Personal Loan Calculator

A personal loan calculator computes your monthly payment and total borrowing cost for unsecured personal loans. These loans are typically used for debt consolidation, home improvements, or major purchases.

Personal loans have fixed interest rates and terms, making them predictable for budgeting. However, rates are typically higher than secured loans like mortgages or auto loans.

This calculator helps you understand if a personal loan fits your budget and compare offers from different lenders to find the most affordable option.

1. 1

   Loan Amount

   Enter the amount you want to borrow. Personal loans typically range from $1,000 to $100,000.

   Tip: Only borrow what you need. Larger loans mean higher payments and more interest.

2. 2

   Annual Interest Rate

   Input the interest rate offered. Personal loan rates vary widely based on credit score, typically 6-36%.

   Tip: Your credit score is the biggest factor in your rate. Check your credit before applying and shop around for the best rate.

3. 3

   Loan Term

   Select repayment period, typically 1-7 years. Shorter terms save interest but require higher payments.

   Tip: Balance monthly affordability with total interest cost. A 3-year term often offers a good balance.

4. 4

   Processing Fees

   Some lenders charge origination or processing fees as a percentage of the loan amount.

   Tip: Factor fees into your total cost. A loan with a lower rate but high fees may cost more overall.

Personal loans use standard amortization, with equal monthly payments covering both principal and interest.