Personal Loan Calculator
Calculate your monthly personal loan payment with our free calculator. Compare loan options for debt consolidation, home improvements, medical expenses, and major purchases. Get instant estimates with different loan amounts and terms.
Personal Loan Details
Enter your desired loan amount, interest rate, and loan term to calculate your monthly personal loan payment and total interest cost.
📅 Your loan will be paid off in December 2030
Payment Summary
Payment Breakdown
Payment Schedule
| Year | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Nov 2026 | $6,673.33 | $3,882.26 | $2,791.08 | $21,117.74 |
| 2 | Nov 2027 | $6,673.33 | $4,374.62 | $2,298.71 | $16,743.12 |
| 3 | Nov 2028 | $6,673.33 | $4,929.44 | $1,743.90 | $11,813.69 |
| 4 | Nov 2029 | $6,673.33 | $5,554.61 | $1,118.72 | $6,259.07 |
| 5 | Nov 2030 | $6,673.33 | $6,259.07 | $414.26 | $0.00 |
How to Use Our Personal Loan Calculator
💰 Calculate Your Payment
Enter your desired loan amount, interest rate, and loan term to get an accurate estimate of your monthly personal loan payment and total interest cost.
- Loan amounts from $1K to $100K
- Interest rates from 3% to 36%
- Loan terms from 1 to 10 years
- Compare different rate scenarios
📋 Personal Loan Uses
Personal loans are versatile unsecured loans that can be used for various purposes. They typically have fixed rates and predictable monthly payments.
- Debt consolidation (most common)
- Home improvements and repairs
- Medical expenses
- Major purchases
- Wedding, vacation, or education costs
💡 Personal Loan Tips
- Check your credit score: Higher scores qualify for better rates, potentially saving thousands
- Compare multiple lenders: Banks, credit unions, and online lenders offer different rates and terms
- Consider the total cost: Lower monthly payments with longer terms mean more interest paid
- Avoid unnecessary fees: Look for loans with no origination fees or prepayment penalties
- Have a repayment plan: Ensure the monthly payment fits comfortably in your budget
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