Personal Loan Calculator: What Will This Loan Really Cost You?
How much will this personal loan cost?
Personal Loan Calculator
Monthly Payment · Amortization · Term Sensitivity · Rate Comparison
Results update in real time as you adjust any input.
Your Loan
Avg personal loan: 11–12% · Good credit: 7–9%
Common: 1–5% · Many lenders waive on good credit
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Results are estimates only and do not constitute financial, tax, or legal advice. Always consult a qualified professional before making financial decisions.
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A personal loan offer comes with a monthly payment number — but that number alone doesn't tell you what the loan actually costs. The true cost is the total interest paid over the life of the loan, and it's often 20–50% on top of whatever you borrow. Before signing, you need to see that number clearly. This calculator takes your loan amount, interest rate, and term to show you exactly what you'll pay each month, how much of that goes to interest vs. principal in the early months (usually more than people expect), and what the complete cost of borrowing looks like across the full term. Personal loans are used for everything from debt consolidation to home renovations, medical bills, and major purchases. They're unsecured debt — no collateral required — which is why rates are higher than mortgage or auto loan rates. The average personal loan rate for a borrower with good credit is 10–14% APR; for fair credit, 18–28% APR. The calculator also lets you compare two loan scenarios side by side: a shorter term with higher monthly payments vs. a longer term with lower monthly payments. The difference in total interest paid is often dramatic and makes the right choice obvious. Use this before applying so you know exactly what you're agreeing to — and whether a different term or amount makes more sense for your situation.
- →Comparing loan offers from multiple lenders on different terms
- →Deciding between a shorter or longer repayment term
- →Calculating whether a personal loan is cheaper than carrying a credit card balance
- →Planning a home improvement project and need to know total borrowing cost
- →Evaluating whether to consolidate debts into a single personal loan
Marcus needs $12,000 to cover a kitchen renovation. His credit union offers two options: $12,000 at 9.5% for 36 months ($384/month, $1,826 total interest) or $12,000 at 10.2% for 60 months ($256/month, $3,360 total interest). The 60-month loan saves $128/month but costs $1,534 more in total interest. Marcus chooses the 36-month loan — the higher payment fits his budget and he saves $1,534 in interest. The calculator made the right choice obvious in seconds.
What credit score do I need to get a good personal loan rate?
Excellent credit (750+) typically qualifies for rates under 10% APR. Good credit (700–749) gets 10–15% APR. Fair credit (650–699) gets 15–25% APR. Below 650, rates often exceed 25% APR and some lenders won't approve at all. Check your rate with a soft inquiry before formally applying to avoid unnecessary hard pulls.
Are there fees beyond the interest rate I should know about?
Yes. Origination fees (1–8% of the loan amount, deducted upfront or added to balance), late payment fees ($25–50), and prepayment penalties (rare but worth checking). Always calculate the APR including fees, not just the stated interest rate — this calculator accounts for origination fees if you enter them.
Is a personal loan better than a credit card for large purchases?
Usually yes if you can't pay in full within 12–18 months. Personal loans have fixed rates (predictable), fixed terms (clear payoff date), and lower rates than most credit cards. The exception: 0% APR balance transfer or purchase credit cards beat any personal loan if you can pay off within the promotional period.
What's the difference between secured and unsecured personal loans?
Unsecured loans (most personal loans) require no collateral — your creditworthiness alone secures the loan. Secured loans require collateral (savings account, car) and offer lower rates in exchange for the risk of losing the collateral if you default. Unless you need the absolute lowest rate, unsecured loans are preferred to avoid asset risk.
How quickly can I get a personal loan?
Online lenders often fund within 1–3 business days. Banks and credit unions typically take 3–7 days. Some lenders offer same-day or next-day funding for qualified borrowers. Credit unions often offer the best rates but may take longer. If speed is critical, online lenders like LightStream, SoFi, or Marcus are faster.