PERSONAL LOAN
PERSONAL LOAN
M = P·r(1+r)ⁿ / ((1+r)ⁿ-1)
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RESULT
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Doesn't account for origination fees, which some lenders deduct from your funded amount (a 5% fee on a $10,000 loan means you receive $9,500 but still owe $10,000).
Not financial advice. This calculator provides estimates using industry-standard formulas for educational purposes only. Real loan terms vary based on your credit, lender fees, and program-specific rates. For any major financial decision (home purchase, large loan, refinance), consult a licensed loan officer or financial advisor before signing anything.
About this calculator
This personal loan calculator computes the monthly payment on an unsecured fixed-rate personal loan. Enter the loan amount, the APR (annual percentage rate) the lender quoted you, and the term in months. The calculator returns the monthly principal and interest payment plus the total interest you'll pay over the life of the loan. Personal loan APRs in 2026 typically range from 7% (excellent credit, top lenders) to 35% (subprime). Most personal loans run 24 to 84 months.
Common questions
What credit score do I need for a personal loan?
Most lenders require 600+ for any approval. To get good rates (under 12% APR), you typically need 670+. Excellent rates (under 9%) require 740+. Subprime lenders will go down to 580 but rates climb past 25%.
What's an origination fee and does this calculator include it?
An origination fee is a one-time charge some lenders deduct from your funded amount — typically 1–8% of the loan. On a $10,000 loan with a 5% fee, you receive $9,500 but still pay back $10,000 plus interest. This calculator doesn't subtract origination fees; check your loan estimate. Lenders like SoFi, Marcus, and LightStream typically have no origination fee.
Personal loan vs credit card vs HELOC — which is cheapest?
For balances you can pay in 12 months: 0% APR balance-transfer credit card (if you qualify) is cheapest. For 24–60 month payoff: personal loan typically beats credit cards (which average 22% APR). HELOC is usually cheapest of all (8–10%) but requires home equity and has variable rates that can rise.