Personal Loan Calculator
Free personal loan calculator with origination fee handling, effective APR, financed-vs-upfront fee comparison, extra payments and full amortization with Excel export.
Frequently asked questions
What is a personal loan and how does it work?
A personal loan is an unsecured, fixed-rate installment loan repaid in equal monthly payments over a term typically ranging from 24 to 84 months. Because there is no collateral, rates are higher than for auto or home loans and are set primarily by credit score, debt-to-income ratio, and income stability.
What is the difference between interest rate and APR?
The interest rate is the nominal annual rate applied to the loan balance. APR includes the interest rate plus origination fees expressed as an annualized cost of the loan, so it reflects what the loan actually costs you. Under the Truth-in-Lending Act, lenders must disclose APR — always compare offers using APR, not the advertised rate.
Should I let the origination fee be financed or pay it upfront?
Mathematically, financing the fee produces a slightly higher effective APR because interest accrues on the fee for the life of the loan, while paying it upfront eliminates that interest — but requires cash at closing. This calculator shows all three treatments (financed, upfront, no fee) side by side so you can see the total-cost and APR difference for your exact loan.
How much can extra monthly payments save on a personal loan?
Because personal loans carry higher rates than mortgages, extra payments have an outsized effect. Even $50–$100 extra per month on a five-year loan often saves hundreds to low thousands in interest and shaves several months off the payoff. This calculator quantifies the exact interest and time saved versus a no-extras baseline.
What credit score do I need for the best personal loan rate?
Best-tier personal loan APRs (typically 7%–11%) generally require a FICO score of 720 or higher, stable income, and DTI under 40%. Scores in the 660–719 range see APRs of roughly 11%–20%, and below 660 rates rise sharply — often into the mid-20s or higher. Rate shopping across three to five lenders within a 14-day window counts as a single credit inquiry.
Can I use this for a debt consolidation loan?
Yes. Model the consolidation loan here to see the true APR and total interest, then compare it against the weighted average rate of the debts you would pay off. If the consolidation APR — including origination fees — is materially lower than your current blended rate, and the term is comparable, consolidation reduces total interest.