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Personal Loan Calculator

A personal loan is unsecured, fixed-rate and repaid on a schedule, which makes it one of the easiest borrowing decisions to compare. The quoted rate is only half the story: origination fees are usually deducted from the money you receive, so the rate you are advertised is not the rate you pay.

$

Charged upfront as a percent of the amount borrowed.

$

Optional. Extra principal shortens the loan and cuts the interest.

Results update as you type. Nothing leaves your device.

Monthly payment

$329.89

$15,000 over 60 months at 11.5%, plus $300.00 of fees.

True APR including fees
12.389%
Total interest
$4,793.35
Total cost to borrow
$5,093.35
Scheduled payments
60

What the money costs

Interest per $100 borrowed
$31.96
Everything per $100 borrowed
$33.96
Fee as a share of the loan
2%
APR uplift from fees
+89 basis points

Offer summary

ItemAmount
Amount borrowed$15,000
Origination fee$300.00
Cash you actually receive$14,700
Monthly payment (principal and interest)$329.89
Total interest over the term$4,793.35
Total repaid$19,793.35
Total cost of credit$5,093.35

Total cost of credit is every interest payment plus every fee: the number to compare against another offer of the same length.

Payment schedule

PaymentPaymentInterestPrincipalBalance
1$329.89$143.75$186.14$14,813.86
2$329.89$141.97$187.92$14,625.94
3$329.89$140.17$189.72$14,436.21
4$329.89$138.35$191.54$14,244.67
5$329.89$136.51$193.38$14,051.29
6$329.89$134.66$195.23$13,856.06
7$329.89$132.79$197.10$13,658.96
8$329.89$130.90$198.99$13,459.97
9$329.89$128.99$200.90$13,259.07
10$329.89$127.07$202.82$13,056.25
11$329.89$125.12$204.77$12,851.48
12$329.89$123.16$206.73$12,644.75
13$329.89$121.18$208.71$12,436.04
14$329.89$119.18$210.71$12,225.33
15$329.89$117.16$212.73$12,012.60
16$329.89$115.12$214.77$11,797.84
17$329.89$113.06$216.83$11,581.01
18$329.89$110.98$218.90$11,362.10
19$329.89$108.89$221.00$11,141.10
20$329.89$106.77$223.12$10,917.98
21$329.89$104.63$225.26$10,692.72
22$329.89$102.47$227.42$10,465.31
23$329.89$100.29$229.60$10,235.71
24$329.89$98.09$231.80$10,003.91
25$329.89$95.87$234.02$9,769.90
26$329.89$93.63$236.26$9,533.63
27$329.89$91.36$238.53$9,295.11
28$329.89$89.08$240.81$9,054.30
29$329.89$86.77$243.12$8,811.18
30$329.89$84.44$245.45$8,565.73
31$329.89$82.09$247.80$8,317.93
32$329.89$79.71$250.18$8,067.75
33$329.89$77.32$252.57$7,815.18
34$329.89$74.90$254.99$7,560.19
35$329.89$72.45$257.44$7,302.75
36$329.89$69.98$259.90$7,042.85
37$329.89$67.49$262.40$6,780.45
38$329.89$64.98$264.91$6,515.54
39$329.89$62.44$267.45$6,248.09
40$329.89$59.88$270.01$5,978.08
41$329.89$57.29$272.60$5,705.48
42$329.89$54.68$275.21$5,430.27
43$329.89$52.04$277.85$5,152.42
44$329.89$49.38$280.51$4,871.91
45$329.89$46.69$283.20$4,588.71
46$329.89$43.98$285.91$4,302.80
47$329.89$41.24$288.65$4,014.14
48$329.89$38.47$291.42$3,722.72
49$329.89$35.68$294.21$3,428.51
50$329.89$32.86$297.03$3,131.48
51$329.89$30.01$299.88$2,831.60
52$329.89$27.14$302.75$2,528.84
53$329.89$24.23$305.65$2,223.19
54$329.89$21.31$308.58$1,914.61
55$329.89$18.35$311.54$1,603.06
56$329.89$15.36$314.53$1,288.54
57$329.89$12.35$317.54$971.00
58$329.89$9.31$320.58$650.41
59$329.89$6.23$323.66$326.76
60$329.89$3.13$326.76$0.00

Showing the first 60 payments of 60. Download the CSV for the whole schedule.

Compare the true APR of 12.389% against any other offer, not the headline rate: the fee alone is worth 89 basis points here.

This calculator shows the monthly payment, the total interest, the actual cash that reaches your account and the true APR that combines both. Add an optional extra monthly payment to see what paying the loan off early is worth.

How this personal loan calculator works

How the payment is calculated

The payment comes from the standard amortization formula: M = P × i ÷ (1 − (1 + i)^−n), where P is the amount financed, i is the monthly rate (annual rate ÷ 12) and n is the number of payments. Interest is charged on the remaining balance each month, so early payments are mostly interest and late payments are mostly principal.

A five-year $15,000 loan at 11.5% works out at roughly $330 a month. Stretching the same loan to seven years lowers the payment but raises the total interest, which is the trade this page is designed to show.

Why the APR matters more than the rate

APR includes the fees you pay to get the loan. On a $15,000 loan with a 2% origination fee, $300 never reaches your account but all of it is repaid. Spreading that fee across the payments raises the effective cost above the quoted rate — sometimes by a full percentage point or more.

Two offers with the same rate are not the same loan if one charges 1% and the other 6%. The offer summary shows cash received alongside the APR, so the comparison is like for like.

What is not included

Late fees, returned-payment fees, prepayment penalties, optional credit insurance and any variable-rate reset are excluded, because they depend on the contract and your behaviour. The model assumes a fixed rate and payments made on time until the balance reaches zero.

Most personal loans in the US are simple-interest instalment loans with no prepayment penalty, but "precomputed" interest and prepayment penalties still exist in some contracts. Read the fee schedule before signing anything.

Worked examples

Each example below was run through the calculator on this page when the site was built, so the numbers match what you see when you enter the same inputs.

$15,000 over five years with a 2% fee

Loan amount
$15,000.00
Interest rate
11.5%
Term
5 years
Origination fee
2%
Extra payment each month
$0.00

Monthly payment

$329.89

$15,000 over 60 months at 11.5%, plus $300.00 of fees.

True APR including fees
12.389%
Total interest
$4,793.35
Total cost to borrow
$5,093.35
Scheduled payments
60

The $300 fee is repaid with interest, which lifts the true APR above the quoted rate.

Same loan, seven-year term

Loan amount
$15,000.00
Interest rate
11.5%
Term
7 years
Origination fee
2%
Extra payment each month
$0.00

Monthly payment

$260.80

$15,000 over 84 months at 11.5%, plus $300.00 of fees.

True APR including fees
12.165%
Total interest
$6,906.94
Total cost to borrow
$7,206.94
Scheduled payments
84

Two extra years lower the payment but add interest: the classic trade of a longer term.

$15,000 over five years plus $100 a month

Loan amount
$15,000.00
Interest rate
11.5%
Term
5 years
Origination fee
2%
Extra payment each month
$100.00

Monthly payment

$329.89

$15,000 over 60 months at 11.5%, plus $300.00 of fees.

True APR including fees
12.389%
Total interest
$3,347.21
Total cost to borrow
$3,647.21
Payoff time with extra payments
3 years 7 months

Extra principal goes straight to the balance, so the interest saved is worth more than the money paid in.

Frequently asked questions

What is a good interest rate on a personal loan?

Personal loan rates track credit score and term. Strong credit often prices in the single digits, average credit in the low-to-mid teens, and weaker credit above 20%. Compare the APR, not the rate, and check what the fee does to the cash you receive.

How much can I borrow with a personal loan?

Most lenders offer $1,000 to $50,000, with the limit set by income, existing debt and credit history. Debt-to-income ratio is the usual gate: lenders want the new payment to fit inside a total debt budget of about 36% to 43% of gross income.

Do personal loans have prepayment penalties?

Most US personal loans do not, so paying early simply reduces the interest charged. Some contracts use precomputed interest or add a fee for early payoff, so check the terms before committing to a plan to overpay.

Is a personal loan better than a credit card?

For a balance you are carrying, usually yes: instalment loans are priced lower than cards and have a fixed end date. Cards stay competitive if you clear the statement balance every month, because then no interest is charged at all.

What happens if I pay late?

Expect a late fee, possible penalty APR on some products, and a mark on your credit report once the payment is 30 days late. Two consecutive missed payments can push a personal loan into default, which is why lenders offer hardship options if you call before the due date.

Does a personal loan affect my credit score?

The application causes a hard inquiry and the new account shortens your average account age, which usually costs a few points. On-time payments build history, and consolidating revolving balances into an instalment loan can improve utilisation.

Assumptions and sources

  • Payment maths uses the standard amortization formula; interest accrues monthly at one twelfth of the annual rate.
  • APR is solved from the actual cash flows: the money received (loan minus fees) against the scheduled payments.
  • No late fees, prepayment penalties, insurance products or variable-rate resets are modelled.

Last reviewed 2026-09-14. This page is an estimate tool, not financial, tax or legal advice.Read the full disclaimer.

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