Personal Loan Calculator
Find the monthly payment and total interest of an unsecured personal loan.
A personal loan is usually unsecured and repaid in fixed monthly installments. The payment depends on the amount, the rate and the term. On a $15,000 loan at 11% over 5 years the payment is $326.14, and 60 x $326.14 = $19,568 rounded to the dollar, so about $4,568 is interest. Enter your offer to see the payment and total cost.
This calculator is for general education. It is not financial advice and not a loan offer. It assumes a fixed rate, equal monthly payments and interest charged at the annual rate divided by 12, and it leaves out origination fees, insurance and any prepayment rules in your loan. Your lender's disclosures and statements are the final figures.
Estimated monthly payment
$326.14
Principal vs. interest paid per year
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,381 | $1,532 | $12,619 |
| 2 | $2,657 | $1,257 | $9,962 |
| 3 | $2,964 | $949 | $6,997 |
| 4 | $3,307 | $606 | $3,690 |
| 5 | $3,690 | $224 | $0 |
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About the Personal Loan Calculator
A personal loan is usually borrowed without collateral, so the lender prices it on your credit profile, and the rate offered depends on the borrower's profile. Repayment works like this: a fixed rate and equal monthly payments until the balance reaches zero. This calculator shows that payment, the total interest, and how the split between principal and interest changes month to month. Some loans carry an origination fee, which a lender may take out of the money you receive rather than add to the balance. The APR on the lender's disclosure includes that fee as well. This calculator uses the interest rate and leaves fees out. A shorter term costs less interest in total but raises the monthly payment, and paying extra toward principal also lowers the interest you pay.
Frequently asked questions
What credit score do I need for a personal loan?+
Each lender sets its own minimum score and prices the loan on your credit history, income and existing debts. The rate on your offer is the figure to enter here.
What is an origination fee?+
It is a one-time charge for processing the loan, set as a percentage of the amount. Some lenders subtract it from your disbursement, so a $15,000 loan with a 5% fee puts $14,250 in your account while you repay the full $15,000.
Is the rate on a personal loan fixed or variable?+
Personal loans can carry a fixed or a variable rate. With a fixed rate the payment never changes; a variable rate is tied to an index and can rise over the term. This calculator assumes a fixed rate.
Can I pay off a personal loan early?+
Your loan agreement states whether a prepayment penalty applies. Paying ahead reduces the interest that accrues on the remaining balance each month.
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