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?
Use an actual lender quote when modeling repayments. Eligibility and pricing depend on the product and your application; a credit-score band does not establish a guaranteed APR. Check whether preliminary quotes use a soft inquiry.
How should I compare a loan with existing debt?
Compare the same balance using each option’s repayment schedule, fees and total cost. A smaller monthly payment can come from a longer term. Review the full cost before choosing.
Are there origination fees?
Fee conditions differ by offer. Some fees are deducted from the loan proceeds, reducing the amount deposited. SoFi describes both fee and no-fee options. Use the linked personal loan profiles to check provider terms, and review your own disclosure for the exact APR and net proceeds.
Can I pay it off early?
Read the prepayment provision in the actual agreement. Ask how additional payments are applied and request a payoff quote when you are ready to repay the balance.
What can I use a personal loan for?
Permitted uses vary by product. Check the use-of-proceeds restrictions before applying, especially for education, business, property or investment expenses.