Personal Loan Calculator

Calculate monthly payments and total cost for personal loans at various rates and terms.

How Personal Loan Payments Work

Personal loans use fixed monthly payments calculated with the standard amortization formula. The interest rate depends on your credit score, income, and the lender.

Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1] P = Loan amount, r = monthly rate, n = total months

Typical Personal Loan Rates (2026)

  • Excellent credit (720+): 6.5% – 9.0%
  • Good credit (680–719): 9.0% – 13.0%
  • Fair credit (640–679): 13.0% – 18.0%
  • Poor credit (below 640): 18.0% – 36.0%

Frequently Asked Questions

Rates range from 6-8% for excellent credit to 20-36% for poor credit. The national average is around 11-12%. Always compare offers from multiple lenders including banks, credit unions, and online lenders.
Longer terms mean lower monthly payments but more total interest. A $15,000 loan at 10% costs $2,374 in interest over 36 months but $4,080 over 60 months. Choose the shortest term you can comfortably afford.
It can make sense if the personal loan rate is lower than your existing debt (especially credit cards at 20%+). Calculate total interest both ways. Also consider: will you run up the credit cards again after consolidating?

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