About this Loan Calculator
Calculate monthly payments and total interest for any loan — personal, student, business, or medical. Switch the loan type to load typical default rates, then add an extra monthly payment to see how much faster you'd pay it off.
The power of extra payments
Adding just $50 a month to a $20,000 loan at 8% interest pays it off about a year early and saves $1,500+ in interest. Verify with your lender that extra payments are applied to principal, not future installments.
Compare APR, not just rate
APR includes origination fees and gives an apples-to-apples comparison across lenders. Get at least three quotes within a 14-day window to minimize credit-score impact from multiple inquiries.
Frequently Asked Questions
What's a good interest rate on a personal loan?
7–11% is competitive for borrowers with 720+ credit. Average personal loan APRs run 11–14%; anything above 20% should make you shop more aggressively.
How does loan term affect total cost?
Longer terms reduce monthly payments but dramatically raise total interest. A $15,000 loan at 10% costs about $4,124 in interest over 5 years and $7,723 over 10 years.
Will a personal loan hurt my credit?
The hard inquiry causes a small temporary dip (5–10 points). On-time payments improve credit over time and diversify your credit mix.