Personal Loan Payment Calculator

Calculate monthly payments, total interest, and payoff schedule for any personal loan.

💰 Finance📐 Monthly Payment = Loan x [r(1+r)^n] / [(1+r)^n-1]

Loan amount ($)

Annual interest rate (%)

Loan term (months)

Origination fee (%)

Please enter valid values.

Formula & Reference

Variable	Formula	Units
Personal Loan Payment Calculator	Monthly Payment = Loan x [r(1+r)^n] / [(1+r)^n-1]	$/month

Step-by-Step Examples

Example 1

$15K 36 Mo

$15,000, 8.5%, 36 months.

Monthly: $473
Total interest: $1,028

✓ $473/month

Example 2

$25K Home Improvement

$25,000, 7.0%, 60 months.

Monthly: $495
Total interest: $4,700

✓ $495/month

Example 3

$5K Debt Consolidation

$5,000, 12%, 24 months.

Monthly: $235
Total interest: $641

✓ $235/month

Real-World Applications

💰

Borrowers

Calculate loan payments before signing.

🏦

Lenders

Illustrate payment scenarios.

📊

Financial Advisors

Compare loan options for clients.

🛒

Shoppers

Compare dealer financing vs personal loan.

Common Mistakes to Avoid

⚠️

Not comparing APR including fees

Origination fees add 1-8% to effective cost. Always compare APRs, not just stated rates.

⚠️

Choosing too-long a term

Longer terms mean lower payments but much more total interest.

⚠️

Missing prepayment penalties

Check for fees if you might pay off early with a bonus or tax refund.

Frequently Asked Questions

Good personal loan rate? ▾

Excellent credit (750+): 6-10%. Good (700-749): 10-15%. Fair (650-699): 15-20%. Poor: 20-36%.

Personal loan vs credit card for consolidation? ▾

Personal loans typically have lower fixed rates (7-20%) vs credit cards (18-30%+). Better for consolidating $5,000+ in high-interest debt.

How fast can I get a personal loan? ▾

Online lenders: same day to 3 business days. Banks: 1-5 days. Pre-approval takes minutes and uses a soft inquiry.

Does applying hurt my credit? ▾

Pre-qualification: no. Formal application: minor hard inquiry (-5 to -10 points temporarily).

Documents needed? ▾

Government ID, pay stubs or W-2, bank account info, and Social Security number.