Personal Loan Calculator — Payment & Payoff Cost
Personal loans run from about 8% APR for excellent credit to 36% at the legal ceiling of most mainstream lenders. Before you sign, see the real monthly payment and exactly how much the borrowed money costs over the term.
- Total interest
- $3,960.36
- Total repaid
- $18,960.36
How this calculator works
- Personal loans are fixed-rate installment loans — the standard amortization formula applies. Watch for origination fees of 1–8% deducted from the disbursed amount, which raise your effective APR.
Frequently asked questions
Is a personal loan better than credit card debt?
Usually — average card APR is above 21%, while a good-credit personal loan may cost 10–14% with a fixed payoff date. Consolidating only helps if you stop adding new card debt.
Does a personal loan hurt my credit?
A hard inquiry dings a few points briefly; on-time payments then help. Paying off revolving card balances with it can significantly improve utilization and raise your score.
Secured vs unsecured?
Most personal loans are unsecured. Secured options (against a car or savings) get lower rates but put the collateral at risk.
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Disclaimer: Results are estimates for educational purposes only and are not tax, legal, or financial advice. Tax rules are simplified (credits, phase-outs, and local taxes may not be modeled). Verify important decisions with the IRS, your state tax authority, or a licensed professional.