Calculate your monthly installments, total interest, and total cost of borrowing.
Estimated Monthly Payment:$0.00
Total Interest Paid:$0.00
Upfront Origination Fee:$0.00
Total Cost of Loan:$0.00
How to Use the Personal Loan Calculator
Whether you are consolidating debt, financing a home renovation, or covering an unexpected expense, understanding the long-term cost of a personal loan is critical for financial health. Our calculator helps you break down the math in seconds.
Required Input Information
Loan Amount: The total amount of money you intend to borrow from the lender.
Interest Rate: The annual percentage rate (APR) charged by the lender. Rates vary based on your credit score.
Loan Term: The duration of the loan expressed in months (e.g., 3 years = 36 months).
Origination Fee: A common fee charged by lenders for processing the loan, usually deducted from the principal.
Example Personal Loan Calculation
Let's say you take out a loan for $15,000 at an 8% annual interest rate for a 48-month term (4 years), with a 2% origination fee.
Monthly Payment: $366.19
Total Interest Paid: $2,577.12
Origination Fee: $300.00 (Usually deducted from the amount you receive)
Total Payback: $17,577.12
Why Calculating Your Loan Matters
Personal loans are often marketed with "low monthly payments," but the term length can drastically change how much interest you pay over time. A longer term results in a lower monthly bill but significantly higher interest costs. Conversely, a shorter term saves you money on interest but requires a higher monthly commitment. Use this tool to find the "sweet spot" that fits your monthly budget without overpaying the lender.
Factors That Influence Your Personal Loan Rate
1. Credit Score: Borrowers with scores above 720 typically receive the lowest rates.
2. Debt-to-Income Ratio: Lenders look at how much of your monthly income goes toward existing debt payments.