Personal Loan Calculator
Calculate monthly payment and total interest cost for any personal loan amount, rate, and term.
Personal Loans vs Other Borrowing Options
Personal loans offer fixed rates and fixed terms, making budgeting predictable. Compared to credit cards (variable rate, minimum payment trap) they are more structured. Compared to HELOCs, they do not require home equity but carry higher rates. Personal loans work best for defined, one-time expenses where you want clear payoff timelines.
Shorter Terms Save More
A 24-month vs 60-month personal loan on $15,000 at 10% increases monthly payment from $318 to $424 — but saves $1,460 in total interest. If your budget can handle the higher payment, shorter terms are almost always financially superior. The interest savings often exceed what you would earn investing the difference.
Shopping for the Best Rate
Pre-qualify with multiple lenders using soft credit pulls (which do not affect your score). Compare APRs — not just interest rates — to account for origination fees. Credit unions typically offer rates 1–3 percentage points lower than big banks. Online lenders like SoFi and LightStream offer competitive rates for strong-credit borrowers.