Personal Loan Calculator
Estimate your monthly payment and total interest for any personal loan. Adjust the amount, rate, and term.
Monthly Payment
$315.68
Total Interest
$1,364.31
Total Payment
$11,364.31
July 2029
Based on your start date of July 2026
Payment Breakdown
$11,364
Total Cost
What Interest Rate Can I Expect?
Personal loan APRs vary widely based on your credit score. Use these ranges as a reference when entering your interest rate above.
750–850
6% – 12%
APR
Best rates available from most lenders
700–749
12% – 18%
APR
Competitive rates with good lender options
650–699
18% – 25%
APR
Limited options, higher rates apply
300–649
25% – 36%
APR
High rates; consider credit repair first
* APR ranges are estimates based on national averages (2025–2026) and may vary by lender, loan amount, term, and individual financial profile. Check with your lender for exact rates.
How to Use This Personal Loan Calculator
1. Enter the Loan Amount. Type in how much you need to borrow ($500 to $100,000).
2. Enter the Annual Interest Rate. Plug in a prequalification offer rate or check the APR reference table.
3. Choose Your Loan Term. Pick between 12 and 60 months to find a manageable monthly payment.
4. Choose Your Start Date & Fees (optional). Include origination fees or extra monthly contributions.
5. Read Your Results. Check Monthly Payment, Total Interest, Total Payment, and Payoff Date.
Maria needs a $12,000 loan for a small home renovation. Before applying anywhere officially, she runs prequalification with two different lenders — a process both of them confirm is a soft pull that won't touch her credit score at all. The first lender comes back with an 11.5% rate, the second with 14.9%, both for a 48-month term. She plugs both scenarios into the calculator and sees a monthly payment of $313 with the first lender versus $333 with the second — a gap that looks small at first, until she realizes it adds up to nearly $960 more over the life of the loan. What surprises Maria is how easy the prequalification process turned out to be, and how close she came to just accepting the first offer without comparing anything at all. Armed with both numbers, she moves forward with a full application — a hard inquiry — only with the 11.5% lender, confident it's the better deal.
Key Terms
Loan Amount
The amount of money borrowed before interest or added fees.
Interest Rate vs. APR
Interest Rate is borrowing cost; APR includes origination fees for accurate comparison.
Prequalification (Soft Pull)
Checking estimated rates via soft inquiry without impacting your credit score.
Hard Inquiry
Full credit check during formal application that may temporarily drop credit score slightly.
Payoff Date
Estimated date the loan balance reaches zero based on term and extra payments.
Prequalification vs. Full Application: Why Checking Your Rate Won't Hurt Your Credit Score
A lot of people put off checking personal loan rates because of one persistent fear: that just looking will tank their credit score. That fear is usually misplaced.
Why a Soft Pull Isn't the Same as a Hard Inquiry
Prequalification uses soft pulls that don't affect your credit report or score, letting you check rates across multiple lenders freely.
The Gap You Only Notice Once You Compare
Rate gaps like 11.5% vs 14.9% can mean nearly $1,000 in savings over a 4-year term on a $12,000 loan.
Save the Full Application for the Chosen Lender
Once prequalification comparisons reveal the winner, submit your formal hard-inquiry application to that single lender.