Personal Loan Calculator

Broadly speaking, mortgage, auto loan, lines of credit, credit cards, etc. are all considered personal loans. However, the following calculator is designed for unsecured consumer loans granted for personal uses, such as debt consideration, medical, home improvement, etc. Such loans are not backed by any collateral (home or car) and repaid monthly over a specific period of time.

Loan Amount 
Interest Rate%
Loan Term year month
Start Date

Origination Fee
Is a
Amount $%

Monthly Pay:   $212.47

Total of 60 Loan Payments$12,748.23
Total Interest$2,748.23
Origination Fee$500.00
Total Interest + Fee$3,248.23
Actually Received$9,500.00
Real APR12.240%
Payoff DateApr. 2022

Payment Breakdown

Loan Amortization Graph

RelatedMortgage Calculator | Auto Loan Calculator | Credit Card Calculator | Loan Calculator

Personal loan is a loan with fixed amount, fixed interest rate, and fixed monthly payback amount for a fixed period of time. It is not secured by collateral, which mean it does not require asset (house or vehicle) to back the loan. Similar to credit card balance, defaulting on personal loans can damage your credit score. People mainly use personal loan to fund credit consolidation, medical bill, home improvements, major purchase, etc. Although we do not recommend using loan whenever possible, personal loan can help in many life events. The interest rate of personal loan is normally higher than home equity line of credit but lower than credit cards, making it a good option for debt consolidation. Once approved, personal loan can be funded quite fast, usually within 24 hours, making it a good option when you need cash immediately. A personal loan normally have payback period of a few years with amount from a few thousands to $100,000. Typical personal loan is $5,000 to $35,000 with payback period of 3 or 5 years. Some loans have prepayment penalty.

A personal loan usually comes with an origination fee, ranging from 1 to 5% of the loan amount. Some lenders ask for the origination fee upfront. Most deduct the fee from loan after approval. So if you borrow $10,000 with origination fee of 3%, you actually can get $9,700 only, yet the payback is based on $10,000.

Some lenders may ask you to purchase personal loan insurance policy to cover events like death, job loss, become ill, etc. Such insurance is not required by law. In most of the situations, such insurance is very expensive and unnecessary, therefore should be avoided. If you decide to purchase, you should always be beware of the fine print of the policy.

The interest rate of the loan depends heavily on your personal credit score and many other factors. Sometime, the interest rate can be higher than 25%. Since most personal loan has fee and/or insurance, the actual cost is higher than the interest rate given by the lender. This calculator counts in all these and gives out the real loan APR. You should always use this real APR for loan comparison.

Traditionally, personal loans are provided by banks and credit unions. Now, many online P2P lenders began to offer such loans with more favorable terms.