Estimate the monthly payment and total cost of an unsecured personal loan based on the amount, rate, and term you enter.
Enter your loan details
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years
Your results
$0
Monthly Payment
$0
Total Interest
$0
Total Repayment
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Payoff Date
Remaining Balance
How the Personal Loan Calculator works
A personal loan is typically a fixed-rate, fixed-term installment loan: you borrow a lump sum and pay
it back in equal monthly payments. Each payment covers that month's interest first, and the rest goes
toward reducing your principal.
Enter your loan amount, interest rate, and term to see your exact monthly payment, how much interest
you'll pay in total, and roughly when the loan will be paid off.
Payment = (P × r) / (1 − (1 + r)^−n)
Because personal loans are usually unsecured, their rates tend to run higher than secured loans like
mortgages or auto loans. Shopping around and comparing your rate against other borrowing options can
make a meaningful difference in your total cost.
Frequently asked questions
Requirements vary by lender, but most banks and credit unions look for a credit score in the mid-600s or higher for their best rates. Online lenders and credit unions may approve lower scores, often with a higher interest rate to offset the risk.
Most personal loans are unsecured, meaning they aren't backed by collateral like a house or car. Because the lender takes on more risk, unsecured personal loans usually carry higher interest rates than secured loans of a similar size.
Many personal loans can be paid off early with no penalty, but not all — some lenders charge a prepayment fee. Check your loan agreement, or ask the lender directly, before making extra payments toward payoff.
Personal loan rates are usually lower than credit card APRs, especially for borrowers with good credit, and they come with a fixed payoff date instead of revolving debt. If you're using a loan to consolidate credit card balances, compare the total cost of both options first.