Personal Loan Calculator
Estimate the monthly payment and total cost of a personal loan.
Your details
- Total interest
- $2,678.91
- Total cost
- $17,678.91
Principal vs interest
- Principal
- $15,000.0085%
- Interest
- $2,678.9115%
Formula
Amortized payment M = P·r(1+r)^n / ((1+r)^n − 1), with r the monthly rate and n the number of payments.
How it works
A personal loan is repaid in fixed monthly installments over a set term. Each payment covers that month's interest plus a portion of principal, so the balance falls steadily to zero by the final payment.
Frequently asked questions
What rate can I expect on a personal loan?⌄
Rates depend heavily on your credit score, income, and term. Strong-credit borrowers see far lower rates than the averages, while lower scores pay considerably more.
What fees should I watch for?⌄
Some lenders charge an origination fee taken from the loan proceeds, or prepayment penalties. Compare the APR, which folds fees in, rather than the interest rate alone.
Is a personal loan good for consolidating debt?⌄
It can be, if the loan's rate is lower than what you pay now — but only if you avoid running the paid-off balances back up.
Sources & methodology
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