Personal Loan Calculator

A personal loan is an unsecured installment loan — typically $1,000 to $100,000 — repaid in fixed monthly payments over 1–7 years. "Unsecured" means no collateral is required; approval and rates are based on your creditworthiness. Common uses include debt consolidation, home improvement, medical bills, wedding expenses, and major purchases.

Rates vary widely: borrowers with excellent credit (720+) typically qualify for 8–15% APR, while those with fair credit may face 18–30%+. Always compare the APR (which includes fees) rather than just the stated interest rate. Origination fees of 1–8% are common and are typically deducted from the loan proceeds or added to the balance.

Personal loans are often a cost-effective way to consolidate high-interest credit card debt. If you have $15,000 in credit card debt at 22% APR, refinancing into a 36-month personal loan at 12% could save over $4,000 in interest and give you a fixed payoff date.

• Monthly payment uses standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1].
• Origination fee adds to the total cost but does not affect the monthly payment calculation (assumed financed into the loan).
• APR represents the annual percentage rate as stated in the loan agreement.
• No prepayment penalties are assumed.
• Actual loan terms, rates, and fees vary by lender and borrower creditworthiness.