Personal Loan Payment Calculator
Personal loans are fixed-rate and fully amortized — your payment never changes. This calculator shows the monthly cost, the total interest, and what the loan really costs over its full term.
How this calculator works
A personal loan is amortized over a fixed term: each monthly payment is the same, and the lender applies the month's interest first and the rest to principal. The calculator uses the standard amortization formula at your APR divided by 12. Some lenders also charge an origination fee (often 1–8%) that is deducted from the amount you receive — that fee is not included here, so your actual check will be smaller than the loan amount.
Frequently asked questions
Why do personal loans have higher APRs than car or mortgage loans?
Personal loans are unsecured — the lender has no collateral if you stop paying — so rates reflect that risk. In 2026, well-qualified borrowers commonly see 8–15% APR, while rates above 20% signal much higher risk and cost.
What is an origination fee?
A one-time fee, often 1–8% of the loan, deducted from the proceeds before you get the money. It does not change your monthly payment formula, but it raises the effective cost of the loan — add it to the loan amount if you need the full figure.
Should I use a personal loan to pay off credit cards?
If the loan APR is well below your card rate, it can save significant interest — but only if the spending habit that built the card debt is fixed. Roll the full balance over, keep the payments going, and do not treat the freed-up credit line as new money.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.