Personal Loan Calculator: Estimate Your Monthly Payments

Use this personal loan calculator to see what a loan will cost you before you apply. Enter the loan amount, interest rate, term and origination fee. You will see your monthly payment, your total interest, the fee in dollars and how much cash you will actually get.

1. Enter the loan amount

Type how much you want to borrow, from $1,000 to $100,000. If your lender charges an origination fee, this is the amount before the fee comes out. Not sure how much you need? Start with the cost you want to cover, then see step 4.

2. Enter the interest rate

Type the yearly interest rate on the loan. Most personal loan rates fall between about 6% and 36%, and better credit usually gets a lower rate. If you don't have an offer yet, the calculator starts at 12%, close to the 11.90% bank average from the Federal Reserve's latest data.

Use the interest rate, not the APR. Lenders show both. The APR is the interest rate plus fees, like the origination fee. Your monthly payment is based on the interest rate only. If your loan has no fee, the two numbers are the same, and you can use either one.

3. Enter the loan term in months

The term is how long you have to pay the loan back. Most personal loans run 24 to 84 months (2 to 7 years). Common terms are 24, 36, 48, 60 and 84 months. You can enter any term from 6 to 144 months.

4. Add the origination fee

An origination fee is a one-time charge for making the loan. It is a percent of the loan amount and comes out of your money before you get it. Enter the percent your lender charges, or 0 if there is no fee.

The calculator uses the standard loan payment formula that lenders use for fixed-rate loans:

Monthly payment = Loan × r ÷ (1 − (1 + r)^−n)

Here, r is your yearly interest rate divided by 12, and n is the number of months. If your rate is 0%, the payment is just the loan amount divided by the months. Total interest is your monthly payment times the number of months, minus the loan amount.

Example: You borrow $10,000 at 12% for 36 months with a 5% fee. Your payment is $332.14 a month. Over three years, you pay $1,957.15 in interest. The fee is $500, so you get $9,500 in cash. Your total cost to borrow is $2,457.15.

Your rate has the biggest effect on what you pay. Here is a $10,000 loan over 36 months at different rates:

Going from 12% to 25% more than doubles the interest on the same loan. That is why it pays to raise your credit score or compare several lenders before you sign. See our guide to credit score ranges to see where you stand.

A longer term means a smaller payment, but you pay interest for more months. Here is a $10,000 loan at 12%:

The best term is the shortest one with a payment you can make every month without strain. If the payment is too high, a longer term can help, but you will pay more overall.

Say you need $10,000 for a home repair and your lender charges a 5% fee. If you borrow $10,000, the lender keeps $500 and you get $9,500. You still pay back the full $10,000 plus interest.

To end up with $10,000 in hand, divide what you need by 1 minus the fee. With a 5% fee, that is $10,000 ÷ 0.95, or about $10,527. Enter that amount in the calculator to see the payment on the bigger loan.

A fee does not always make a loan the worse deal. A loan with a fee and a low rate can cost less than one with no fee and a high rate. Compare offers by APR, since the APR counts both the rate and the fee. You can also run each offer through this calculator and compare the total cost to borrow.

Often, yes. In August 2026, the Federal Reserve put the average 24-month personal loan rate at banks at 11.90%. The average rate on credit card accounts that paid interest was 22.36%.

Here is what that gap means for $10,000 paid off over 36 months:

Even with a 5% fee, the loan in this example costs about $1,375 less. This only works if you stop adding new charges to the card. Learn more in our guide to balance transfers vs. personal loans, or use our debt consolidation savings calculator.

Before you apply, add your new payment to your other monthly debts, like rent, car loans and card payments. Then compare the total to your income before taxes. Lenders look at this number, called your debt-to-income ratio, when they decide whether to approve you. Our DTI calculator can do the math for you.

If the payment feels tight, try a smaller loan or a longer term in the calculator. Leave room in your budget for surprise costs, so one bad month doesn't lead to a late payment.

1. Check your credit

Your credit score has a big effect on your rate. Pull your credit reports and fix any mistakes before you apply.

2. Pre-qualify with a few lenders

Many lenders let you see your likely rate and terms with a soft credit check, which does not hurt your score. Read more in Will a Personal Loan Hurt My Credit Score?

3. Compare offers by APR

Line up each offer's APR, monthly payment and total cost. Run each one through the calculator so you compare them the same way. You can compare personal loan lenders side by side on BestMoney.

4. Read the fine print

Check for late fees and prepayment penalties, and confirm how payments are made. If the lender pulls payments from your bank account automatically, set a low-balance alert so you don't overdraw.

5. Apply and get funded

The formal application usually involves a hard credit check, which can lower your score a little for a short time. Have your ID and proof of income ready to speed things up.

Is the APR the same as the interest rate?

Not always. The APR is the interest rate plus fees charged when the loan is made, like an origination fee. If the loan has no fees, they are the same. Use the interest rate in this calculator and the APR to compare offers.

Does an origination fee change my monthly payment?

No, not when the fee comes out of the loan. Your payment is based on the full loan amount. The fee only lowers the cash you get.

What is a good interest rate on a personal loan?

Anything below the bank average of 11.90% (August 2026) is a strong rate. Borrowers with excellent credit can get less. Be careful with rates near or above 36%. Federal law caps most loans to active-duty service members at a 36% military APR, and many consider rates above that level high-cost credit.

Why is my real payment different from the calculator?

The calculator gives an estimate. Your lender may round differently, set your first payment date differently or charge fees this tool doesn't include. Your loan agreement shows your exact payment.

Can I pay off a personal loan early?

Often, yes. Paying early cuts the total interest you pay. Check your loan agreement for a prepayment penalty before you do. If you have a loan now and rates have dropped, see our guide on how to refinance a personal loan.

• Federal Reserve G.19 Consumer Credit release (August 2026 data, released Oct. 7, 2026)

• FRED: Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan

• FRED: Commercial Bank Interest Rate on Credit Card Plans, Accounts Assessed Interest

• CFPB: What is the difference between a loan interest rate and the APR?

• CFPB: Military Lending Act protections

A personal loan is easier to judge when you see the full picture: the payment, the interest, the fee and the cash you actually get. Use the calculator to test different rates and terms, enter the interest rate rather than the APR, and pick the shortest term you can comfortably afford. Then pre-qualify with a few lenders and compare their APRs before you apply.