MoneyGeek's calculator shows your financial commitment before you borrow. See your monthly payment and total interest costs instantly. Test different scenarios by adjusting loan amounts, rates and terms. You'll find the best option for your budget and financial goals without guessing.
Personal Loan Calculator
Updated: December 8, 2025
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Personal Loan Calculator
Estimate the monthly payment for your loan.
Updated: Dec 12, 2025
5 Years
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How to Use MoneyGeek’s Personal Loan Calculator
Taking out a personal loan impacts your budget and financial well-being for years. It’s important to look at your loan terms and monthly payment so you can choose a loan that works for you. Here's how to calculate loan payments with MoneyGeek's personal loan calculator.
- 1Enter the loan amount
This is the principal sum you intend to borrow. Personal loan amounts range from $1,000 to $100,000, depending on the lender and your creditworthiness.
Borrow what you need and can afford to repay. Borrowing too much creates financial strain, while borrowing too little might leave you short.
- 2Enter the interest rate
This is the annual percentage rate (APR) you'll be charged for borrowing. Your credit score plays a huge role in determining this rate. A higher score usually results in a lower interest rate.
Get the APR directly from your loan offer or lender. Even small rate differences affect your monthly payments and total interest paid over the loan term.
- 3Specify the loan term
This is the duration over which you'll repay the loan, in months or years. Shorter terms mean higher monthly payments but less total interest, while longer terms lower your monthly payments but cost more in interest overall.
Once you've entered all the required information, our personal loan calculator generates several important figures. These numbers show the financial implications and let you compare different loan options:
Monthly payment amount
The sum you'll need to pay each month. This figure shows whether the loan fits your monthly budget and which loan term length works best.
Total interest paid
All interest payments over the loan's life. This number shows the real cost of borrowing beyond the principal amount.
Total loan cost
The combined total of principal and all interest payments. The total shows your complete financial commitment and whether the loan fits your long-term financial goals.
Why Use a Personal Loan Calculator?
What Is a Good Personal Loan Rate?
The Federal Reserve reports average interest rates of 12.17% for 24-month personal loans (August 2023). The National Credit Union Administration shows 36-month loans average 10.02% at credit unions and 10.75% at banks (March 2023). A good rate fits your budget and lets you pay off the loan within three to five years comfortably.
Your credit score determines your rate. Higher scores earn lower rates and better terms. Lenders also consider your debt-to-income ratio and income when setting rates.
What to Consider When Applying for Personal Loans
Compare these factors to find a loan that fits your budget:
- Interest rate: Your APR determines total cost. Compare multiple offers; rates vary between lenders. Your credit score, income and the lender's policies set your rate.
- Loan term: Longer terms reduce monthly payments but increase total interest. Shorter terms cost more monthly but save money overall.
- Fees and charges: Origination fees, late payment charges and prepayment penalties add to borrowing costs. Read the fine print and ask about all fees upfront.
- Loan amount: Borrow only what you need and can repay. Overborrowing strains your finances and hurts future borrowing chances. Your loan amount affects monthly payments and total interest.
- Your credit score: Higher scores earn lower rates and better terms. Check your credit report for errors and improve your score before applying.
What Are the Types of Personal Loans?
Personal loans serve different borrowing needs and financial situations.
Unsecured personal loans
Unsecured personal loans are the most common type and don't require any collateral. Lenders decide approval based on your credit score and income. These loans usually have higher interest rates because they're not backed by assets, but you can get approved quickly and use them for almost any purpose.
Secured personal loans
Secured personal loans require collateral, such as a car or savings account. Collateral reduces the lender's risk and typically results in lower interest rates. However, you risk losing the asset if you default.
Debt consolidation loans
Debt consolidation loans are specialized loans that pay off multiple debts, such as credit cards, combining them into a single monthly payment. The goal is to secure a lower interest rate or more manageable payments. Crunch the numbers to ensure consolidation actually saves you money.
Co-signed Loans
If you have poor credit history or low income, a co-signed loan might be an option. Someone with better financial standing co-signs the loan, vouching for your repayment ability. This may get you a loan approval and lower rate, but the co-signer becomes responsible if you default, which strains personal relationships.
Fixed-rate loans
With fixed-rate loans, your interest rate stays the same for the entire loan term. This stability makes it easier to plan your budget and manage monthly payments. However, you'll miss out on lower rates if market interest rates decrease later.
Variable-rate loans
Variable-rate loans have interest rates that change based on market conditions. You'll benefit from lower rates when the market dips, but payments increase if rates rise. This type of loan offers potential savings but comes with more uncertainty.
Personal line of credit
Unlike a traditional personal loan that gives you a lump sum upfront, a personal line of credit lets you borrow funds as needed up to a set limit. This option works well for ongoing expenses or projects with uncertain costs. You'll only pay interest on the amount you use.
Where to Get Personal Loans
Compare lenders to find the best rates, terms and service for your needs.
- 1Traditional banks
Banks often offer competitive rates to borrowers with strong credit, but approval can be harder if your credit isn’t perfect. Existing customers benefit from integrated online banking and convenient account management.
- 2Credit unions
Credit unions provide more personalized service and flexible lending options. Because they’re not-for-profit, they usually offer lower rates and fees than banks. Membership often depends on where you live or your employer.
- 3Online lenders
Online lenders make the application process quick and straightforward, with faster approvals than traditional institutions. Some consider alternative data such as utility or rent payments, which can help borrowers with lower credit scores. Always review ratings and accreditation before applying.
Compare offers from multiple insurers. Choose based on your credit score and service preferences.
Personal Loan FAQ
Answers to common questions about personal loans:
What is a personal loan?
A personal loan provides you with a lump sum of money that you repay in monthly installments over a set period. The repayment term ranges from 12 to 60 months or more. The loan has an interest rate that's either fixed or variable, affecting the total amount you'll repay.
What can I use a personal loan for?
Personal loans are versatile and can cover debt consolidation, home improvements, medical expenses or vacations. Use personal loans responsibly and only for needs, not wants, as you're committing to repay with interest.
What are the fees associated with personal loans?
Beyond interest rates, personal loans often include origination fees, late payment fees and prepayment penalties. Read the fine print and ask lenders about any additional charges.
What is a good personal loan rate?
Interest rates for personal loans range from 6% to 36% on average. A rate at the lower end is considered good, as you'll pay less over the loan's life.
Can I get a personal loan with bad credit?
Yes, you can get a personal loan with bad credit. However, lenders charge higher interest rates and set stricter terms because of the risk.
Can I pay off my personal loan early?
Most lenders allow early payoff, but some charge a prepayment penalty. This fee compensates lenders for the interest they lose when you pay ahead of schedule. Read the fine print or ask your lender about prepayment penalties.
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About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
sources
- Federal Reserve. "Consumer Credit - G.19." Accessed October 31, 2025.
- National Credit Union Administration. "Credit Union and Bank Rates 2023 Q1." Accessed October 31, 2025.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
our editorial policies and expert editorial team.