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Personal Loan Calculator Featuring Extra Payments Option
Need a Lower Payment?
Use our personal loan calculator to estimate your monthly payment, total interest cost, and payoff date before you apply for financing. By entering your loan amount, repayment terms, and interest rate, you’ll see how much your loan will cost and whether it fits your budget.
This tool is especially helpful if you’re comparing different loan options or deciding between a personal loan and other financing methods. Estimate your monthly payment, total interest, and payoff schedule. Exports to CSV and prints cleanly.
Personal Loan Calculator
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Debt consolidation combines all of your cards into one, allowing you to get a significantly lower monthly payment and pay off debt faster. Here are the top debt consolidation plans. All of these options start with a free consultation and savings estimate.
How to Use Your Personal Loan Calculator
Our personal loan calculator requires just a few quick steps to give you results:
- Enter your loan amount
Input the amount you want to borrow. The total loan balance will impact both your monthly payments and the amount of interest payments you’ll make over the life of the loan. - Enter your interest rate
Personal loan interest rates typically range between 6% and 35%. If you aren’t sure what to enter, you can use the average personal loan rate based on your credit score (see next section) as a starting point. - Choose your repayment term
Most personal loans run between two and seven years, though some lenders may offer terms as short as 12 months or as long as 10 years. A shorter repayment term means higher loan payments but less total interest. Longer terms reduce your monthly payments but increase the overall total costs. - Add additional payment amount (optional)
You can also enter an extra dollar amount to your regular payments to see how additional contributions will affect your payoff.
- Click “Calculate”
Each time you adjust your loan amount, term, additional payment, or interest rate, click the calculate button to update your results. Try adjusting your numbers to see how your loan payments change.
Keep in mind that the results are estimates only. Other factors, such as origination and other fees, can significantly alter the amounts shown.
What Is a Good Personal Loan Rate?
Personal loan rates vary widely depending on your credit score, income, debt-to-income ratio (DTI), and overall credit history. In general, APRs fall between 6% and 36%. Borrowers with stronger credit profiles will qualify for lower rates.
However, predatory lenders may charge more, and borrowers should avoid them, especially if the terms and conditions include prepayment penalties or excessive fees. Seek out reputable lenders, such as those found in our overviews of the best personal loans or best debt consolidation providers, to ensure you’re working with a trusted provider.
| Credit Tier | Score Range (FICO) | Average APR Range |
| Poor | 300 – 579 | 25% – 36% |
| Fair | 580 – 669 | 18% – 25% |
| Good | 670 – 739 | 12% – 18% |
| Very Good | 740 – 799 | 9% – 12% |
| Exceptional/Excellent | 800 – 850 | 6% – 9% |
Tip: APR is the true cost of borrowing, including both interest and fees such as an origination fee. Always compare APRs rather than just interest rates.
Reading Your Results
When you use the calculator, you’ll see several key outputs:
- Monthly payment: The amount you’ll pay each month for the life of the loan.
- Total interest: How much you’ll pay in borrowing costs based on the loan amount, rate, and term.
- Total loan cost: Principal plus total interest.
- Payoff date: The month and year you’ll make your last loan payment.
- Amortization schedule: A month-by-month breakdown of how each payment is split between principal and interest. Use the expandable view or download your schedule to see how interest decreases over time.
Make the Most of Your Personal Loan Calculator Results
You can adjust the fields in the calculator anytime to see how different scenarios affect your loan. Here are some of the best ways to use your results:
- Compare loan terms at different rates.
- Adjust your loan amount or term length to fit your monthly payments.
- See how extra payments reduce your payoff time and interest payments.
- Decide if a personal loan or debt consolidation is better than carrying credit card debt or using a balance transfer credit card option.
Next Steps After Using the Personal Loan Calculator
Once you’ve got your numbers, here’s what to do next:
- Pre-qualify: Many lenders, such as those in our best personal loans review, allow you to check rates with a soft credit pull, so you can see potential offers without hurting your credit report.
- Compare lenders: Focus on APR, repayment terms, fees, and funding speed if necessary. Be sure to review the lender’s terms and conditions before formally applying for the offer you choose.
- Apply: When applying for a personal loan, you’ll likely need to provide proof of income and identity documents to complete your application.
- Get funded: Many lenders disburse funds within one to a few business days after your approval.
Resources
Looking for more information? These guides can help you take the next step:
Compare personal loan lenders
Personal loan vs. other borrowing options
| What Is Online Loan Prequalification? |
| How Does Debt Consolidation Work? |
| Can You Use a Personal Loan to Buy a Car? |
| Balance Transfer vs. Personal Loan |
| Best Home Equity Loans |
What Is a Good Personal Loan Payment Amount?
A “good” personal loan payment isn’t a one-size-fits-all number. It depends on your loan amount, interest rate, and repayment terms, as well as whether the monthly payment fits into your budget.
Generally, a manageable personal loan payment should fit in your budget, allow you to cover your other expenses, save for emergencies, and still make solid progress on paying down your debt.
A good personal loan payment also depends on how you use the funding. Using the funding to pay for an unexpected expense versus a large “want” purchase can feel very different when you’re repaying the debt. However, in either case, the amount must fit into your budget to avoid hardship.
The chart below shows estimated monthly payments on a 3-year loan across different credit tiers, giving you a snapshot of what you might expect to pay depending on your credit profile.
However, it’s crucial to keep in mind that these are estimates only provided for illustration purposes and not as quoted amounts. Use this table as a starting point to understand the potential range of payments, but always compare personalized loan offers before making a decision.
Estimated Monthly Payments on a 3-Year Personal Loan
| Loan Amount | Poor (30% APR) | Fair (20% APR) | Good (12% APR) | Very Good (9% APR) | Excellent (6% APR) |
| $5,000 | $208 | $186 | $167 | $159 | $152 |
| $10,000 | $417 | $372 | $332 | $318 | $304 |
| $15,000 | $625 | $559 | $498 | $477 | $456 |
| $20,000 | $834 | $745 | $664 | $636 | $608 |
Your actual loan payment will depend on factors such as your lender’s terms and conditions, the origination fee, and the specifics of your credit profile. Even within the same credit tier, two borrowers can see significantly different offers based on income, DTI, and overall credit history.
Effect of APR and Term Length
Understanding how APR and loan terms affect your personal loan is essential to making smart borrowing decisions. A higher APR increases your monthly payments, while a lower rate keeps them down.
Additionally, a shorter-term loan means making higher payments but paying less overall interest, while longer repayment terms reduce your payments but increase the total costs by stretching out the interest. The graphic below shows the interest rate and loan length effects on a $10,000 loan example.
