Personal Loan Calculator
Estimate your monthly personal loan payment and total cost.
Monthly payment
$491.08
Total interest
$2,678.91
Total repayment
$17,678.91
What is the Personal Loan Calculator?
A personal loan calculator estimates the monthly payment, total interest, and total repayment for a fixed-rate installment loan.
How the calculation works
The loan amount is amortized over the term at your APR, producing a fixed monthly payment. Total repayment is the payment times the number of months.
Example
A $15,000 loan at 11% over 36 months has a monthly payment of about $491 and total interest near $2,680.
Tips
- A shorter term means higher payments but less interest.
- Watch for origination fees, which raise the effective cost.
- Compare a personal loan against a 0% balance-transfer card for debt consolidation.
Limitations
Does not include origination fees or late charges, which raise the true cost.
Frequently asked questions
What is APR?
Annual Percentage Rate reflects the yearly cost of borrowing; for loans with fees the APR can exceed the interest rate.
Personal loan vs credit card?
Personal loans have fixed payments and often lower rates than cards, making payoff more predictable.
What is an origination fee?
A one-time fee some lenders charge to process the loan, often deducted from the amount you receive.
Can I pay it off early?
Usually yes; check for prepayment penalties before paying ahead of schedule.
How is the monthly payment set?
It is the fixed amortized payment that fully repays the loan over the chosen term.
Related calculators
Reviewed for the 2025 tax year
See our methodology, data sources, and editorial policy. Educational use only — not financial, tax, or investment advice (disclaimer).