traditional banks and some fintech lenders may charge a prepayment penalty of 1–5% of the remaining balance. Always check your loan agreement before signing.
Disclaimer: Calculations are for informational purposes only and do not constitute professional financial advice. Please consult with a certified professional before making financial decisions.