Personal Loan Calculator
Compare payment options, origination fees, and see the true cost of borrowing
Loan Details
2-year term saves $856
2 years instead of 3 saves $856 in interest, but costs $208.10 more per payment.
5-year term costs $1,793 more
Extending to 5 years lowers payment by $165.13, but adds $1,793 in total interest.
Cost Breakdown
85%
Principal
Loan Summary
Loan Balance Over Time
Monthly Payment
$487.54
Loan Overview
Unsecured Loan
Personal loans are typically unsecured — no collateral required. Rates depend on creditworthiness.
How to Use This Personal Loan Calculator
Estimate your monthly payment, total interest, and effective APR in under a minute. This calculator is built for US and Canadian personal loan borrowers who want to compare terms, fees, and payment frequencies before applying.
Enter the loan amount you need
Start with the total amount you want to borrow. Personal loans in the US typically range from $1,000 to $100,000, while Canadian personal loans often cap at $50,000.
Set your interest rate
Enter the annual interest rate from your lender or pre-qualification offer. US personal loan rates typically range from 6% to 36% depending on your credit profile.
Choose a repayment term
Select a term between 1 and 7 years. A shorter term means higher payments but less total interest. Use the preset buttons or slider to compare options quickly.
Toggle origination fee (optional)
Many lenders charge an origination fee of 1%–8%. This calculator shows how that fee affects your effective APR and net disbursement — so you can compare offers more accurately.
Review your results and amortization
Check your monthly payment, total interest, effective APR, and the full amortization schedule. The insight cards show how different terms or payment frequencies change your total cost.
What This Personal Loan Payment Calculator Shows
This calculator focuses on the core numbers borrowers compare: loan amount, interest rate, origination fee, effective APR, monthly or biweekly payment, and total cost.
Monthly / Biweekly Payment
Your fixed payment amount based on the loan principal, interest rate, and term. Switch between monthly and biweekly to see how payment frequency changes your schedule.
Origination Fee & Effective APR
The origination fee is deducted from your disbursement or paid upfront. The effective APR accounts for this fee, showing the true annual cost of borrowing — critical for comparing loan offers.
Amortization Schedule
A period-by-period breakdown showing how each payment splits between principal and interest. The yearly view shows annual totals, and the monthly view shows every single payment.
Term Comparison Insights
Smart insights that automatically compare your chosen term against shorter and longer alternatives, showing the exact dollar difference in total interest and payment size.
Personal Loan Payment Formula
Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]- P = Loan amount (principal)
- r = Periodic interest rate (Annual Rate ÷ periods per year)
- n = Total number of payments (Term × periods per year)
Example: $15,000 loan at 10.5% for 3 years means r = 0.105/12 and n = 36, so the payment is about $488 per month. With a 3% origination fee deducted, you receive $14,550 but the effective APR rises to approximately 12.5%.
Personal Loan vs Other Loan Types
Compare personal loans against home equity loans, credit cards, and auto loans to understand where unsecured personal loans fit in your financial options.
| Feature | Personal Loan | Home Equity | Credit Card | Auto Loan |
|---|---|---|---|---|
| Collateral Required | No — unsecured | Yes — your home | No — unsecured | Yes — the vehicle |
| Typical Rate Range | 6%–36% | 7%–12% | 16%–29% | 4%–12% |
| Typical Term | 1–7 years | 5–30 years | Revolving | 3–7 years |
| Best For | Debt consolidation, emergencies, large purchases | Home improvements, large expenses | Small, short-term purchases | Vehicle purchases |
| Origination Fee | 1%–8% common | 2%–5% (closing costs) | None typically | Varies by dealer |
| Risk if Default | Credit score damage, collections | Foreclosure | Credit score damage | Repossession |
Personal Loan Calculator FAQ
Common questions about personal loan calculations, origination fees, APR, and US/Canada differences.
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