Personal Loan Calculator
Calculate your monthly payment, total interest paid, and total loan cost for any personal loan. Adjust the loan amount, rate, and term to find the best fit for your budget.
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Frequently Asked Questions
How is a monthly personal loan payment calculated?
Monthly payment = P × (r(1+r)^n) / ((1+r)^n − 1), where P is principal, r is monthly rate, and n is total months. This produces equal payments that fully pay off principal and interest.
What credit score do I need for a good personal loan rate?
750+ typically gets 7–12% APR; 700–749 gets 12–18%; 650–699 gets 18–25%; below 650 may see 25–36% or outright denials. Improving your score before applying can save thousands.
Is a personal loan better than credit card debt?
Often yes. Personal loans typically carry lower fixed rates (7–24%) versus credit cards (20–30%+), fixed payment schedules, and a clear payoff date — making them a common debt consolidation strategy.