Personal Loan Calculator
Estimate the monthly payment and total interest on a personal loan before you apply.
A worked example
Running this tool on current national benchmarks (Federal Reserve / Freddie Mac via FRED (St. Louis Fed)) — swap in your own numbers to see how the result moves.
- Solve for
- Monthly payment
- Loan amount
- $15,000
- Interest rate (APR)
- 11.57%
- Loan term
- 3 years
- Extra monthly payment
- $0
$15,000 at 11.57% over 3 years
- Loan amount$15,000
- Monthly payment$495.14
- Total interest$2,825
How the monthly payment changes with loan amount
Holding the other inputs at the example above, here is how the result moves as loan amount changes.
| Loan amount | Monthly payment | Loan amount |
|---|---|---|
| $7,500 | $247.57 | $7,500 |
| $15,000 | $495.14 | $15,000 |
| $22,500 | $742.71 | $22,500 |
| $30,000 | $990.28 | $30,000 |
The math behind it
This amortizes a fixed-rate personal loan: the monthly payment is calculated so equal payments retire the balance over the term at your rate. Each month interest is charged on the remaining balance and the rest of the payment cuts principal. You can solve for the payment from a loan amount, or the amount a payment supports, and add an optional extra payment applied to principal. The figures shown are principal and interest — an origination fee, if your lender charges one, is not included.
Assumptions & limits
- A fixed interest rate is assumed for the full term, as most personal loans are fixed-rate installment loans.
- The result is principal and interest only — origination fees are not deducted or financed here.
- Any extra monthly payment reduces principal directly, shortening the term and cutting interest.
- No prepayment penalties are assumed; check your loan agreement, as some lenders charge them.
Common questions
Are origination fees included in this estimate?
No. Many personal loans carry an origination fee, often a few percent of the amount borrowed, that is either deducted from the funds you receive or added to the balance. This calculator shows principal and interest only. To account for a fee and see your true cost per dollar received, use the enhanced loan calculator, which models the origination fee directly.
Is a personal loan cheaper than a credit card?
Usually, for a fixed amount you plan to repay on a schedule. Personal loans tend to carry lower rates than credit cards and have a fixed payoff date, whereas revolving card balances can linger for years at higher APRs. Compare the total interest here against what a card would cost over the same time.
Can I pay a personal loan off early?
Often yes, and the extra-payment field shows the savings. Because extra payments go to principal, paying ahead cuts total interest and shortens the term. Check your agreement first, though — a minority of lenders charge a prepayment penalty that this estimate does not include.