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Personal Loan Calculator — simple & clear

See your monthly payment, total interest, and compare loan offers — instantly.

Any loan amount or term
Compare up to 2 offers
No personal data collected

Personal loan calculator

Calculate payments for debt consolidation, home improvement, medical, or any personal loan

Loan amount
$
Interest rate (APR)
%
Loan term
Origination feeCharged by many lenders (1–8%)
%
Extra payments (optional)
Extra per monthAdded each month
$
Extra per yearAnnual lump sum
$
Monthly payment
$488
for 36 months
Total interest
$2,557
Total cost
$17,557
Origination fee
$0
Total all-in cost
$17,557
Payment breakdown
Principal $15,000
Interest $2,557
MonthPaymentPrincipalInterestBalance

Compare two loan offers

Enter a second loan's rate and term to see which offer costs less overall.

Offer B rate
%
Offer B term
Offer A (yours)
$488/mo
Total: $17,557
Offer B
$334/mo
Total: $20,020

Common uses for personal loans

💳

Debt consolidation

Combine high-interest credit cards into one lower-rate payment.

🏠

Home improvement

Fund renovations without tapping home equity.

🏥

Medical expenses

Cover unexpected medical bills with fixed monthly payments.

🎓

Education costs

Pay for courses or certifications outside federal student loans.

🚗

Major purchase

Finance appliances, furniture, or a vehicle repair.

✈️

Life events

Weddings, moves, or emergency travel expenses.

Average personal loan rates

Excellent (740+): 6.5–9.0%

Good (670–739): 10–14%

Fair (580–669): 15–21%

Poor (300–579): 22–36%

Avg. all borrowers: ~12.3%

Rates as of April 2026. Your rate depends on credit, income, and lender.

Tips to get a lower rate

1
Check your credit score first — free at Credit Karma or annualcreditreport.com
2
Prequalify with 3–5 lenders — soft pull doesn't affect your score
3
Choose the shortest term you can afford — lower rates + less interest
4
Consider a co-signer if your credit is below 670
5
Avoid origination fees — many online lenders charge $0

Other calculators

🏡
Mortgage calculator
📊
How much house can I afford?
📈
15 vs 30 year mortgage
💰
Down payment savings
💳
Credit score guide

Frequently asked questions

A good personal loan rate in 2026 is below 10% APR. Borrowers with excellent credit (740+) can see rates as low as 6 to 8%. The national average across all credit tiers is around 12.3%. Rates above 20% are generally considered high — if that's what you're being offered, consider improving your credit score first or exploring alternatives like a credit union or secured loan.
Most lenders offer personal loans from $1,000 to $50,000, though some banks and credit unions go up to $100,000. The amount you qualify for depends on your credit score, income, existing debt, and the lender's policies. As a general rule, lenders prefer your total debt-to-income ratio to stay below 36%.
Checking your rate through prequalification uses a soft credit pull, which does not affect your score. However, formally submitting a full application triggers a hard inquiry, which can temporarily lower your score by 5 to 10 points. The impact typically fades within a few months. If you're rate shopping, multiple hard inquiries within a 14-day window are usually counted as a single inquiry.
Shorter terms have higher monthly payments but lower total interest cost. Longer terms spread payments out, making them more affordable monthly, but you pay significantly more in interest over time. For example, a $15,000 loan at 10.5% costs $2,557 in interest over 3 years, but $4,356 over 5 years — that's $1,799 more. Choose the shortest term where the monthly payment fits comfortably in your budget.
An origination fee is a one-time charge by the lender for processing your loan, typically 1% to 8% of the loan amount. It's usually deducted from your loan proceeds — so if you borrow $15,000 with a 3% fee ($450), you'll receive $14,550 but still owe $15,000. Many online lenders charge no origination fee, so it pays to compare.
If your personal loan rate is significantly lower than your credit card rates (which average 20–24% APR), consolidation can save you thousands in interest and simplify your payments into one fixed monthly bill. However, it only works if you stop adding new charges to the cards. Otherwise, you'll end up with both the personal loan payment and growing credit card debt.