Free personal loan payment calculator — see monthly cost & total interest
This free personal loan calculator (also a debt consolidation calculator) helps you estimate your monthly payment, total interest cost, and full amortization schedule before you borrow. Whether you're consolidating high-interest credit cards, taking out a personal loan for home improvements, a wedding, or an emergency expense, knowing the true cost upfront helps you make smarter borrowing decisions.
Simply enter your loan amount, interest rate (APR), and loan term, and we'll show you exactly how much you'll pay each month and how much interest you'll pay over the life of the loan.
A personal loan is an unsecured installment loan — meaning you don't need collateral like a house or car. You borrow a lump sum and pay it back in fixed monthly payments over a set term (typically 1-7 years). Interest rates vary widely based on your credit score:
How is a personal loan monthly payment calculated?
We use the standard amortization formula: Payment = P × r(1+r)^n / [(1+r)^n - 1], where P is the principal loan amount, r is the monthly interest rate (APR ÷ 12), and n is the number of months. This gives you a fixed monthly payment for the entire loan term.
What's a good interest rate for a personal loan?
A good APR is below 10% if you have excellent credit. The average personal loan APR is around 11-12%. If you're offered 20% or higher, consider improving your credit score before borrowing, or look into alternatives like a secured loan or credit union loan.
How much personal loan can I afford?
Financial advisors recommend keeping total debt payments (including mortgage, car loans, and student loans) under 36% of your gross monthly income. Use this calculator to test different loan amounts and see what monthly payment fits your budget.
Do personal loans hurt your credit score?
Applying for a personal loan causes a hard credit inquiry, which may temporarily drop your score by a few points. But making on-time payments actually helps your credit score by building positive payment history. Paying off a personal loan early also helps your credit utilization ratio.
Is it better to get a personal loan from a bank or online lender?
Banks often offer lower rates for existing customers with good credit. Online lenders are more convenient and faster (funding in 1-3 days) but may have slightly higher rates. Compare at least 3-5 offers before choosing — pre-qualifying doesn't affect your credit score.
Not sure if a personal loan is right for you? Here's how it compares to other common ways to borrow money:
Your credit score is the biggest factor in your APR, but there are other ways to get a better deal:
Amortization is the process of paying off a loan over time with fixed monthly payments. At the beginning of the loan, most of your payment goes toward interest. As time goes on, more and more of your payment goes toward the principal. This is why paying extra toward the principal early on makes such a big difference — you're cutting out the most expensive interest payments.
Use this calculator to see your full amortization schedule and understand exactly where your money is going each month.
How much would a $10,000 personal loan cost?
At 10% APR over 3 years, a $10,000 personal loan has a monthly payment of about $323. Over the full term, you'd pay about $1,620 in total interest. At 15% APR, the monthly payment jumps to about $347, with $2,500 in total interest. Use this calculator to test different rates and terms for your exact situation.
How long does it take to get a personal loan?
Online lenders typically fund personal loans in 1-3 business days. Banks and credit unions may take 3-7 days. If you need money fast, online lenders like SoFi, LightStream, or Marcus can approve and fund in as little as 24 hours.
Can I pay off a personal loan early?
Most personal loans don't have prepayment penalties, so you can pay off your loan early without any extra fees. Paying off early saves you a ton of interest — just make sure there's no prepayment penalty in your loan agreement before you do.
What credit score do I need for a personal loan?
You can get a personal loan with a credit score as low as 580, but rates will be very high (20%+). For the best rates (under 10%), you'll need a credit score of 720 or higher. If your score is below 620, consider building your credit before applying.
What's the maximum personal loan amount?
Most personal loans range from $1,000 to $50,000. Some lenders (like LightStream) offer loans up to $100,000 for borrowers with excellent credit. The amount you qualify for depends on your income, credit score, and existing debt.