💳 Personal Loan Calculator
Calculate monthly payments for any personal loan — debt consolidation, medical, home improvement
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⚡ Key Takeaways — Personal Loan Calculator
- Personal loan rates range from 6% to 36% APR — borrowers with 750+ credit scores get the best rates
- Personal loans are unsecured — no collateral required, but rates are higher than secured loans
- Always check for origination fees (1%–8%) deducted from your loan before you receive funds
- A $15,000 loan at 12% APR: $333/month over 60 months vs. $456/month over 36 months — term matters
- Check for prepayment penalties before signing — some lenders charge fees for paying off early
Personal loans are unsecured installment loans — no collateral is required. Your monthly payment is fixed for the full term, making budgeting straightforward. The total interest you pay depends entirely on your rate and how long you take to repay the loan.
What is a good interest rate for a personal loan in 2026?
In 2026, competitive personal loan rates for borrowers with good credit (720+) range from 7–14% APR. Rates between 14–24% are average for fair credit. Anything above 30% APR is expensive — consider alternatives like a balance transfer card or credit union loan.
How much can I borrow with a personal loan?
Most lenders offer personal loans from $1,000 to $50,000 for qualified borrowers. Some lenders offer up to $100,000 for excellent-credit borrowers. The exact amount depends on your income, credit history, and debt-to-income ratio.
Is a personal loan better than a credit card for debt consolidation?
Often yes. Personal loans typically have lower, fixed interest rates compared to credit card rates (which average 20%+). A fixed monthly payment also makes budgeting easier and guarantees the debt is paid off on a set schedule.
How quickly can I get a personal loan?
Online personal loan lenders can approve and fund loans in 1–3 business days. Traditional banks may take 1–2 weeks. Pre-qualification with a soft credit check is available from most online lenders and does not affect your credit score.
What loan term should I choose?
Compare 24, 36, 48, and 60-month terms using the calculator above. Shorter terms mean higher payments but far less interest. On a $15,000 loan at 12%, a 24-month term saves over $1,800 in interest compared to 60 months — but your monthly payment is about $170 higher.
This personal loan calculator estimates your monthly payment and total interest cost based on your loan amount, interest rate, and repayment term. Unlike a mortgage calculator, a personal loan calculator does not factor in property taxes or insurance — personal loans are unsecured, so the payment is just principal and interest. Enter your desired loan amount and compare different terms to find the right balance between monthly payment and total cost.
Personal loan rates in 2026 range from 7% for borrowers with excellent credit (750+) to over 30% for subprime applicants. Your rate depends on your credit score, income, existing debt, and the lender. According to the Consumer Financial Protection Bureau, comparing at least three lenders and checking your prequalified rate before formally applying is the best way to find the lowest rate without hurting your credit score.
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🕐 Last Updated: July 11, 2026