Personal Loan Calculator: Monthly Payment & Total Interest
Work out the monthly payment on an unsecured personal loan and the total interest you will pay before the balance is cleared.
Adjust the inputs and select Calculate for a full breakdown.
Year-by-year amortization schedule
Compare Common Scenarios
How the numbers shift across typical situations for this calculator:
| Scenario | Monthly payment | Total interest | Total of payments |
|---|---|---|---|
| $15k · 11.0% · 3-year | $491.08 | $2,678.91 | $17,678.91 |
| $10k · 12.3% · 5-year | $223.96 | $3,437.81 | $13,437.81 |
| $25k · 9.0% · 4-year | $622.13 | $4,862.05 | $29,862.05 |
| $5k · 14.0% · 2-year | $240.06 | $761.55 | $5,761.55 |
How This Calculator Works
Provide the amount you want to borrow, the annual percentage rate from your loan offer, and the term. The tool turns the APR into a monthly rate, counts the scheduled payments, and uses the fixed-rate amortization formula to produce one constant monthly figure. The year-by-year schedule then shows how the balance falls and how the interest share of each payment shrinks over time.
The Formula
Fixed-Rate Amortization
P = loan amount, r = monthly rate (APR ÷ 12), n = number of monthly payments
Worked Example
Imagine borrowing $15,000 at 11% APR to be repaid over 3 years. With a monthly rate near 0.917% and 36 payments, the monthly amount is about $491. Across the loan you repay roughly $17,680, so interest adds close to $2,680 to the cash you originally received.
Key Insight
Personal loan rates are driven mainly by your credit score. Raising your score before applying, or adding a creditworthy co-signer, can cut the rate and total interest far more than negotiating the loan amount.
Frequently Asked Questions
What is an unsecured personal loan?
It is a loan not backed by collateral such as a house or car. Because the lender has no asset to claim, approval and pricing rest heavily on your credit score and income, so rates are usually higher than on secured loans.
What APR should I enter into the calculator?
Use the APR from a real loan offer or pre-qualification. APR includes most lender fees, so it reflects the true annual cost of the loan better than the headline interest rate on its own.
Does checking my rate hurt my credit score?
Most lenders let you pre-qualify with a soft credit check that does not affect your score. A hard inquiry happens only when you formally apply, so it is safe to compare several offers before committing.
Can I use a personal loan for any purpose?
Generally yes — common uses include consolidating debt, home repairs, or large one-off costs. A few lenders restrict use for education or business, so check the loan agreement if your purpose is unusual.
Is a personal loan better than using a credit card?
Often it is. Personal loans usually carry lower rates than credit cards and have a fixed end date, which forces the balance steadily down. Compare the two APRs directly before deciding.
What happens if I miss a payment?
A missed payment typically triggers a late fee and, once reported, damages your credit score. Persistent non-payment can send the loan to collections. Contact the lender early if you expect trouble, as many offer hardship options.
Related Calculators
Data Sources & Benchmarks
This calculator draws on 3 independent, dated sources. The starting values for interest rate are taken from the benchmarks below and refresh whenever the snapshots are updated.
Methodology & Review
Payments use the standard fixed-rate amortization formula. The calculator assumes a fixed APR with no origination fee deducted from proceeds; where a lender deducts a fee up front, enter the amount actually received. Results are checked against lender disclosures.
Written by Ugo Candido · Last updated May 17, 2026.