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Personal loan calculator
Origination fees of 1–10% are common on personal loans and are usually taken from the loan. Here the fee is financed, so you see the true monthly cost.
Example: $20,000 at 12% APR over 5 years is about $445 a month and $6,693 in interest. Over 3 years the payment rises to about $664, and interest falls to about $3,914.
$444.89
monthly payment
- Amount financed
- $20,000
- Total interest
- $6,693
- Total of payments
- $26,693
Same loan, different terms
| Term | Payment | Total interest |
|---|---|---|
| 12 months | $1,776.98 | $1,324 |
| 24 months | $941.47 | $2,595 |
| 36 months | $664.29 | $3,914 |
| 48 months | $526.68 | $5,280 |
| 60 months | $444.89 | $6,693 |
| 72 months | $391.00 | $8,152 |
| 84 months | $353.05 | $9,657 |
Already have this loan? See what extra payments save in the payoff calculator.
Amortization schedule
| Year | Interest | Principal | Extra | Balance |
|---|---|---|---|---|
| 1 | $2,233 | $3,106 | $0 | $16,894 |
| 2 | $1,839 | $3,500 | $0 | $13,394 |
| 3 | $1,395 | $3,944 | $0 | $9,451 |
| 4 | $895 | $4,444 | $0 | $5,007 |
| 5 | $331 | $5,007 | $0 | $0 |
Ask the trail guide about this plan
Get a plain-English read of the numbers above: what's driving the savings, what to check with your lender, and trade-offs to weigh. Written by AI from your inputs, so double-check anything important.
What drives a personal loan payment
Three inputs: the amount, the APR and the term. Credit score drives the APR more than anything. Shorter terms cost more per month but much less in total, and the comparison table shows that trade-off for your amount.
If the lender deducts the origination fee from the money you receive, borrow slightly more to net the amount you need. Entering the fee here shows its effect on the payment.
Using a personal loan to pay off cards
Consolidating 25% credit card balances into a 12% personal loan can cut interest sharply, but only if the cards stay paid off. Compare with the debt payoff calculator before you apply.
Questions people ask
What is the monthly payment on a $10,000 personal loan?
At 12% APR it is about $332 over 3 years or $222 over 5 years. Enter your own rate above.
What is a good personal loan interest rate?
It depends mostly on credit score. Excellent credit can get single-digit APRs, while fair credit often sees 18–30%. Compare APRs, which include fees, across several lenders.
Do personal loans have prepayment penalties?
Most don't, but check the agreement. If there's none, the personal loan payoff calculator shows what extra payments save.
Does a longer term lower the total cost?
No. A longer term lowers the monthly payment but raises total interest. Choose the shortest term whose payment you can comfortably make.
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