Personal Loan Calculator
Find the monthly payment and true cost of an unsecured personal loan.
A personal loan is unsecured and repaid in fixed monthly installments, usually over 2 to 7 years. The payment depends on the amount, the APR, and the term. On a $15,000 loan at 11% over 5 years you would pay about $326 a month and roughly $4,580 in interest. Enter your offer to see the payment and total cost.
These results are estimates for informational purposes only and are not financial, tax, or legal advice. Your actual figures from a lender or the IRS may differ. Consult a qualified professional before making decisions.
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 |
About the Personal Loan Calculator
A personal loan is borrowed without collateral, so the lender prices it almost entirely on your credit profile. Strong credit can land a single-digit APR, while fair credit often sees rates above 20%, which is why the rate you enter matters more here than on a secured loan. Repayment is straightforward: 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. Watch for an origination fee, often 1% to 8% of the amount, which some lenders deduct from the money you receive rather than add to the balance. Compare offers by APR rather than the headline rate, since APR folds that fee into the cost. A shorter term saves a large amount of interest but raises the monthly payment, so pick the longest term whose payment you can comfortably cover, then pay extra when you can to finish sooner.
Frequently asked questions
What credit score do I need for a personal loan?+
Lenders approve a wide range, but the best rates usually go to scores above 720. Below about 640 you may still qualify through online or credit-union lenders, though the APR climbs steeply and some lenders add stricter income checks.
What is an origination fee?+
It is a one-time charge for processing the loan, commonly 1% to 8% of the amount. Many 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?+
Most personal loans carry a fixed rate, so the payment never changes. A few lenders offer variable-rate loans tied to an index, which can start lower but rise over the term. This calculator assumes a fixed rate.
Can I pay off a personal loan early?+
Usually yes, and most lenders charge no prepayment penalty, though it is worth confirming before you sign. Paying ahead cuts the interest you owe because interest is charged on the remaining balance each month.