Personal Loan Calculator
Calculate personal loan EMI, total interest payable, and repayment schedule. Compare unsecured loan offers, see monthly installments, and plan your debt repayment effectively.
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Loan Details
$
Total amount you want to borrow
% per year
Annual percentage rate from lender
months
Length of loan (24-60 months typical)
% of loan
Upfront fee charged by lender (0-8% typical)
Loan Summary
Monthly Payment
$325.02
Fixed payment amount
Total Interest
$1,700.88
Origination Fee
$300.00
Total Cost
$12,000.88
Effective APR
7.91%
Cost Breakdown
Loan Amount:$10,000.00
Origination Fee (3%):-$300.00
Amount You Receive:$9,700.00
Total You Repay:$11,700.88
Note: You'll make 36 monthly payments of $325.02. Total amount paid: $11,700.88 (including $1,700.88 in interest).
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How to Use the Personal Loan Calculator
Enter your desired loan amount, the interest rate quoted by your lender, loan term, and any origination fee. The calculator shows your monthly payment and total cost including all fees.
Understanding Personal Loans
Personal loans are unsecured installment loans (no collateral required) with fixed interest rates and monthly payments. They're typically used for debt consolidation, home improvements, medical bills, or major purchases.
Interest Rates by Credit Score
- Excellent (750+): 6-10% APR
- Good (700-749): 10-15% APR
- Fair (650-699): 15-20% APR
- Poor (600-649): 20-30% APR
- Bad (below 600): 30%+ APR or denial
Personal Loan vs Credit Card
| Feature | Personal Loan | Credit Card |
|---|---|---|
| Interest Rate | 6-30% | 15-25% |
| Payment | Fixed | Variable |
| Term | 1-7 years | Revolving |
| Best For | Large expenses | Ongoing spending |
Tips for Best Rates
- Check your credit score before applying
- Compare offers from at least 3-5 lenders
- Consider credit unions (often 2-3% lower rates)
- Choose the shortest term you can afford
- Avoid loans with prepayment penalties
- Watch for origination fees above 5%
Money-Saving Tip: If paying off credit card debt, a personal loan with 10% APR saves money compared to credit cards charging 20%+. Use this calculator to see if consolidation makes sense.
Frequently Asked Questions
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