Personal Loan Calculator
Calculate personal loan payments with our free personal loan calculator. This personal loan calculator shows monthly payments, total interest, and amortization schedules. Use our personal loan calculator to compare loan options and see how extra payments can save you money.
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Loan Details
Typical range: 1-6%
Payment Options
Optional - pay more to reduce interest
About Personal Loans
Personal loans are unsecured loans with fixed interest rates and monthly payments. Common uses include debt consolidation, home improvements, and major purchases. Shop around for the best rates and watch out for origination fees.
Loan Summary
What is a Personal Loan Calculator?
A personal loan calculator is a financial tool that helps you estimate monthly payments on a personal loan. This personal loan calculator shows you the total cost of borrowing, including interest and fees, so you can make informed decisions.
Use our personal loan calculator to compare different loan amounts, interest rates, and repayment terms. The personal loan calculator also shows how extra payments can help you pay off your loan faster and save money on interest.
APR vs Interest Rate
The interest rate is the cost of borrowing the principal amount, expressed as a percentage. The APR (Annual Percentage Rate) includes the interest rate plus all fees and costs, giving you the true cost of the loan.
When comparing personal loans, always look at the APR, not just the interest rate. A loan with a low interest rate but high fees may have a higher APR than a loan with a slightly higher rate and lower fees.
Benefits of Extra Payments
- •Pay Off Debt Faster: Extra payments reduce your loan term, helping you become debt-free sooner
- •Save on Interest: The less time you carry the loan, the less interest you pay overall
- •Improve Credit Score: Paying off debt faster can improve your credit utilization ratio
- •Financial Freedom: Being debt-free gives you more flexibility with your finances
When to Get a Personal Loan
How to Qualify for the Best Personal Loan Rates
Good Credit Score
A credit score of 720+ typically qualifies for the best rates. Check your credit report and fix any errors before applying.
Stable Income
Lenders want to see consistent income and employment history. Have recent pay stubs and tax returns ready.
Low Debt-to-Income
Keep your DTI ratio below 36%. The lower your existing debt compared to income, the better your rates.
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Disclaimer: This calculator is for educational and illustrative purposes only. Results are estimates and may not reflect actual outcomes. Investing Point does not guarantee the accuracy of these calculations and is not responsible for any decisions made based on this tool.