Instantly calculate your monthly payment, total interest, and total cost for any personal loan. Adjust amount, rate, and term to find the payment that fits your budget.
ⓘ This calculator provides estimates only. Actual rates and terms are determined by individual lenders based on your credit profile, income, and loan amount. APR may vary.
| Term | Monthly Pay. | Total Interest | Total Cost |
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This free loan calculator helps you understand the true cost of a personal loan before you apply. Enter your desired loan amount, the expected APR (based on your credit profile), and your preferred repayment term to see an instant estimate of your monthly payment and total cost.
Monthly Payment: The fixed amount you’ll pay each month for the duration of the loan. This is calculated using the standard amortization formula, which front-loads interest payments and progressively reduces the principal balance.
Total Interest: The cumulative cost of borrowing — the amount you pay above the original principal. A lower APR or shorter term significantly reduces total interest. Compare scenarios using the term comparison table above.
APR Guide for Simple Fast Loans: Your actual APR depends on your credit score, income, and the lender’s criteria. As a general guide: excellent credit (720+) typically qualifies for 5.99%–13%; good credit (660–719) for 13%–22%; fair credit (580–659) for 22%–30%; poor credit (below 580) for 30%–35.99%.
A shorter loan term means higher monthly payments but significantly less total interest paid. A longer term reduces your monthly payment but increases the total cost of borrowing. Use the term comparison table in this calculator to see the dollar difference and choose the term that balances your monthly budget against total cost.
Disclaimer: This calculator provides estimates for illustrative purposes only. Actual loan terms, monthly payments, and APR are determined by individual lenders based on your credit profile, income, debt-to-income ratio, and other factors. Always review the full loan agreement before signing.
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