Personal Loan Calculator
Calculate monthly payments and total interest for personal loans. Compare loan terms and rates.
Calculate monthly payments and total interest for personal loans. Compare loan terms and rates.
Calculate monthly payments and total interest for personal loans. Compare loan terms and rates.
Calculate monthly payments and total interest for personal loans. Compare loan terms and rates.
Monthly payment uses the standard amortization formula: M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the annual rate divided by 12, and n is the term in months. A $15,000 personal loan at 9.5% over 36 months has a monthly payment of about $480.49 and total interest of roughly $2,298. The payment is fixed for the life of the loan.
Per the Federal Reserve G.19 Consumer Credit release, the average 24-month personal loan rate at commercial banks is about 12.43% as of Q1 2026. Online lenders (Marcus, SoFi, LightStream, Discover) often offer better pricing for prime credit — 7%–10% for borrowers with 720+ FICO and verified income. Subprime borrowers see 25%–36% APR, the legal ceiling in most states.
It depends on the lender. Marcus, SoFi, and Discover advertise no origination fees. LendingClub, Upstart, Prosper, and Best Egg typically charge 1%–8% of the loan, deducted at disbursement. On a $15,000 loan at a 5% origination fee, you receive $14,250 but owe $15,000 plus interest. Always compare APR (which includes fees) rather than just interest rate when shopping personal loans.
Yes, and this is the most common use case. A personal loan at 9%–12% replaces credit card balances at 22%+ APR, typically cutting interest cost by half and giving you a fixed payoff date (usually 36–60 months). The risk is behavioral: the CFPB has documented that 30%–40% of consolidators reload their credit cards within five years, ending up with both the consolidation loan and new card balances. Freeze or close the cards once the loan funds.
For a one-time fixed expense (medical bill, wedding, home repair), a personal loan with a fixed rate and a defined payoff date is usually cheaper than a credit card at 22%+ APR. For ongoing flexible spending, a card with cashback or rewards is better. For balance-transfer scenarios, a 0% intro APR balance-transfer card (12–21 months promotional period) can beat any personal loan if you pay the balance during the promo window.