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Loan Calculator

Calculate monthly payments, total interest, and payoff timeline for any personal loan, student loan, or debt.

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Enter your loan details to see your payment breakdown.

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APR vs Interest Rate

APR includes both the interest rate AND fees like origination fees, giving you the true cost of borrowing. Always compare loans using APR, not just the advertised rate.

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Extra Payments

Even $50-100 extra per month can save thousands in interest and shave months or years off your loan. Use our extra payment field to see exactly how much you'd save.

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Best Loan Rates

Credit score 750+: 6-12% APR. Good credit 700+: 12-18%. Fair credit 650+: 18-28%. Always shop at least 3 lenders — rates vary significantly for the same credit score.

Common Questions

What is a good interest rate for a personal loan?

A good personal loan rate depends on your credit score. For excellent credit (750+), rates of 6-12% APR are considered good. For good credit (700-749), 12-18% is typical. Rates above 25% APR should be avoided if possible — consider improving your credit first or finding a co-signer.

Should I choose a shorter or longer loan term?

A shorter term means higher monthly payments but less total interest paid. A longer term lowers monthly payments but costs significantly more over time. Rule of thumb: choose the shortest term you can comfortably afford each month.

What is an origination fee?

An origination fee is a one-time charge by the lender for processing the loan, typically 1-8% of the loan amount. It's usually deducted from your loan proceeds or added to your balance. Always factor this into your total cost comparison when shopping for loans.

How can I get approved for a lower rate?

Improve your credit score before applying, pay down existing debt to lower your debt-to-income ratio, apply with a co-signer, offer collateral for a secured loan, or shop credit unions which typically offer lower rates than banks.

How to Calculate Your Loan Payment

Your monthly loan payment depends on the loan amount, interest rate (APR), and loan term. A higher loan amount or interest rate means higher payments, while a longer term lowers monthly payments but increases total interest paid. Use our free loan calculator above to instantly see your monthly payment, total interest, and payoff date for any type of loan.

What Is a Good Interest Rate for a Personal Loan?

Personal loan rates in 2025 vary based on your credit score. Excellent credit (750+) qualifies for rates of 6-12% APR. Good credit (700-749) typically sees 12-18% APR. Fair credit (650-699) may face 18-25% APR. Rates above 25% should be avoided if possible. Credit unions and online lenders often offer lower rates than traditional banks, so always compare at least 3 lenders before accepting a loan offer.

Should I Choose a Shorter or Longer Loan Term?

A shorter loan term means higher monthly payments but significantly less total interest paid over the life of the loan. A longer term lowers your monthly payment but costs more overall. For example, a $10,000 loan at 10% APR over 24 months costs $461/month and $1,064 in total interest. The same loan over 60 months costs $212/month but $2,748 in total interest — more than double. Use our extra payment feature to see how paying even $50 extra per month can save you hundreds in interest.

When Does a Personal Loan Make Sense?

Personal loans are most beneficial when used to consolidate high-interest credit card debt into a single lower-rate loan. If you have $10,000 in credit card debt at 20% APR and qualify for a personal loan at 10% APR, consolidating could save you thousands in interest and simplify your monthly payments into one fixed payment with a clear payoff date.

Personal loans can also make sense for large planned expenses like home improvements, medical bills, or major life events when you need a structured repayment plan rather than putting expenses on a credit card. The key is that personal loans should be used for expenses that provide lasting value or solve a financial problem — not for discretionary spending that you cannot otherwise afford.

How to Pay Off a Loan Faster

The most effective way to pay off a loan faster is to make extra payments directly toward the principal balance. Even small additional payments have a significant impact — paying an extra $50 per month on a $10,000 loan at 10% APR over 36 months can save you $180 in interest and pay the loan off 3 months early. Use our extra payment calculator above to see exactly how much you would save with additional monthly payments.

When making extra payments, always specify to your lender that the additional amount should be applied to principal, not to future payments. Some lenders will automatically apply extra payments to advance your next due date rather than reducing your balance, which does not save you any interest.