Personal Loan Calculator: Payment & Total Cost

Quick answer: A personal loan is an unsecured fixed-rate loan repaid in equal monthly payments. On a $10,000 loan at 12% over 36 months, the payment is $332.14 a month and the total interest is $1,957.15. If the lender charges a 5% origination fee, you receive $9,500, not $10,000.

Last reviewed: November 2026

Key facts

Unsecured and fixed-rate: equal monthly payments, typically over 3 to 7 years, with no collateral.
Your payment uses the interest rate only; the APR adds fees on top, so compare APRs but check payments with the rate.
An origination fee comes out of the loan: a 5% fee on $10,000 means $500 less cash in hand.
Credit score drives the rate: above 740 roughly 7% to 12%, 670 to 739 roughly 12% to 18%, below 670 often 20% to 36%.

A personal loan gives you a lump sum up front and a fixed repayment schedule, which makes it easy to budget: the same payment every month until the loan is gone. It differs from a credit card, where the balance and the minimum payment change every month, and from a mortgage, which is secured against a home and includes taxes, insurance and sometimes PMI. This calculator works out the monthly payment, total interest and total paid for any fixed-rate personal loan, plus a year-by-year schedule showing how each year splits between principal and interest.

Calculate your personal loan payment

How to use

Enter the loan amount, the annual interest rate and the term in years.
Read the monthly payment, total interest and total paid, plus the yearly schedule.
Then check the fee and affordability notes below: a fee reduces the cash you receive, and a payment above 15 to 20% of take-home pay deserves a second look.

Personal loan payment formula

Monthly payment: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate / 12 / 100) and n is the total number of monthly payments. Total interest = (M × n) − P. Total paid = M × n. Origination fee in dollars = P × fee%. Cash received = P − fee. To receive a target amount with a fee, borrow target / (1 − fee%).

Worked examples

$10,000 at 12% over 3 years, no fee

r = 12 / 12 / 100 = 0.01, n = 36. M = 10000 × 0.01 × 1.01³⁶ / (1.01³⁶ − 1) = $332.14 a month. Total paid = $332.14 × 36 = $11,957.15. Total interest = $11,957.15 − $10,000 = $1,957.15.

$10,000 with a 5% origination fee

Fee = $10,000 × 5% = $500. Cash received = $10,000 − $500 = $9,500, while the monthly payment stays $332.14 at 12% over 36 months, because the fee does not change the payment. Total cost = $1,957.15 interest + $500 fee = $2,457.15. To have $10,000 in hand with a 5% fee, borrow $10,000 / 0.95 = $10,526.32, about $10,527.

Typical personal loan rates by credit score

Credit score (FICO)	Typical offered rate	Monthly payment on $10,000 over 36 months	Total interest
740 and above	about 7% to 12%	$308.77 at 7%	$1,115.75
670 to 739	about 12% to 18%	$332.14 at 12%	$1,957.15
Below 670	often 20% to 36%	$392.33 at 24%	$4,123.83

Ranges reflect typical offered rates reported by lenders in autumn 2026; your actual offer depends on credit, income, debts and the lender. Secured loans, backed by a car or a savings account, usually run several points lower. The table uses the 36-month payment formula above, so every figure can be checked by hand.

Frequently asked questions

What is a personal loan?

A personal loan is an unsecured fixed-rate instalment loan: you borrow a lump sum and repay it in equal monthly payments over a set term, typically 3 to 7 years. Because it is unsecured, no car or house backs the loan, so the rate depends mainly on your credit score, income and debts. Common uses include credit card consolidation, home improvements, medical bills, weddings and emergency costs.

How is the monthly payment calculated?

The monthly payment uses the standard amortizing formula: M = P x r(1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate / 12 / 100) and n is the total number of monthly payments. If the rate is 0%, the payment is simply the loan amount divided by the number of months. The formula assumes a fixed rate and equal monthly payments.

What is the difference between the interest rate and the APR?

Your monthly payment is based on the interest rate only. The APR is the interest rate plus lender fees, such as an origination fee, spread across the loan. If your loan has no fee, the two numbers are the same and you can use either one. When comparing offers, compare APRs, but when checking your payment, use the interest rate.

How does an origination fee change what I receive?

An origination fee is taken out of the loan, not added to it, so it does not change your monthly payment but it does reduce the cash you actually get. On a $10,000 loan with a 5% fee, the fee is $500 and you receive $9,500. If you need $10,000 in hand with a 5% fee, ask for about $10,527, because $10,527 x 0.95 = $10,000.

What credit score do I need for a good rate?

Rates vary widely by credit score. As a rough guide to typical offered ranges reported by lenders in autumn 2026: above 740, about 7% to 12%; 670 to 739, about 12% to 18%; below 670, often 20% to 36%. Secured loans, backed by a car or savings account, usually run several points lower. Your actual offer also depends on income, debts and the lender.

Is a personal loan cheaper than a credit card?

Usually yes, because credit card rates are normally much higher than personal loan rates. Compare the same $10,000 over 36 months: at 12%, a personal loan costs $332.14 a month and $1,957.15 in total interest; at 24%, a card-like rate costs $392.33 a month and $4,123.83 in interest. The loan saves about $2,166.68 in interest in this example, which is why consolidation loans are popular.

Key takeaways

Payment = P × r(1+r)ⁿ / ((1+r)ⁿ − 1); total interest = payment × months − loan amount.
An origination fee cuts the cash you receive, not the payment: $500 on $10,000 at 5%.
Compare APRs between offers, but check your payment with the interest rate.
Keep total non-mortgage debt payments below 15 to 20% of take-home pay where possible.

Sources

Consumer Financial Protection Bureau (CFPB) — interest rate versus APR guidance
Typical offered rate ranges reported by lenders, autumn 2026