Personal Loan Calculator (2026)
Updated for May 2026.
Enter your loan amount, annual interest rate, and repayment term — the calculator shows your exact monthly payment, total interest paid, and a month-by-month amortization breakdown.
Use the Calculator
→ Open Personal Loan Calculator
What to enter:
- Loan amount (how much you want to borrow)
- Annual interest rate (APR from your lender's offer)
- Loan term in months (12, 24, 36, 48, or 60 months are most common)
What you get:
- Fixed monthly payment
- Total amount repaid
- Total interest paid over the loan term
- Monthly amortization table (how much goes to interest vs. principal each month)
- Side-by-side comparison of different terms and rates
Current Personal Loan Rate Context (May 2026)
| Borrower profile | Typical APR range | What drives your rate |
|---|---|---|
| Excellent credit (750+) | 7–11% | Prime rate 6.75% + low spread (data/rates.json) |
| Good credit (700–749) | 11–16% | Prime + moderate spread |
| Fair credit (650–699) | 16–24% | Prime + high spread |
| Poor credit (<650) | 24–36%+ | Risk-based pricing |
| Buy now, pay later / payday | 100–400% effective APR | Avoid — not a personal loan |
The Fed funds rate is 3.75% (FRED:FEDFUNDS, data/rates.json). The prime rate is 6.75% (prime = Fed + 3%). Personal loan APRs are typically prime plus a risk spread — which is why your credit score is the primary driver of your rate.
Monthly Payment Quick Reference
Per $10,000 borrowed:
| APR | 12 months | 24 months | 36 months | 48 months | 60 months |
|---|---|---|---|---|---|
| 7% | $865 | $448 | $309 | $239 | $198 |
| 10% | $879 | $461 | $323 | $254 | $212 |
| 12% | $888 | $471 | $332 | $263 | $222 |
| 15% | $901 | $485 | $347 | $278 | $238 |
| 20% | $926 | $509 | $372 | $304 | $265 |
| 25% | $951 | $534 | $397 | $330 | $293 |
To use: multiply the per-$10k payment by your loan amount in $10,000s.
- $25,000 at 12% for 36 months: $332 × 2.5 = $830/month
- $10,000 at 20% for 24 months: $509/month
The Real Cost: Term vs. Rate Trade-Off
On a $15,000 personal loan at 12% APR:
| Term | Monthly payment | Total paid | Total interest |
|---|---|---|---|
| 12 months | $1,332 | $15,984 | $984 |
| 24 months | $707 | $16,968 | $1,968 |
| 36 months | $498 | $17,928 | $2,928 |
| 48 months | $394 | $18,912 | $3,912 |
| 60 months | $334 | $20,040 | $5,040 |
Extending from 12 to 60 months cuts the monthly payment by $998 — but increases total interest paid more than five-fold ($984 → $5,040). The longer the term, the lower the payment and the higher the total cost.
Use the calculator to find the term where the monthly payment fits your budget AND the total interest is acceptable.
Comparing Loan Offers: What Actually Matters
When comparing personal loan offers, rank by APR — not monthly payment, not interest rate. APR includes fees and is the true cost of borrowing.
Example: two offers for $10,000 over 36 months
| Lender | Interest rate | Origination fee | APR | Monthly payment | Total cost |
|---|---|---|---|---|---|
| Offer A | 10% | 0% | 10% APR | $323 | $11,628 |
| Offer B | 9% | 3% ($300 upfront) | 10.9% APR | $318 | $11,748 |
Offer B has a lower stated rate but a higher APR — it costs $120 more overall because of the origination fee. Monthly payment is almost identical. APR wins.
When a Personal Loan Makes Sense
| Use case | Makes sense? | Notes |
|---|---|---|
| Consolidate credit card debt at lower rate | ✅ Yes | Only if personal loan APR < card APR |
| Home renovation (no equity) | ✅ Yes | Alternative: HELOC if you have equity |
| Medical emergency | ✅ Yes | Beat medical payment plans' 0% promotions first |
| Wedding / vacation | ⚠️ Caution | Avoid borrowing for discretionary spending |
| Investing the proceeds | ❌ No | Guaranteed loan cost vs. uncertain return |
| Down payment on a car | ✅ Sometimes | Compare to dealer financing APR |
At today's rates (prime 6.75%), personal loans for creditworthy borrowers run 7–11%. If you're consolidating credit card debt at 22%+, a personal loan at 10% saves real money.
Also Useful
- EMI Calculator — calculate payment for any loan type including home and auto
- Debt Payoff Calculator — create a structured payoff plan if you have multiple debts
- Net Worth Calculator — track how the loan affects your overall financial position
Frequently Asked Questions
What's a good interest rate for a personal loan in 2026?
With the prime rate at **6.75%** (data/rates.json), personal loan APRs below 10% are excellent (top-tier credit), 10–14% is good, 14–20% is fair, and above 20% is high — consider whether the loan is necessary. Credit card APRs average 21–24%, so any personal loan below your card rate saves money for consolidation. Compare multiple lenders — rates vary significantly for the same credit profile.Does taking a personal loan hurt my credit score?
Short-term: yes, slightly. Applying causes a hard inquiry (–2 to –5 points typically). Taking the loan increases your total debt (which may lower your score temporarily if it raises your credit utilisation). Long-term: can improve your score if it replaces revolving credit card debt with instalment debt (different utilisation calculation) and you make on-time payments. Most borrowers see their score recover within 3–6 months of responsible repayment.Should I choose a shorter or longer term?
Choose the shortest term where the monthly payment is comfortably affordable — defined as: it doesn't crowd out emergency savings contributions, retirement contributions, or leave you strapped for unexpected expenses. Paying $200 more per month to save $4,000 in total interest over 5 years is almost always worth it if you have the cash flow. Use the calculator to compare total interest across terms and make the call.Can I pay off a personal loan early?
Usually yes — most personal loans allow early repayment. Check your loan agreement for prepayment penalties (some lenders charge 1–3% of remaining balance). If there's no penalty, paying extra principal directly reduces the total interest paid and shortens the loan term. The calculator can model extra payments: enter your desired payoff date and it shows the required monthly payment.This article is for informational purposes only and does not constitute financial advice. Rate references: prime rate 6.75% and federal funds rate 3.75% from data/rates.json as of May 11, 2026. Personal loan APR ranges are illustrative market estimates.