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Personal Loan Calculator - calculate your monthly payment

Personal Loan Calculator - Calculate Your Monthly Payment
Betsalel Cohen
UpdatedMar 1, 2024
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    1 min read
Key Takeaways:
  • Compare personal loan scenarios with's Personal Loan Calculator
  • Change the loan amount, repayment period, interest rate, and lender fees.
  • Use the Personal Loan Rate Table to find a personal loan.

Discover how to use the user-friendly Personal Loan Calculator to determine your monthly payments based on your credit rating, loan amount, and term. Empower yourself with the knowledge to make informed financial decisions.

Calculate your monthly payment with the personal loan calculator

Personal Loan Calculator
Personal Loan Calculator
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Calculate estimated payments, then check with lenders for more personalized rates.

How is your credit?

Loan Amount$10,000
Loan Term (months)36

Monthly Payment

Estimated APR undefined

Life Insurance Struggle

Compare personal loan rates

Get Started

Step-by-step guide to using the personal loan calculator

Step 1 - Enter your credit rating

Credit is a crucial factor for lenders when determining if you are eligible for a loan. Having an excellent credit score often qualifies you for the best rates. The calculator presents various scenarios based on four credit score ratings. However, please note that these are only sample rates and don't reflect actual offers.

Step 2 - Enter your loan amount:

The personal loan calculator lets you look at loans between $1,000 and $50,000.

Step 3 - Enter your loan term:

Select how many payments you want to make each month. You can choose 12 months (1 year) or 72 months (6 years). Generally, longer payment periods mean lower payments, but the interest rate may be higher for longer loans.

Step 4: Review the Results:

Our calculator can help you find out how much you need to pay every month. It also shows the interest rate and the total cost of the loan. The interest rate is called APR, which stands for Annual Percentage Rate. This is the total cost of the loan for one year. It includes interest and any extra fees. A lower APR means the loan is cheaper, while a higher APR means it's more expensive. Comparing APRs when looking at different loans can help you find the most affordable option, like comparing prices when shopping. APR is a simple number that shows how much the loan will cost you each year.

Step 5 - Compare Different Options:

You can compare different loan options by using the personal loan calculator. Simply enter the details of each loan and review the results.

>>Get a free loan quote: Once you discover the type of loan you want, you can get a free loan quote from one of's approved lenders.

Why Use a Personal Loan Calculator?

A personal loan calculator helps you figure out your estimated monthly payments. A personal loan is helpful to consolidate debts, pay for medical bills, or make large purchase items.

Your actual interest rates depend on some factors, including your credit score, the amount of the loan, and, in some cases, your income and debt-to-income ratio. Once you know how much you want to borrow and get a ballpark estimate of monthly payments, check out the personal rate table below for a real-time own personal loan quote.

Benefits of a personal loan calculator

Using a loan calculator can aid you in estimating your monthly payment and interest rate.

Figure out your monthly payment:

A loan calculator can help you figure out how much you need to pay each month for different loan amounts. You can easily test out different combinations of loan amounts, monthly payments, and credit scores.

Easy to use:

Online personal loan calculators are user-friendly and easy to use. You don't need any technical knowledge to use them.H

Helps in budgeting:

A personal loan calculator can help you plan your budget in advance, as you'll know how much you can afford to borrow

Compare different loan options:

By using a personal loan calculator, you can compare different loan options and choose the one that best fits your needs.

Free of cost:

Most personal loan calculators are available for free, and you can use them multiple times without any cost.

Empowers decision-making:

A personal loan calculator can empower you to make informed decisions about your loan by providing accurate and detailed information.

Tips on using a personal loan calculator

By following these tips, you can maximize the benefits of the personal loan calculator. Keep in mind that the calculator is a tool and not a real loan offer.

Use the calculator to check monthly payments: You can discover the monthly payments based on different scenarios.

Most personal loan calculators don't include additional fees. Most online personal loan calculators only show the interest rate and don't consider any additional fees or charges associated with the loan. It's important to carefully read and understand the terms and conditions of the loan before making a decision.

Shop for a loan using an online lender or via a rate table, like the one offered on Often you can get pre-approved with just a soft-credit check, which means that your credit score won't get hurt.

Frequently Asked Questions

How accurate are the results provided by the Personal Loan Calculator?


The accuracy of the results provided by the Personal Loan Calculator depends on the accuracy of the information entered by the user. For example, your credit score affects the interest rate that you receive. Keep in mind that the calculator is for informational purposes only and shouldn't be considered a real-time offer. Interest rates fluctuate and the calculator is intended to give you a ball-park estimate.

Can the calculator factor in additional fees or charges associated with the loan?


The calculator provides an approximate estimate based on a general interest rate that assumes no fees. The monthly payment is based on the interest rate without any additional fees. However, if there are upfront fees, the monthly payment will be lower if there are upfront fees. Additionally, the calculator does not consider any extra fees or charges associated with the loan, such as late payment fees or prepayment penalties. It is essential to carefully read and understand the terms and conditions of any loan offer before making a decision.

Can the calculator be used for all personal loans?


No, the calculator may not work for all personal loans. It only gives a rough estimate and may not consider certain loan features or needs, like secured or variable interest rates. Also, it may not accurately calculate loans with special terms. It's best to ask the lender about their specific loan terms.


CChoua Xiong, Feb, 2020

I have outstanding Payday loans and want to payoff. Whom should I go to for help?

DDaniel Cohen, Feb, 2020

I can't give you very specific suggestions without knowing more about your situation. If you can answer the following quetsions, I will try and give you some useful information. You can email your answers to

• How many payday loans do you have open? • What are the individual balances? • When did you take them out? • Did you borrow from a physical storefront location or online? • In what state do you live? • How much can you afford to pay towards the debt each month? • Are you receiving calls or letters about any of the loans?
NNancy, Dec, 2019

I like the calculator. Thanks.