Personal Loan Calculator: Monthly Payment & Cost

Use this personal loan calculator to see the monthly payment, total interest and payoff schedule for any loan amount, APR and term.

Monthly payment–
Total repaid–
Total interest–
Monthly rate–
Amortization schedule
MonthPaymentPrincipalInterestBalance

Estimates only. Fees, insurance and the exact way your lender calculates interest can change the result — always compare official loan offers.

Personal loan payment formula

Payment = P × r ÷ (1 − (1 + r)^−n)

P is the amount borrowed, r the APR ÷ 12 and n the number of monthly payments. If your lender charges an origination fee deducted from the proceeds, borrow slightly more or compare offers by APR, which includes the fee.

Personal loan example

Borrowing $10,000 at 12% APR for 36 months:

  • Monthly payment: $332.14
  • Total repaid: about $11,960
  • Total interest: about $1,960

The same balance on a credit card at 22% APR with the same payment would take longer and cost noticeably more — which is why personal loans are popular for debt consolidation.

When a personal loan makes sense

  • Consolidating high-interest credit card debt into one fixed payment — see our debt consolidation guide.
  • Planned, one-time expenses such as home repairs, when you have a clear payoff plan.

Before you borrow

  1. Check your credit score and prequalify with soft-pull offers.
  2. Compare APRs from banks, credit unions and online lenders.
  3. Choose the shortest affordable term.
  4. Avoid new card balances after consolidating.

Compare payoff strategies with the credit card payoff calculator and read how to compare loans.

Frequently Asked Questions

What is a personal loan used for?

Common uses include debt consolidation, home improvements, medical bills and large purchases. Personal loans are usually unsecured with fixed rates.

Does an origination fee change the cost?

Yes. Many lenders deduct a 1%–8% origination fee from the loan, which raises the effective APR. Compare APRs, not just interest rates.

Will a personal loan hurt my credit?

A hard inquiry may lower your score slightly, but on-time payments and lower card utilization after consolidation can improve it over time.

This content is for general information only and is not investment advice. Consider your own situation and consult a licensed professional before making financial decisions.