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Personal Loan Calculator

This personal loan calculator will help you determine the monthly payments on a loan.

This personal loan calculator will help you determine the monthly payments on a loan. Enter the loan amount, loan term and interest rate in the fields below and click calculate. This will show you the estimated monthly payment for your personal loan.

Shopping for a personal loan

Traditional banks, credit unions, online-only lenders and peer-to-peer lenders offer personal loans. If your credit is not great or you are trying to establish credit, it might be easier to qualify for a loan at a credit union, but online lenders also offer a lot of flexibility. The application and approval process for personal loans is  often only one or two business days, and you get the money right away.

Personal loans are unsecured, so your credit score carries a lot of weight in lending decisions. Borrowers with good to excellent credit get the best rates and terms. Before you start applying, get a copy of your credit report and check it for incorrect or outdated information. You can get your credit report and credit score for free on Bankrate. If your credit score is less than stellar, some credible lenders do offer bad credit loans that you may qualify for. 

Consider the purpose of your loan before choosing a lender. If you are taking out a loan for home improvement, for example, the best lenders will be different than if you are looking for a debt consolidation loan. While you can use personal loans for almost any purpose, some lenders will offer better rates and terms for some situations than others.

When you shop for a personal loan, compare annual percentage rates and use the calculator on this page to see how much different rates will cost you over the life of the loan. The lowest interest rate may not be the best deal if the repayment period is longer. Also check for fees, including loan origination fees, prepayment penalties, application fees and late fees. Some lenders offer a discount if you set up automatic monthly payments. Read every word of the fine print before you agree to the loan.

How to calculate personal loan payments

Start by entering how much you want to borrow in the field marked Loan Info. Then use the personal loan calculator to:

  • Simulate your payback period in years or months.
  • Calculate the ideal interest rate on your loan.
  • See how much you would pay in principal and interest.

You can select "show" to see a timetable of how your monthly payments of principal and interest will reduce your balance until your loan is repaid. Use the "add extra payments" feature to find out how paying more toward your principal speeds up your amortization schedule.

What to do after calculating your personal loan payments

Once you’ve priced out scenarios with the personal loan calculator, compare the best personal loan offers from Bankrate’s lending partners. Find the interest rate and terms that fit your budget and goals. 

Consider the pros and cons of taking out a personal loan before making a final decision. While personal loans are versatile, there are alternatives to personal loans that may come with lower interest and fees. Compare all of your options before deciding. 

Before choosing a lender, make sure to compare the interest rates, terms and features that each lender offers. Many lenders give you the option to prequalify, which allows you to see the rates you qualify for without a hard credit pull. Once you have chosen a lender and are satisfied with the proposed terms, proceed with the loan application. 

Why use a personal loan calculator?

A personal loan gives you cash to use for a variety of expenses. After a quick application and approval process, you get the money in a lump sum. Before you can enjoy those benefits, though, you need to plan wisely as to how you will use your loan, find the right lender and secure the best deal. The personal loan calculator and other Bankrate tools can help you do all three.