Personal Loan Calculator - Estimate Monthly Payments

Currency

Loan Amount

Interest Rate (%)

Loan Term (months)

Monthly Payment

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Total Payment

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Total Interest

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How Personal Loan Payments Work

Most personal loans use a fixed interest rate and equal monthly payments. Your payment is calculated from the amount you borrow, the annual interest rate, and how many months you have to repay. Paying over a longer period usually lowers each payment but can increase the total interest you pay. This tool uses the same standard formula as our main loan calculator.

When a Personal Loan Can Be Useful

People often use personal loans to consolidate high-interest debt, cover a large one-time expense, or spread out the cost of home improvements. Because rates and fees vary by lender, it helps to compare offers and read the terms before you sign. LoanWise gives you a quick payment estimate so you can plan your budget with confidence. Buying a car? Use our car loan calculator or auto loan calculator. Buying a home usually means a mortgage—try our mortgage calculator for principal-and-interest estimates.

Frequently Asked Questions

Does a personal loan hurt my credit score?

Applying may cause a small, temporary dip from a hard inquiry. Making payments on time can help your credit over time; missed payments can hurt it.

Is the interest rate on a personal loan fixed?

Many personal loans have a fixed rate, so your payment stays the same. Some products use variable rates—always confirm with your lender.

Are origination fees included in this calculator?

No. This calculator shows principal and interest only. If your lender charges fees, your actual costs may be higher unless you add those amounts to the loan amount you enter.