Personal Loan Calculator

Calculate monthly payments and total cost for personal loans and debt consolidation.

Files processed in your browser — never uploaded to our servers

Loan Amount

Annual Interest Rate (%)

Term (Months)

Monthly Payment

$322.67

Total Interest

$1,616.19

Total Cost

$11,616.19

Principal (86%)Interest (14%)

$10,000.00$1,616.19

Amortization Over Time

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$322.67	$239.34	$83.33	$9,760.66
2	$322.67	$241.33	$81.34	$9,519.33
3	$322.67	$243.34	$79.33	$9,275.98
4	$322.67	$245.37	$77.30	$9,030.61
5	$322.67	$247.42	$75.26	$8,783.20
6	$322.67	$249.48	$73.19	$8,533.72
7	$322.67	$251.56	$71.11	$8,282.16
8	$322.67	$253.65	$69.02	$8,028.51
9	$322.67	$255.77	$66.90	$7,772.74
10	$322.67	$257.90	$64.77	$7,514.84
11	$322.67	$260.05	$62.62	$7,254.79
12	$322.67	$262.22	$60.46	$6,992.58

1 / 3

Compare Current Rates

Rates shown are for illustration. Compare real offers from lenders to find your best rate.

Compare personal loan rates at LendingTree →

What is Personal Loan Calculator?

A personal loan is an unsecured, fixed-rate installment loan typically used for debt consolidation, home improvements, medical bills, or large purchases. Unlike credit cards with variable APRs that often exceed 20–29%, personal loans carry fixed rates — typically 7–20% — and a defined repayment term, usually 2 to 7 years. This predictability makes them a powerful tool for escaping revolving credit card debt. When you consolidate multiple high-rate balances into a single personal loan at a lower fixed rate, you pay one monthly amount instead of juggling minimums, and you have a clear payoff date. The calculator shows exactly how much interest you save and when you will be debt-free.

How to use

Enter the loan amount — for debt consolidation, total all balances you plan to pay off.
Input the annual interest rate you have been offered, or use your credit score range to estimate a realistic rate.
Choose the loan term in months (24, 36, 48, or 60 months are common for personal loans).
Click Calculate to see your monthly payment and total interest over the life of the loan.
Compare the total interest on this loan against what you would pay keeping your current credit card balances.
Adjust the term to find the right balance between monthly payment size and total interest cost.

Why it matters

Credit card debt is expensive. The average APR on revolving credit card balances exceeds 20%, and because minimum payments are often near interest-only, balances can persist for years with little principal reduction. A personal loan with a lower fixed rate and a set term breaks this cycle. Consolidating $10,000 at 22% APR into a personal loan at 10% over 36 months saves roughly $3,000 in interest and guarantees a payoff date — assuming you don't add new card balances. The fixed monthly payment also makes budgeting predictable.

Pro tip

Watch for origination fees — some lenders charge 1–8% of the loan amount upfront, which effectively raises your true APR above the advertised rate. Always compare the APR (not just the interest rate) across lenders. Factor origination fees into your total cost calculation before selecting a loan, especially if you are consolidating debt where the fee offsets some of the interest savings.

Frequently Asked Questions

Most lenders require a minimum credit score of 580–640 for personal loans. The best rates are reserved for scores above 720.

Yes, debt consolidation is one of the most common uses for personal loans. If the personal loan rate is lower than your existing debts, you can save money.

Most personal loans have fixed interest rates, meaning your payment stays the same for the life of the loan. Some lenders offer variable rates that can change.

Online lenders often approve and fund personal loans within 1–3 business days. Traditional banks may take 1–2 weeks.