This personal loan calculator shows the three numbers every borrower should know before signing: the monthly payment, the total interest over the term, and the all-in cost of the loan — for any amount, APR and repayment period.

Monthly Payment–
Total Interest–
Total Cost–

If the lender charges an origination fee (typically 1–8% on personal loans), your true borrowing cost is higher than the stated APR path suggests — run the same loan through our APR Calculator with fees included to see the effective rate.

How the Payment Is Built

Personal loans amortize: each payment covers that month’s interest (balance × APR ÷ 12) with the rest reducing principal, so interest shrinks as the balance does. The payment formula is the standard annuity formula, P × r ÷ (1 − (1+r)^−n). What changes your real cost most: the term (doubling the term cuts the payment but can nearly double total interest) and the rate tier your credit score buys. Paying one off alongside other debts is a strategy question — see the Debt Payoff Calculator. Part of our Finance Calculators collection.

Worked Example (Verified)

$15,000 at 11% APR for 36 months:

  • Monthly payment: $491.08
  • Total repaid: $491.08 × 36 = $17,679 → total interest $2,679 (17.9% of the amount borrowed)
  • Same loan over 60 months: payment drops to ~$326 but total interest climbs to ~$4,572 — the $165/month “saving” costs about $1,893 extra. Terms are never free.

Reading a Personal Loan Offer

  • APR vs interest rate: identical only when there are no fees. Origination fees are deducted from proceeds — you borrow $15,000, receive perhaps $14,400, and repay on the full amount.
  • Prepayment penalties are rarer than they were but still exist in some contracts — paying early should save interest, and a clause that prevents it changes the math entirely.
  • Autopay discounts (often 0.25%) are real money over a 5-year term; factor them into comparisons.
  • Debt-consolidation loans only work if the spending that created the balance stops — the loan converts card debt to installment debt; it does not convert habits.

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Frequently Asked Questions

How is a personal loan payment calculated?

By the amortization formula: payment = P × r ÷ (1 − (1+r)^−n), where r is the monthly rate (APR ÷ 12) and n the number of months. $15,000 at 11% over 36 months pays $491.08 monthly.

What APR can I expect on a personal loan?

Recent US averages run ~12% overall, but the spread is huge: excellent credit (720+) often sees 7–10%, fair credit 18–28%, and poor credit 30%+. Your rate tier matters more than the lender’s brand.

Does a longer term save money?

It lowers the monthly payment and raises the total cost — on the example loan, stretching 36→60 months cuts the payment by a third while adding ~$1,900 of interest. Choose the shortest term whose payment you can reliably make.

Can I pay a personal loan off early?

Usually yes, and every extra dollar of principal saves its future interest. Check the contract for prepayment penalties first; if none, paying extra is mathematically identical to earning the APR, guaranteed and tax-free.

Is a personal loan better than a credit card for debt?

On rate, almost always (cards average 20%+ APR vs personal loans near 12%) — with the caveat that the freed card limits must not refill. The consolidation works when it is a finish line, not a reload.

Is this personal loan calculator free?

Yes — free, instant, no sign-up.