How It Works

Ultimately, you can reduce how much you pay toward your personal loan, if you calculate the right amount of money to pay each month. This calculator will help you see how long it will take to pay off your personal loan using your loan’s interest rate and the amount owed.

First, enter the balance for your personal loan and a down payment amount. Then, adjust the Loan Term and Interest Rate sliders to reflect the details on your personal loan. When finished, adjust the Added Monthly Amount slider to reflect how much you can save by paying above the minimum payment.

What is a personal loan calculator and how can it help me?

A personal loan calculator is a free online tool that helps you estimate the monthly payments and total cost of a personal loan. By inputting the loan amount, interest rate, and loan term, you can quickly see how different scenarios affect your budget. This allows you to make informed decisions before applying for a loan. You might also find our savings calculator helpful in planning for your financial goals.

How can I use this personal loan calculator to determine my monthly payments?

It’s super easy—just enter how much you want to borrow in the "Loan Amount" field, the length of the loan in years or months in the "Loan Term" field, and the annual interest rate in the "Interest Rate" field. You can also account for any additional money you want to put towards the loan monthly in the “Added Monthly Amt” field. The personal loan calculator payment will automatically adjust to whatever you enter!

Can this calculator help me figure out my personal loan payoff schedule?

While this specific calculator provides your estimated monthly payment and total interest paid, understanding your full personal loan payoff schedule often involves looking at an amortization table. An amortization table gives you the full picture of how much of each payment goes towards the principal versus the interest over the life of the loan. Lenders should provide all these details when you first take out the loan.

What if I want to make extra payments? Can a personal loan early payoff calculator help me see the impact?

Yes! Use the “Added Monthly Amt” field to show how extra payments can help you pay off the loan sooner (and pay less interest over the lifetime of the loan). If you can carve out some extra funds from your monthly budget (we recommend using the 50/30/20 rule), we highly recommend making extra payments when you can to reduce the lifetime of the loan.

What factors affect my personal loan interest rate and monthly payments?

Several factors influence the interest rate you'll receive on a personal loan, like your FICO® Score, credit history, income, and the terms of the loan. Generally, borrowers with excellent FICO® Scores qualify for the lowest interest rates. The loan amount and term you choose also directly impact your monthly payments. A longer loan term will result in lower monthly payments, but higher total interest paid.

Are the results from this personal loan calculator guaranteed?

No, the results provided by this personal loan calculator are estimates for informational purposes only. The actual terms and interest rate you receive from a lender may vary based on their underwriting criteria and your individual financial situation. It's always best to get pre-approved by a lender for accurate loan quotes. 

If you’re feeling anxious about taking out a personal loan, please check out our guide for borrowing money responsibly!

What types of expenses can I typically fund with a personal loan?

Personal loans are just that! Personal. You can use them for a variety of purposes, like debt consolidation, home improvements, medical expenses, unexpected bills, and large purchases. However, it's important to borrow responsibly and ensure you can comfortably manage the monthly payments.