Estimate the monthly payments and total
interest paid on your personal loan.

How much is your loan amount?




What is your estimated interest rate




What is your loan term?

2 year

5 year term

7 year

Monthly Payments


Total Repayment




Show Hide Amortization
Payment Date

Utilizing a personal loan calculator effectively

If you're not sure about the loan amount you can comfortably borrow for a personal loan, this calculator can provide the solution. To initiate the process, input the following details into our calculator:

Loan amount

Spe cify the desired loan amount you intend to borrow. With this loan calculator, you can obtain an estimate of your monthly payment for personal loans ranging from $1,000 to $50,000.


Input the anticipated annual percentage rate (APR) into the designated field. The APR considers both the loan's interest rate and associated fees to provide an assessment of the over all borrowing cost.

If you're uncertain about the potential APR you may be eligible for, you can make an estimation based on your credit score. The following are the average APRs for various credit score ranges when it comes to personal loans:

Credit score range
average apr















Less than 560


Repayment term

Select the desired repayment duration, ranging from two to seven years, for returning the borrowed funds. It's important to note that opting for a longer-term loan results in lower monthly payments, but it also entails a higher overall loan cost. To minimize interest expenses and save the most money, it is advisable to choose the shortest repayment term that fits within your financial capacity.

Impact factors to evaluate before applying for a loan

If you're planning to obtain a personal loan, it's important to take into account the following factors in advance to ensure a smooth and hassle-free experience.


Before committing to a personal loan, it is crucial to assess your repayment capability. If you cannot afford to repay the loan, it is not advisable to proceed. Prior to finalizing a loan agreement with a lender, carefully evaluate your monthly budget to determine the extent of your flexibility in accommodating an additional monthly payment.

Consider your debt-to-income ratio (DTI) when determining your ability to take on new debt. DTI compares your income to your existing debts and helps lenders assess affordability. It is recommended to keep your DTI below 35% for a healthy financial balance.


A common fee associated with personal loans is the origination fee. These fees can reach up to 10.00% of the loan amount and are typically deducted from the total loan balance before you receive the funds. For example, if you apply for a $5,000 personal loan with a 5.00% origination fee, the lender will deduct $250 from your loan amount, resulting in $4,750 disbursed to you. To avoid such fees, consider exploring options for no-fee personal loans.

Type of loan

Two common types of personal loans exist: secured and unsecured loans. Unsecured loans do not require borrowers to provide any valuable collateral, such as a savings account or vehicle, as security for the loan.

Conversely, secured loans necessitate collateral, which lenders can claim in the event of non-repayment. Secured loans may be preferable for individuals with lower credit scores who possess valuable collateral they are willing to offer. Since these loans are supported by collateral, they often carry lower interest rates, making them more accessible to borrowers in need of personal loans despite having bad credit.


To qualify for unsecured personal loans, your eligibility hinges on your creditworthiness. Lenders assess multiple factors, including your credit score, income, and credit history, to gauge your ability to repay the loan.

Your creditworthiness is evaluated based on the activity reflected in your credit reports, which can be accessed at Credit scores, such as the FICO Score and VantageScore, are derived from these reports and take into account:

1. Payment history 2. Outstanding debt
3. Length of credit history
4. Types of credit utilized
5. Recent credit inquiries

These factors collectively contribute to the calculation of your credit score.

See your free credit score