Personal Loan Calculator
Estimate the monthly payment, total interest, and total repayment cost of a personal loan from its amount, rate, and term.
Reviewed by the CalcCafe editorial team · Last updated 1 July 2026 · How we test our tools
Example
For a $10,000 personal loan at a 12% annual rate over 3 years (36 months): the monthly rate is 12% / 12 = 1% (0.01), and n = 36. Using M = P×r / (1 - (1+r)-n) gives M = 10,000 × 0.01 / (1 - 1.01-36) = 100 / 0.30108 = $332.14/month. Total cost = 332.14 × 36 = $11,957.15, of which $1,957.15 is interest.
How it works
Enter the loan amount, annual interest rate, and term, then choose whether the term is in years or months. The calculator applies the standard amortization formula and updates the payment, total interest, and total cost instantly.
Good to know
This Personal Loan Calculator turns three inputs — loan amount, annual interest rate, and term — into the numbers that actually matter when you borrow: your fixed monthly payment, the total interest you'll pay, and the total amount you'll repay over the life of the loan. It's aimed at anyone weighing a fixed-rate installment loan, whether for debt consolidation, a medical bill, home repairs, or a large one-off purchase, who wants a quick reality check before signing anything.
Reach for it while you're comparing offers. Because you can flip the term between years and months, it's easy to run the same loan at, say, 24, 36, and 48 months and watch the trade-off appear: a longer term shrinks the monthly payment but inflates the interest column. The principal-versus-interest bars give you an at-a-glance sense of how much of your total cost is the money you borrowed versus the price of borrowing it.
When reading the result, treat the monthly payment as the figure that has to fit your budget every month, and the "total interest" as the true cost of the loan in dollars. A lender's headline rate can look low while the total interest is high simply because the term is long, so always compare the total cost across options rather than the monthly payment alone.
One important caveat: this calculator uses only the stated interest rate, so the numbers reflect a clean amortization with no fees. Real personal loans often carry an origination fee of roughly 1–8%, which pushes the effective APR above the rate you typed in. To compare lenders fairly, look at each one's quoted APR (which folds in those fees) alongside the totals shown here.
Frequently asked questions
Does this include origination fees or APR?
No. The calculator uses the stated interest rate on the loan amount only. Many personal loans charge a 1-8% origination fee that is deducted from your disbursement or added to the balance, which raises the effective APR above the nominal rate shown here.
Why does a longer term lower my payment but cost more overall?
Stretching the same loan over more months reduces each monthly payment because the principal is spread across more periods, but it also means interest accrues for longer. As a result you pay more total interest even though each payment is smaller.
Is my data uploaded anywhere?
No — this calculator runs entirely in your browser; nothing is uploaded.
Is this financial advice?
No. These are educational estimates — consult a qualified financial professional before making decisions.
People also ask
What is a good interest rate on a personal loan?
Personal loan rates vary widely based on credit profile, lender, and loan amount, and typically range from single digits for the strongest borrowers to over 30% for those with lower credit scores. What counts as competitive depends on current market conditions and your own credit, so comparing several quoted APRs is the most reliable benchmark.
How is a monthly personal loan payment calculated?
It uses the standard amortization formula M = P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. Each payment is equal, but early payments go more toward interest and later ones more toward principal.
Does paying off a personal loan early save money?
On a simple-interest amortizing loan, paying early or making extra principal payments reduces the remaining balance that interest is charged on, which lowers total interest. Some lenders charge a prepayment penalty, so it is worth checking the loan agreement before paying ahead of schedule.
What's the difference between interest rate and APR on a loan?
The interest rate is the cost of borrowing the principal, while the APR includes the interest rate plus certain fees such as origination charges, expressed as a yearly percentage. APR is usually higher than the nominal rate and is designed to make comparing loan offers easier.
Is a personal loan or a credit card cheaper for large expenses?
Personal loans usually carry lower fixed rates and a set repayment schedule, while credit cards often have higher variable rates but more flexible repayment. The cheaper option depends on the specific rates offered and how quickly the balance is repaid.
How does loan term length affect total interest paid?
A longer term spreads the principal over more payments, which lowers each monthly amount but allows interest to accrue for more periods, increasing total interest. A shorter term raises the monthly payment but reduces the overall interest cost.
What credit score do you need to qualify for a personal loan?
Eligibility requirements differ by lender, with many catering to mid-range and higher scores while some specialize in lower scores at higher rates. A stronger credit score generally improves the chances of approval and access to lower interest rates.
How much would a $30,000 personal loan cost a month?
At 12% over 3 years, a $30,000 personal loan costs about $996.43 a month, with total interest of roughly $5,871. Stretching it to 5 years lowers the payment to about $667.33 but raises total interest to about $10,040. Your actual payment depends on the rate and term you qualify for, which vary by lender and credit score, so enter your quote into the calculator.
How much will a $20,000 loan cost a month?
A $20,000 loan at 12% costs about $664.29 a month over 3 years (about $3,914 in total interest) or about $444.89 a month over 5 years (about $6,693 in interest). Using the formula M = P × r ÷ (1 − (1 + r)^-n) with r = 0.01 and n = 36 gives the 3-year figure. A lower rate reduces both the payment and the total cost, so compare offers before signing.
How much would a $10,000 personal loan cost per month?
At 12% for 3 years, a $10,000 personal loan costs $332.14 a month, for $11,957 in total and $1,957 of interest. Over 5 years the payment drops to about $222.44 but total interest rises to about $3,347. At a better rate such as 8% the 3-year payment is about $313.36. Rates vary by lender and credit profile.
How much would a $15,000 loan cost?
A $15,000 loan at 12% costs about $498.21 a month over 3 years, for $17,936 in total and $2,936 in interest, or about $333.67 a month over 5 years, for about $20,020 in total and $5,020 in interest. Any origination fee is extra and is often deducted from the amount you receive. Use your quoted APR and term in the calculator to see your own figures.
What is the cheapest way to borrow $15,000?
The cheapest loan is the one with the lowest APR and the shortest term you can afford, since total interest is the payment times the number of payments minus $15,000. For $15,000 that usually means comparing a credit union or bank personal loan, a secured option such as a home equity loan if you own a home, and a 0% promotional balance transfer if you can repay within the promo period. Rates depend on your credit score, lender and the current market, so get several quotes and run each through the calculator. This is general information, not financial advice.
What would my monthly payment be on a $15,000 loan?
It depends on the rate and term: at 12% the payment is about $498.21 a month for 3 years or $333.67 for 5 years. The formula is M = P × r ÷ (1 − (1 + r)^-n), where r is the monthly rate (annual rate ÷ 12) and n is the number of months, so 15,000 × 0.01 ÷ (1 − 1.01^-36) = $498.21. Enter your own quoted rate and term in the calculator to get an exact figure.
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Sources & references
These tools follow our methodology and provide educational estimates only — verify important figures with a qualified professional.