Personal Loan Calculator
Calculate your personal loan monthly payment, total interest, and true cost. Compare loan terms from 1–7 years. Free personal loan payment calculator.
Reviewed for accuracy by Marcus Webb and the Blueprint Dynamics editorial team (last updated July 2026). Our calculators use primary-source formulas and are cross-checked against IRS publications, Fannie Mae guidelines, and Federal Reserve data. Learn more about our methodology.
Source: Federal Reserve, Freddie Mac, Bankrate national averages. Rates are approximate ranges for borrowers with good credit (700+). Actual rates depend on your credit score, loan-to-value ratio, and lender.
Personal Loan Calculator
Estimate your monthly payment, total interest, and what you'll actually receive after fees.
Monthly Payment
$494.64
Total Interest
$2,807
Total Cost
$17,807
How personal loans work
A personal loan is an unsecured installment loan — you borrow a fixed amount, repay it in equal monthly payments over a set term (typically 2–7 years), and pay interest at a fixed or variable rate. "Unsecured" means no collateral is required; the lender relies on your creditworthiness. This makes personal loans more flexible than secured loans (home equity, auto) but also more expensive, since the lender takes on more risk with no asset to reclaim if you default. Loan amounts typically range from $1,000–$100,000 depending on the lender and your credit profile.
What determines your personal loan rate
Personal loan rates range from approximately 6% for excellent-credit borrowers to 36% for subprime borrowers. The primary factors: Credit score — the most heavily weighted factor. 720+ typically qualifies for the best rates; below 640 significantly limits options and raises rates. Debt-to-income ratio — most lenders want your total monthly debt obligations below 40–43% of gross income. Loan amount and term — longer terms increase lender risk and usually raise rates. Lender type — credit unions often offer the lowest rates for members; online lenders are competitive for good-credit borrowers and faster to fund; banks and credit card issuers often have the highest rates on personal loans.
Personal loan vs. credit card vs. home equity
Personal loans are most advantageous when: the total amount is under $50,000, you want predictable fixed payments, you don't own a home (eliminating home equity options), or you need funds quickly (same-day to 3-day funding is common with online lenders). Credit cards beat personal loans for small amounts (under $5,000) if you can pay off within the promotional 0% APR period. Home equity loans beat personal loans for amounts over $25,000 if you own a home with sufficient equity — rates are typically 2–4% lower because the loan is secured. The break-even analysis: on $20,000, a 2% rate difference between a personal loan (10%) and a home equity loan (8%) saves $400/year in interest — relevant but not always worth the complexity of a home equity loan.
Origination fees and true APR
Many personal loan lenders charge an origination fee of 1–8% of the loan amount, deducted from the disbursement. A $20,000 loan with a 5% origination fee pays out $19,000 but charges interest on $20,000. Always compare loans on APR (which includes fees), not just interest rate. A loan at 9% interest with a 5% origination fee may have a higher APR than a loan at 11% interest with no origination fee, depending on the term. The APR is the single number that lets you compare the true cost across loans with different fee structures.