Personal Loan Calculator
Calculate monthly payments, total interest, and total cost for a personal loan.
Monthly Payment
$329.89
/month
Total Interest
$4,793.35
Total Paid
$19,793.35
APR: 11.5%
Term: 5 years
Loan Amount: $15,000
Loan Amortization Schedule
Frequently Asked Questions
What factors affect personal loan interest rates?
Interest rates depend on your credit score, income, debt-to-income ratio, loan amount, loan term, and whether the loan is secured or unsecured. Rates typically range from 6% to 36%.
Should I choose a shorter or longer loan term?
A shorter term means higher monthly payments but less total interest paid. A longer term reduces monthly payments but increases total interest cost. Choose the term that fits your monthly budget while minimizing total cost.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus any fees, giving you the true annual cost of the loan. Always compare loans using APR.
This calculator is for educational and estimation purposes only. It does not constitute financial or credit counseling advice.