Personal Loan Calculator

Personal Loan Calculator Estimate payments, total interest, and savings from debt consolidation — with realistic fees and e...

Personal Loan Calculator

Estimate payments, total interest, and savings from debt consolidation — with realistic fees and early payoff planning.

Standard Loan Calculation

Loan Amount ($)

APR (%)

Term (Months) 12 months 24 months 36 months 48 months 60 months 72 months 84 months

Origination Fee (%)

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Loan Summary

Monthly Payment: $503.06

Total Interest: $3,110.16

Origination Fee: $675.00

Total Cost: $18,785.16

Effective APR: 13.6%

Loan Term: 36 months

Cost Breakdown

Principal
$15,000

Interest
$3,110

Fee
$675

Key Terms:

APR: Annual Percentage Rate (includes interest + fees)

Origination Fee: One-time fee deducted from loan amount

Effective APR: True cost including all fees

Debt Consolidation Calculator

Enter your current debts to see how much you could save by consolidating them into one personal loan.

Current Total Debt ($)

Average Current APR (%)

Consolidation Loan APR (%)

Consolidation Loan Term (Months) 12 months 24 months 36 months 48 months 60 months

Origination Fee (%)

💡 Tip: Consolidation works best when you can secure a lower interest rate than your current average APR.

Consolidation Results

Current Monthly Payment: $650.00

Consolidated Payment: $669.71

Monthly Savings: -$19.71

Total Interest Paid (Current): $7,400.00

Total Interest Paid (Consolidated): $3,110.16

Interest Savings: $4,289.84

Origination Fee: $900.00

Net Savings: $3,389.84

Savings Comparison

Current
Debt
$7,400

Consolidated
Debt
$3,110

Fee
$900

Early Payoff Calculator

See how extra payments can save you money on interest and shorten your loan term.

Loan Amount ($)

APR (%)

Original Term (Months) 12 months 24 months 36 months 48 months 60 months 72 months

Extra Monthly Payment ($)

One-Time Extra Payment ($)

💡 Tip: Apply extra payments directly to principal to maximize interest savings.

Early Payoff Results

Original Monthly Payment: $503.06

New Monthly Payment: $603.06

Original Term: 36 months

New Term: 28 months

Original Total Interest: $3,110.16

New Total Interest: $2,107.76

Interest Savings: $1,002.40

Time Saved: 8 months

Interest Savings

Original
Interest
$3,110

New
Interest
$2,108

Savings
$1,002

Compare Loan Offers

Compare up to 3 different loan offers side-by-side to find the best deal.

Loan Option 1

Loan Amount ($)

APR (%)

Term (Months) 12 months 24 months 36 months 48 months 60 months

Origination Fee (%)

Loan Option 2

Loan Amount ($)

APR (%)

Term (Months) 12 months 24 months 36 months 48 months 60 months

Origination Fee (%)

Loan Option 3

Loan Amount ($)

APR (%)

Term (Months) 12 months 24 months 36 months 48 months 60 months

Origination Fee (%)

💡 Tip: Look for the lowest total cost (principal + interest + fees), not just the lowest monthly payment or APR.

Loan Comparison Results

Loan Option 1

Monthly Payment: $503.06

Total Interest: $3,110.16

Origination Fee: $675.00

Total Cost: $18,785.16

Loan Option 2

Monthly Payment: $491.35

Total Interest: $2,688.60

Origination Fee: $900.00

Total Cost: $18,588.60

Loan Option 3

Monthly Payment: $500.15

Total Interest: $3,005.40

Origination Fee: $450.00

Total Cost: $18,455.40

Comparison Chart

Option 1
$18,785

Option 2
$18,589

Option 3
$18,455

🏆 Best Option: Loan Option 3

Lowest total cost at $18,455.40 despite slightly higher APR because of lower origination fee.

Personal Loan Calculator: Make Informed Borrowing Decisions

Understanding Personal Loans

Personal loans are unsecured installment loans that provide a lump sum of money repaid in fixed monthly payments over a set period. They're commonly used for debt consolidation, home improvements, medical expenses, major purchases, or unexpected emergencies. Unlike credit cards, personal loans offer predictable payments and typically lower interest rates for qualified borrowers.

How Personal Loan Interest Works

Personal loans use simple interest calculated on the remaining balance. Each monthly payment consists of both principal and interest. In the early months, a larger portion goes toward interest, but as the balance decreases, more goes toward principal. This is why making extra payments early in the loan term saves the most money on interest.

Debt Consolidation Benefits

Debt consolidation involves combining multiple high-interest debts (like credit cards) into a single personal loan with a lower interest rate. Benefits include:

• Lower overall interest rate
• Single monthly payment instead of multiple bills
• Potential to pay off debt faster
• Simplified budgeting and reduced stress

However, ensure the new loan's total cost (including fees) is actually lower than your current debts.

Early Payoff Strategies

Making extra payments on your personal loan can significantly reduce total interest and shorten the loan term. Effective strategies include:

• Bi-weekly payments: Pay half your monthly payment every two weeks (results in 13 full payments per year)
• Round-up payments: Round your payment up to the nearest $50 or $100
• Windfall payments: Apply tax refunds, bonuses, or gifts directly to principal
• Extra principal payments: Specify that additional amounts go to principal only

Comparing Loan Offers

When shopping for personal loans, compare these key factors:

• APR (Annual Percentage Rate): Includes interest rate plus fees
• Monthly payment: Ensure it fits your budget
• Loan term: Shorter terms mean higher payments but less total interest
• Origination fees: Typically 1-8% of loan amount, deducted from disbursement
• Prepayment penalties: Avoid loans that charge fees for early payoff
• Customer service: Consider lender reputation and support quality

Credit Score Impact

Your credit score significantly affects personal loan approval and rates:

• Excellent (720+): Best rates, 6-12% APR
• Good (690-719): Competitive rates, 12-18% APR
• Fair (630-689): Higher rates, 18-24% APR
• Poor (<630): Limited options, 24-36% APR or denial

Before applying, check your credit report for errors and avoid multiple hard inquiries within a short period.

Loan Amount Guidelines

Borrow only what you need and can afford to repay. A good rule of thumb is that your total debt payments (including the new loan) should not exceed 36% of your gross monthly income. Most lenders offer personal loans from $1,000 to $50,000, with terms ranging from 12 to 84 months.

Fees to Watch For

Common personal loan fees include:

• Origination fee: 1-8% of loan amount (deducted upfront)
• Late payment fee: $15-$40 or percentage of payment
• Returned payment fee: $15-$35 for bounced payments
• Prepayment penalty: Rare, but some lenders charge for early payoff

Always read the fine print and calculate the true cost including all fees.

Alternatives to Personal Loans

Depending on your situation, consider these alternatives:

• 0% APR credit cards: For purchases you can pay off within 12-18 months
• Home equity loans: Lower rates but secured by your home
• 401(k) loans: Borrow from retirement account (risky if job changes)
• Peer-to-peer lending: Platforms like LendingClub or Prosper
• Family/friends: Interest-free but potential relationship risks

Conclusion

Personal loans can be powerful financial tools when used responsibly. Use this calculator to understand your payment obligations, explore different scenarios, and make informed decisions. Always shop around for the best rates, read all terms carefully, and ensure the monthly payment fits comfortably within your budget before committing to any loan.

Frequently Asked Questions

Q: What credit score do I need for a personal loan?
A: Most lenders require a minimum credit score of 600-650. However, you'll get the best rates with a score of 720 or higher. Some lenders specialize in borrowers with fair or poor credit, but they charge significantly higher interest rates.

Q: How long does it take to get approved for a personal loan?
A: Many online lenders provide instant pre-approval decisions. Full approval and funding typically takes 1-7 business days, though some lenders offer same-day funding for qualified applicants.

Q: Can I pay off my personal loan early without penalty?
A: Most reputable lenders do not charge prepayment penalties, but always check your loan agreement. Paying early can save you significant interest and is generally encouraged by lenders.

Q: What's the difference between interest rate and APR?
A: The interest rate is the cost of borrowing the principal amount. APR (Annual Percentage Rate) includes the interest rate plus any origination fees and other costs, giving you the true annual cost of the loan.

Q: How much can I borrow with a personal loan?
A: Personal loan amounts typically range from $1,000 to $50,000. The exact amount depends on your credit score, income, debt-to-income ratio, and the lender's policies. Higher credit scores and income generally qualify you for larger amounts.

Q: Are personal loans tax deductible?
A: Generally, no. Personal loan interest is not tax deductible because the funds aren't used for business, investment, or education purposes. However, if you use the loan for business expenses, the interest may be deductible.

Q: What happens if I miss a personal loan payment?
A: Missing a payment typically results in late fees, potential interest rate increases, and a negative mark on your credit report after 30 days. Contact your lender immediately if you're having trouble making a payment—they may offer hardship programs or temporary relief options.