Personal Loan Calculator

Calculate monthly payments and total interest for a personal loan. Compare different loan amounts, rates, and terms.

Loan Amount ($)

Interest Rate (%)

Term (years)

How Is This Calculated?

Personal loan payments use the standard loan amortization formula. The monthly payment is calculated based on your loan amount, interest rate, and repayment term. Each payment covers both principal and interest.

Frequently Asked Questions

What is a personal loan?

A personal loan is an unsecured loan from a bank, credit union, or online lender that you repay in fixed monthly installments. It can be used for debt consolidation, home improvement, medical expenses, or other purposes.

What credit score do I need for a personal loan?

Most lenders prefer a credit score of 670+ for competitive rates. Some lenders offer loans to borrowers with scores as low as 580, but at higher interest rates.

Disclaimer: This calculator provides estimates for informational purposes only and should not be considered financial advice. Results may vary based on your specific circumstances. Please consult a qualified financial professional for advice tailored to your situation.