Personal loan calculator.
Enter the loan amount, your APR, and the term in months. The calculator returns the fixed monthly payment plus the total interest you will pay over the life of the loan.
Standard fixed-rate amortization.
Personal loans use the same amortization equation as a mortgage. Fixed rate, fixed term, fixed monthly payment. The math:
M = P * [r(1+r)^n] / [(1+r)^n - 1]M is the monthly payment, P is the loan amount, r is the monthly rate (annual APR divided by 12), and n is the total number of monthly payments. On a $15,000 loan at 11.5% APR for 60 months, the monthly payment is roughly $330. Total cost over 5 years: $19,800. Total interest: $4,800.
Each monthly payment splits between interest (declining over time) and principal (rising over time). Early payments are mostly interest. Late payments are mostly principal. The calculator’s total interest figure assumes you make the scheduled payment for the full term. Extra principal payments reduce the total cost.
How to get a better rate and minimize total cost.
Pre-qualify with three or four lenders before applying. SoFi, LightStream, Marcus, and Discover all offer soft-pull rate quotes that do not affect your credit score. The Consumer Financial Protection Bureau’s data shows that getting just three quotes typically saves the median borrower 1.5 to 3 percentage points on APR. On a $15K, 60-month loan, 2 points lower saves roughly $850 in total interest.
Shorten the term if you can afford the higher monthly payment. A $15K loan at 11.5% for 36 months has a $495 monthly payment but total interest of $2,800. The same loan at 60 months drops the monthly to $330 but raises total interest to $4,800. The shorter term costs $2,000 less overall.
Avoid origination fees when possible. SoFi, LightStream, and Discover charge zero origination fee. Lenders that charge a 5% origination fee on a $15K loan deduct $750 from the disbursement, meaning you receive $14,250 but pay back as if you borrowed $15K. The effective APR is higher than advertised.
Set up autopay. Most lenders give a 0.25% to 0.50% APR discount for enrolling in automatic monthly payments from a checking account. On a 60-month loan that discount saves $100 to $200 in total interest. Easy yes if your cash flow is stable.
Frequently asked questions
What rate can I qualify for?
Personal loan rates depend heavily on credit score. Borrowers with FICO 740+ typically see APRs from 8% to 12%. Mid-prime borrowers (660 to 739) usually see 12% to 18%. Subprime borrowers see 18% to 36%. As of early 2026 the average personal loan APR is roughly 12.5% per the Federal Reserve’s G.19 report. Most lenders offer a soft-pull pre-qualification that returns your real rate without affecting your credit score.
How does a personal loan compare to a credit card?
Personal loans are fixed-rate and have a defined payoff date. Credit cards are revolving and variable-rate. For consolidating high-APR card debt, a personal loan at 11.5% replaces a 22.99% APR card and gives you a clear timeline. The discipline benefit is real: a fixed payment for 60 months retires the debt by month 60. Cards can drag for decades at minimum payments.
Are there origination fees?
Some lenders charge an origination fee of 1% to 8% of the loan, deducted from the disbursement. SoFi, LightStream, and Discover Personal Loans currently charge zero origination fees. Upstart, LendingClub, and Best Egg typically charge fees. The APR shown in your loan offer should already include the fee in the calculation, but confirm by asking for the loan’s disclosure form.
Can I pay it off early?
Most major U.S. personal loan lenders charge no prepayment penalty. SoFi, LightStream, Marcus, Discover, and Wells Fargo all allow early payoff with no fee. Always confirm in the loan disclosure before signing. If you make extra principal payments, you reduce the total interest paid; the calculator shows total cost assuming you pay the standard schedule.
What can I use a personal loan for?
Most lenders allow any legal personal use: debt consolidation, home improvement, medical bills, moving, weddings, or unexpected expenses. The Consumer Financial Protection Bureau notes that some lenders prohibit using personal loan funds for post-secondary education, business expenses, or investments. Read the use-of-proceeds clause in your loan agreement. The most common purpose nationally is credit card consolidation.