Personal Loan Calculator
Find the monthly payment on a personal loan, the total interest you'll pay and how much faster extra payments clear it.
- Free
- No sign-up
Enter the amount, rate and term to see your monthly payment.
Worked example
With these example inputs:
- Loan amount$15,000
- Interest rate9%
- Loan term5 yr
Monthly payment: $311.38
- Total interest$3,683
- Total of payments$18,683
- Payoff time5 yr
Frequently asked questions
What affects my personal loan rate?
Mostly your credit score, income and the loan term. Better credit usually means a lower APR. Enter the exact rate offered to see the real payment.
Is there a penalty for paying early?
Some lenders charge a prepayment fee, many don't. If yours allows free overpayments, the extra-payment field shows how much interest you'd save.
What affects my monthly payment?
Three things: the amount borrowed, the APR, and the term. A longer term lowers the payment but increases the total interest.
What is the difference between a secured and unsecured personal loan?
A secured loan uses collateral and usually carries a lower rate. An unsecured loan relies on your credit and typically costs more.
How can I get a lower rate?
A stronger credit score, a shorter term, a smaller amount, or a co-signer can all reduce the rate. Each one helps your case.