Compare personal loan offers on the numbers that matter. Enter the amount, the APR and a term in months to get the monthly payment, the total interest and what the loan costs you overall.
Estimates only. This tool is provided for educational purposes and is not financial advice. It models the figures you enter — it does not know your credit terms, local taxes, or fees. Talk to a licensed adviser before making a decision.
A $15,000 loan at 10.5% over 60 months costs about $322 a month. Across the term you repay roughly $19,345, of which $4,345 is interest — a little under 29% of the amount borrowed.
Payment = P × r ÷ (1 − (1 + r)−n)
where P is the amount borrowed, r the monthly rate (APR ÷ 12) and n the number of months. The same formula prices car loans, mortgages and student loans.
Stretching the term lowers the monthly payment but raises the total interest, and the trade is not linear. Moving from 36 to 60 months on a $15,000 loan at 10.5% cuts the payment by roughly 40% while the interest bill grows by more than 60%. Long terms feel affordable and cost the most.
How is a personal loan payment calculated?
The payment is P × r ÷ (1 − (1+r)^−n), where P is the amount borrowed, r the monthly rate and n the number of months. It is the same amortising formula used for mortgages.
Is a longer loan term better?
It lowers the monthly payment but increases the total interest you pay, often substantially. A longer term helps cash flow and hurts total cost.
What APR should I expect on a personal loan?
It depends on your credit record and the lender. Strong credit typically attracts single-digit APRs; weaker credit can mean rates above 20%. Always compare the APR, which includes fees.
Does the calculator include fees?
Enter the APR rather than the nominal rate and fees are reflected in the payment. A separate origination fee deducted at the start is not modelled — subtract it from the amount you actually receive.
Can I pay a personal loan off early?
Usually yes, and most unsecured personal loans have no prepayment penalty. Check the agreement, because some lenders charge a fee for early settlement.