Personal Loan Calculator
Monthly payment on an unsecured personal loan.
Personal loan figures never leave your browserYour payment breakdown appears here
Fill in the loan details and press Calculate — the monthly payment, total interest and schedule will render right on this page, with nothing sent to any server.
How to use
Personal loans are fixed-rate, fully amortizing loans with no collateral — the bank bets on your credit alone, which is why rates run higher than car loans. This calculator shows the payment and the total cost for your amount, rate and term.
How to use
- Enter the loan amount, APR and term in years (2 to 5 are typical).
- Press Calculate to see the payment and total interest.
- Compare two lenders by changing the rate and re-running.
Example
A $10,000 personal loan at 8.9% for 3 years: the payment is about $318 and total interest about $1,430. At 12.9% the same loan costs about $339 a month and $2,200 of interest — a 4-point rate difference costs roughly $760 over the term.
Formula
The standard PMT formula on the loan amount: PMT = P·r·(1+r)^n / ((1+r)^n − 1). This assumes a fixed rate for the whole term.
With amortization
Personal loan terms are short, so the amortization schedule is easy to read: month one is interest-heavy, and the split flips by the halfway point. On the example above, $74 of the first payment is interest; by month 18 it is under $50.
Why personal rates are higher
No collateral means more risk for the lender. Rates typically range from about 7% for excellent credit to 20%+ for fair credit. Your quoted APR already includes origination fees in most states.
Quick payment check
Need only the monthly number? Leave the term at 3 years and adjust the amount until the payment fits your budget, then compare terms to see the interest trade-off.
FAQ
Why are rates higher than auto?
No collateral means more risk for the lender, so unsecured personal loans carry higher rates.
Fixed or variable?
This assumes a fixed rate, which is the norm for personal loans; variable personal loans exist but are less common.
What is the amortization version?
This page covers it — the schedule section above shows how payments split between interest and principal.
Does the payment include fees?
The quoted APR usually folds in origination fees; if you have a fee on top, use the loan calculator with fee tool.
Reviewed by the LoanMath editorial team