Free Personal Loan Calculator — Compare Rates & Monthly Payments
Work out what a personal loan really costs: the monthly payment, the total interest, a full month-by-month schedule, and the effect of an origination fee on the cash you actually receive. Enter an amount, an APR, and a term, and the numbers update as you type. Nothing is sent anywhere — no sign-up, no credit check, and no lender form.
Every figure on this page comes from the standard amortisation formula, M = P × [r(1+r)n] / [(1+r)n − 1], where P is the amount borrowed, r is the APR divided by twelve, and n is the number of monthly payments. Payment, total repaid, total interest, and each row of the schedule all follow from that one equation, so you can reproduce any of it in a spreadsheet and check the result.
Where the rates on this page come from
The default APR of 12.44% is Bankrate's average personal loan rate for 16 September 2026, measured on a $5,000 three-year loan for a borrower with a 700 FICO score. The four tiers in the comparison panel are illustrative national averages rather than offers: strong credit is priced around 12%, fair credit closer to 19%, and the weakest files run toward the 36% APR ceiling most lenders apply. Rates move, and lenders price on income, existing debt, and their own models as well as on score, so replace the default with your own quote as soon as you have one.
Why the origination fee changes the answer
Origination fees commonly run from 1% to 10% of the amount borrowed, and lenders usually deduct them before the money reaches your account. Borrow $10,000 with a 5% fee and $9,500 arrives, but the repayment schedule is still built on $10,000 — you pay interest on money you never touched. Entering the fee shows the amount deducted, the cash actually disbursed, and what that makes the loan cost, which is the only fair way to compare a low-rate loan that charges a fee against a higher-rate loan that does not.
What this calculator cannot tell you
It cannot say whether you will be approved or what APR a lender will offer, and it assumes a fixed rate, equal monthly payments, and no late fees, insurance, or add-ons. It is a maths tool, not financial advice. For the wider picture, check your debt-to-income ratio, compare quoted offers with the APR calculator, or model paying the balance down early with the debt payoff calculator.
How to use Personal Loan Calculator
- Enter the amount you want to borrow, the APR the lender quoted, and the term in years. The APR starts at a national average, so replace it with a real quote when you have one.
- Read the three headline numbers: monthly payment, total repaid, and total interest. The total interest is the price of the loan; the monthly payment is only how that price is spread out.
- Add the origination fee if the lender charges one. The calculator shows the fee, the cash actually disbursed, and what the loan costs once the fee is counted.
- Compare terms before committing. Stretching the same loan from three years to five lowers the payment but raises the total interest, usually by a large margin.
- Open the amortisation schedule to see how each payment splits between principal and interest, then copy the summary or export it as CSV or PDF to compare lenders side by side.
Features
- Payment, total repaid, and total interest — calculated with the standard amortisation formula and updated as you type.
- Credit tier comparison — the same loan priced at four illustrative national average rates, so the dollar value of a better score is visible instead of abstract.
- Origination fee transparency — shows the fee deducted, the cash you actually receive, and the effective cost of that cash.
- Full amortisation schedule — month-by-month principal and interest, grouped by year and expandable.
- Copy, CSV, and PDF export — take the schedule into a spreadsheet or attach it to a lender comparison.
- Nothing leaves your browser — amounts, rates, and terms are never sent to a server, and there is no account, lead form, or rate-quote referral.
Frequently Asked Questions
How much is the monthly payment on a $10,000 personal loan?
At 12.44% — Bankrate's average rate on 16 September 2026 — a $10,000 loan costs about $334 a month over three years, with roughly $2,033 in total interest. The same loan over five years drops to about $225 a month but costs about $3,480 in interest, so the cheaper-looking payment is the more expensive loan.
How much would a $15,000 personal loan cost per month?
Over three years, roughly $470 a month at 8% APR, $498 at 12%, $542 at 18%, and $588 at 24%. Total interest over those three years runs from about $1,922 at 8% to about $6,186 at 24% — the same loan, more than three times the cost, purely because of the rate.
What is a good interest rate for a personal loan right now?
Anything meaningfully below the national average is good. Bankrate put that average at 12.44% on 16 September 2026 for a $5,000 three-year loan at a 700 FICO score, while the best-priced offers for excellent credit sit in the single digits and most lenders cap out at 36% APR. Compare at least three quotes, and compare APR rather than the interest rate so fees are included.
What credit score do I need for a personal loan?
There is no single cut-off — lenders exist across the score range, and some lend to thin or damaged files at high rates. What changes with the score is price, not usually possibility: strong scores are priced near the market average or below, mid-range scores commonly land in the high teens, and the weakest files approach the 36% ceiling. Income and existing debt matter as much as the score, which is why two people with identical scores can get different offers.
What is an origination fee and why does it matter?
It is a processing fee, commonly 1% to 10% of the amount borrowed, usually deducted before the loan is disbursed. That means you can receive less cash than the principal you repay, so the real cost is higher than the headline rate suggests. Enter the fee here to see the cash you actually get and what the loan costs once the fee is counted.
Is a personal loan better than a credit card for debt consolidation?
It can be, when the loan APR is clearly lower than the card APR and you stop using the card. Average card rates in September 2026 were reported between roughly 20% and 25% depending on the source — LendingTree put the US average at 23.82% — against a personal loan average of 12.44%, and a loan also has a fixed payoff date instead of a balance that can roll forever. It works against you if the fee is large, the term is long enough to raise total interest, or the card balance builds up again.
How do I calculate a personal loan payment by hand?
Use M = P × [r(1+r)^n] / [(1+r)^n − 1]. P is the principal, r is the annual rate divided by 12 (12.44% becomes 0.010367), and n is the number of monthly payments. A spreadsheet does the same with PMT(rate, nper, -principal). This calculator applies that formula and then builds the schedule from it.
Is my financial information saved when I use this calculator?
No. The maths runs in your browser, the values you type are never sent to a server, and there is no account or lead form. Closing the tab discards everything.