Loan Calculator
Loan calculator: monthly payment, total interest and total cost for any personal loan, with extra payments. Free, no sign-up, and it runs in your browser.
Dedicated page: /en/loan-calculator
Default checked 10 Nov 2026: 11.86% APR, the Federal Reserve average for a 24-month personal loan at commercial banks (May 2026). Your rate depends on your credit score. Check the current value here.
Some lenders charge 1% to 8% of the loan up front. It is taken out of what you receive.
Enter the monthly payment you can afford. Used by the amount, term and rate modes.
Pick what to solve for. The monthly payment box above is used for the amount, term and rate modes.
Bankrate's average personal loan rate was 12.28% in October 2026, with lender rates from 6.70% to 35.99% by credit score. The Federal Reserve average above is 11.86%.
Estimate only, not financial advice. APR is the rate plus fees spread over the loan; the interest rate alone is not the full cost. Compare APRs, not just rates, and check for prepayment penalties before you sign.
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Quick answer
A loan calculator works out the monthly payment, total interest and total cost for any personal loan. Enter the amount, rate and term, see the amortisation schedule, test extra payments, solve for the loan a monthly payment can afford, and compare APR with interest rate.
About this Loan Calculator
Loan calculator: monthly payment, total interest and total cost for any personal loan, with extra payments. It is one of the Money and Finance on ToolUstad, and like every tool here it runs entirely in your browser: nothing you type, paste or open is uploaded to a server, and there is no sign-up or usage limit.
What is a loan calculator?
A personal loan calculator turns three numbers, the amount, the interest rate and the term, into the answers that decide whether the loan is a good idea: the monthly payment, the total interest, and the total cost. On $25,000 at 11.86% over 60 months, the payment is $554.34, the interest is $8,260.65, and the total cost is $33,260.65. The same loan over 36 months costs $828.69 a month but only $4,832.73 in interest. The same loan over 84 months costs $439.45 a month but $11,913.70 in interest.
How loan maths works
Personal loans are amortised: the payment is fixed, and each payment is split between interest and principal. The interest part is the balance times the monthly rate, and the principal part is whatever is left. On the $25,000 loan above, the first payment is $246.25 of interest and $308.09 of principal. By the last year, the interest part is under $20 a month. The schedule on this page shows that split year by year. Most personal loans compound monthly, which is what this calculator assumes.
APR vs interest rate, and the solve-for modes
The interest rate is the cost of borrowing the money. The APR is the interest rate plus the fees, spread over the loan, expressed as a yearly rate. A loan at 10% interest with a 5% origination fee has an APR of about 12%. Two loans with the same interest rate can have very different APRs, so the APR is the number to compare when you shop. On a $25,000 loan with a 5% fee, you receive $23,750 but repay $25,000 plus interest.
Most calculators only answer one question: what is the payment? This one answers four. Solve for the payment when you know the loan. Solve for the loan amount when you know the payment: a $500 monthly payment at 11.86% over 60 months covers a loan of $22,549.17. Solve for the term: that same $500 payment clears a $25,000 loan at 11.86% in 70 months, with $9,650.29 of interest. Solve for the rate: a $500 payment on a $25,000 loan over 60 months means a rate of about 7.42%.
Best practices
- Shop three lenders on the same day: prequalification uses a soft credit check and does not hurt your score.
- Take the shortest term you can afford: the payment is higher, but the total interest falls sharply.
Common mistakes to avoid
- Taking the longest term for the lowest payment, and paying $11,913.70 of interest on a $25,000 loan.
- Comparing interest rates instead of APRs, and missing the origination fee.
Who is the loan calculator for?
Anyone taking a personal loan for debt consolidation, a car, home repairs or a major purchase, and anyone comparing loan offers from banks, credit unions and online lenders.
Current value, checked 10 Nov 2026: the default personal loan rate is 11.86%, the Federal Reserve G.19 average for a 24-month personal loan at commercial banks in May 2026. Bankrate put the average at 12.28% in October 2026, with lender rates from 6.70% to 35.99% by credit score. The rate box is an optional override. Check the current Federal Reserve G.19 rate here and the Bankrate average here.
This calculator is an estimate only, not financial advice. Your actual rate and terms depend on your credit, income and the lender.
Learn: how to use the Loan Calculator
- Enter the loan amount, the interest rate and the term in months.
- Use the extra payment box to see what paying more each month saves.
- Use the origination fee box if the lender charges one; it is taken out of what you receive.
- Switch the "I want to find" box to solve for the loan amount, the term, or the rate instead of the payment.
Features
- Monthly payment, total interest and total cost, with a payoff date
- Amortisation schedule by year
- Extra payment impact, with months and interest saved
- Reverse mode: the loan a monthly payment can afford
- Solve for the loan term or the interest rate from a payment
- Origination fee handling and an APR vs interest rate explainer
Worked example
Borrow $25,000 at 11.86% over 60 months. The monthly payment is $554.34, the total interest is $8,260.65, and the total cost is $33,260.65. Paying an extra $100 a month clears the loan in 49 months and saves $1,711.29 in interest. A $500 monthly payment covers a loan of up to $22,549.17 at the same rate and term. Solving the other way, a $500 payment on a $25,000 loan over 60 months means a rate of about 7.42%.
Frequently asked questions
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the money. The APR adds the fees, like an origination fee, spread over the loan. Two loans with the same rate can have different APRs, so compare APRs when you shop.
What is a good personal loan rate?
Bankrate put the average personal loan rate at 12.28% in October 2026, with lender rates from 6.70% to 35.99% by credit score. Excellent credit gets under 8%; fair credit can pay close to 20%. The Federal Reserve average for a 24-month loan is 11.86%.
Should I take a longer term for a lower payment?
A longer term cuts the monthly payment but raises the total interest a lot. On $25,000 at 11.86%, 36 months costs about $4,832.73 in interest and 84 months costs about $11,913.70. Take the shortest term whose payment you can afford.
Does paying extra on a personal loan save money?
Yes, every extra dollar goes to principal, so the next month interest is charged on less. Check first that the lender has no prepayment penalty; most personal loans do not.
What is an origination fee?
A fee some lenders charge up front, usually 1% to 8% of the loan. On a $25,000 loan with a 5% fee, you receive $23,750 but repay $25,000 plus interest, so the true cost is higher than the rate alone suggests.
How much can I borrow with a personal loan?
Most lenders lend $1,000 to $50,000, some up to $100,000. The limit is set by your credit score, income and debt-to-income ratio. Use the reverse mode here: enter the payment you can afford and see the loan it buys.
What credit score do I need for a personal loan?
Most lenders want 670 or above. Excellent credit, 720 and above, gets the best rates, often under 8%. Fair credit, 580 to 669, can still get a loan but at 18% to 36%.
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