Find out what a personal loan will actually cost you: your monthly payment, the total interest over the life of the loan, and how much you'll pay back in total.
A personal loan is typically repaid through equal monthly installments that combine principal and interest, known as amortization. Early payments are weighted more toward interest, and later payments are weighted more toward principal, even though the payment amount itself stays constant.
This calculator uses the standard amortization formula, which accounts for the loan amount, the periodic interest rate, and the number of payments to solve for a fixed monthly payment that fully pays off the loan by the end of the term.
Three factors drive your total cost: the amount you borrow, the interest rate you're offered, and the length of the term. A longer term lowers your monthly payment but increases the total interest you pay, since the balance takes longer to shrink. A shorter term does the opposite.
Your interest rate is influenced by your credit profile, the lender, and whether the loan is secured or unsecured. Comparing offers from multiple lenders before signing can meaningfully change your total cost.
Does this include fees like origination charges?
No. This calculator shows principal and interest only. Many personal loans also carry an origination fee, which is often deducted from the amount disbursed or added to the balance — check your loan's APR, not just its interest rate, for the fullest picture of cost.
What's a good interest rate for a personal loan?
Rates vary widely by credit score, lender, and country, so there's no single "good" number. Comparing the APR across a few lenders for the same loan amount and term is the most reliable way to judge an offer.
Can I pay off a personal loan early?
Many lenders allow early payoff, which reduces total interest since less time accrues charges. Some loans include a prepayment penalty, so it's worth checking your specific loan agreement.