Personal Loan Calculator
Plan personal loan repayments and total interest.
Fees
Affordability (optional)
Principal vs interest
Remaining balance over time
Interest vs principal by year
Affordability
Lenders generally want DTI under 36% (front + back). Under 20% is excellent, 36–43% is fair, above 43% is a red flag.
Compare two loans
| Scenario | Monthly | Total interest | Total cost | Payoff |
|---|---|---|---|---|
| A — 11% / 4y | $387.68 | $3,608.78 | $18,608.78 | 48 mo |
| B — 9% / 3y Cheaper | $477.00 | $2,171.86 | $17,171.86 | 36 mo |
Full amortization schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Oct 2026 | $387.68 | $250.18 | $137.50 | $14,749.82 |
| 2 | Nov 2026 | $387.68 | $252.48 | $135.21 | $14,497.34 |
| 3 | Dec 2026 | $387.68 | $254.79 | $132.89 | $14,242.55 |
| 4 | Jan 2027 | $387.68 | $257.13 | $130.56 | $13,985.42 |
| 5 | Feb 2027 | $387.68 | $259.48 | $128.20 | $13,725.94 |
| 6 | Mar 2027 | $387.68 | $261.86 | $125.82 | $13,464.08 |
| 7 | Apr 2027 | $387.68 | $264.26 | $123.42 | $13,199.82 |
| 8 | May 2027 | $387.68 | $266.68 | $121.00 | $12,933.13 |
| 9 | Jun 2027 | $387.68 | $269.13 | $118.55 | $12,664.00 |
| 10 | Jul 2027 | $387.68 | $271.60 | $116.09 | $12,392.41 |
| 11 | Aug 2027 | $387.68 | $274.09 | $113.60 | $12,118.32 |
| 12 | Sep 2027 | $387.68 | $276.60 | $111.08 | $11,841.72 |
| 13 | Oct 2027 | $387.68 | $279.13 | $108.55 | $11,562.59 |
| 14 | Nov 2027 | $387.68 | $281.69 | $105.99 | $11,280.90 |
| 15 | Dec 2027 | $387.68 | $284.27 | $103.41 | $10,996.62 |
| 16 | Jan 2028 | $387.68 | $286.88 | $100.80 | $10,709.74 |
| 17 | Feb 2028 | $387.68 | $289.51 | $98.17 | $10,420.23 |
| 18 | Mar 2028 | $387.68 | $292.16 | $95.52 | $10,128.07 |
| 19 | Apr 2028 | $387.68 | $294.84 | $92.84 | $9,833.23 |
| 20 | May 2028 | $387.68 | $297.54 | $90.14 | $9,535.68 |
| 21 | Jun 2028 | $387.68 | $300.27 | $87.41 | $9,235.41 |
| 22 | Jul 2028 | $387.68 | $303.02 | $84.66 | $8,932.38 |
| 23 | Aug 2028 | $387.68 | $305.80 | $81.88 | $8,626.58 |
| 24 | Sep 2028 | $387.68 | $308.61 | $79.08 | $8,317.98 |
Complete guide to personal loans
How personal loans work
A lump sum is deposited to your account and repaid in fixed monthly installments (usually 24–84 months) at a fixed APR. Most personal loans are unsecured.
Secured vs unsecured
Unsecured loans need no collateral but rely on credit score; rates run 6–36%. Secured loans (against a car or CD) offer lower rates but risk the asset.
APR explained
APR wraps interest and mandatory fees (like origination) into a single annual cost. Always compare APRs, not headline rates.
Choosing the right term
Shorter terms pay far less interest but the monthly payment is higher. Match the term to how long you'll actually benefit from the purchase or how fast you can afford to repay.
Improving your credit score
Pay on time, keep utilization below 30%, avoid new credit lines just before applying, and dispute errors on your reports.
Refinancing a personal loan
Consider refinancing when your credit has improved 50+ points or rates have dropped materially. Beware new origination fees.
Common borrowing mistakes
Borrowing more than needed, extending the term to chase a low payment, skipping the APR comparison, or ignoring prepayment penalties.
Frequently asked questions
What credit score do I need?
670+ for competitive rates; 740+ for the best. Below 640 expect double-digit APRs or a co-signer requirement.
Is a personal loan cheaper than a credit card?
Almost always yes — personal loan APRs typically run 8–25%, credit cards 18–30%.
Are there prepayment penalties?
Most reputable US lenders don't charge them, but confirm before signing.
What is an origination fee?
A one-time fee (0–8%) taken from your loan proceeds. It raises the effective APR — factor it in.
Can I use a personal loan for anything?
Most lenders allow debt consolidation, home improvement, medical or major purchases; a few exclude business or investing use.
Does applying hurt my credit?
A soft-pull pre-qualification does not; a formal application triggers a hard inquiry worth about 5 points for a few months.
How fast is funding?
Online lenders often fund within 1–3 business days after approval.
Can I have two personal loans at once?
Yes if your DTI supports it and the lender allows, but it adds risk.
What is DTI?
Debt-to-Income ratio: monthly debt payments ÷ monthly gross income. Lenders like it under 36%.
Do personal loans build credit?
Yes — on-time payments build history and add installment mix, both good for scores.
Fixed or variable rate?
Almost all US personal loans are fixed-rate. Variable can be cheaper short-term but risky.
Are personal loans tax deductible?
No, unless used for eligible business purposes.
Can I pay off a personal loan early?
Usually yes, without penalty, saving remaining interest.
What happens if I default?
The lender may charge late fees, report to credit bureaus, send to collections, and sue for judgment on unsecured balances.
Should I use a personal loan to pay off credit cards?
Often yes if the loan APR is materially lower and you avoid re-charging the cards.