Enter your loan amount, interest rate, and term to see your exact monthly payment, total interest paid, and full amortization schedule.
Quick answer: A $10,000 loan at 11% APR for 3 years = $327/mo and $1,770 in total interest. Adjust below for your exact numbers.
Your Loan Details
$
%
Add extra monthly payment
$
Monthly Payment
$327
Total repaid: $11,770
Payment Breakdown
Principal
$10,000
Total Interest
$1,770
Loan Amount$10,000
APR11.00%
Loan Term36 months
Monthly Payment$327
Total Interest$1,770
Total Cost$11,770
Payoff DateMarch 2029
Interest Saved (extra pmts)—
Paid Off Early By—
Extra payments save you $0 in interest and pay off your loan 0 months early.
Amortization Schedule
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Payment
Principal
Interest
Balance
How the Personal Loan Calculator Works
This calculator uses the standard amortization formula to compute your exact monthly payment. Each payment covers that month's interest first, then the rest reduces your principal balance. Early payments are mostly interest; later payments are mostly principal.
The formula
Monthly payment = P × r / (1 − (1 + r)−n) where P = loan amount, r = monthly interest rate (APR ÷ 12), and n = number of monthly payments. This is the same formula lenders use.
Typical personal loan rates in 2026
Credit Score
Typical APR Range
$10K / 3-Year Monthly Payment
Excellent (720–850)
6.99% – 12.99%
$309 – $337
Good (680–719)
13% – 18%
$337 – $362
Fair (640–679)
18% – 24%
$362 – $393
Poor (580–639)
25% – 35%
$398 – $454
Bad (<580)
36%+
$454+
3-year vs 5-year loan — which is better?
Shorter terms mean higher monthly payments but much less total interest. A $15,000 loan at 14% APR costs $512/mo over 3 years (total interest: $3,440) vs $349/mo over 5 years (total interest: $5,910). If you can afford the higher payment, the 3-year term saves you $2,470.
How to lower your monthly payment
Improve your credit score before applying — going from a 650 to a 720 can drop your rate by 5–8 percentage points, saving hundreds of dollars over the loan's life. Extend the term to spread payments, but be aware this increases total interest paid. Borrow less — only take what you need, not the maximum you qualify for. Make extra payments when possible — use the extra payment feature above to see how much you save.
What lenders look at
Lenders evaluate your credit score (biggest factor), debt-to-income ratio (DTI — your monthly debts divided by gross monthly income; most lenders want this below 40%), employment history (at least 1–2 years at your current job), and income verification. Most lenders now give instant online decisions with a soft credit pull that doesn't affect your score.
Rates and terms are estimates based on 2026 national averages. Actual rates vary by lender, credit profile, and loan purpose. Sources: Federal Reserve Consumer Credit G.19 report, CFPB Consumer Credit Market reports, lender rate disclosures.
Frequently Asked Questions
What credit score do I need for a personal loan?▾
Most banks and credit unions require a minimum score of 640–660 for approval. Online lenders sometimes approve scores as low as 580–600, but at rates above 30% APR. To get rates below 12%, you generally need a 720+ score. If your score is below 640, consider waiting 6–12 months and building credit before applying.
How is personal loan interest calculated?▾
Personal loans use simple amortizing interest. Your APR is divided by 12 to get your monthly rate. Each month, interest is calculated on the remaining balance. In the first month, almost all interest applies to the full original balance. As you pay down principal each month, the interest portion decreases and the principal portion increases. There is no compounding between payments — you only owe interest on what you still owe.
What is the difference between APR and interest rate?▾
The interest rate is the annual cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus fees (origination fees, application fees, etc.) expressed as an annual percentage. Always compare APRs, not just interest rates — a loan with a 10% rate and 3% origination fee has a higher effective APR than a loan at 10.5% with no fees, depending on the term.
Can I pay off a personal loan early?▾
Most personal loans have no prepayment penalty — you can pay extra or pay off the entire balance any time without fees. Some lenders charge a prepayment fee (typically 1–5% of the remaining balance), so check your loan agreement before making a lump-sum payoff. Use the extra payment feature above to see exactly how much time and interest you save by paying extra each month.
What's a good debt-to-income ratio for a personal loan?▾
Most lenders want your total monthly debt payments (including the new loan) to be below 40% of your gross monthly income. Some lenders allow up to 50% DTI but will charge higher rates. For example, if your gross income is $5,000/month, your total monthly debt payments (car, student loans, credit cards, new loan) should stay under $2,000. Lower DTI = better rate.
Personal loan vs credit card — which is cheaper?▾
For amounts over $1,000 that you can't repay within a few months, personal loans are almost always cheaper. Average credit card APR in 2026 is 21–24%. A personal loan for someone with good credit is typically 10–15% APR, saving 6–14 percentage points. On a $5,000 balance, that's the difference between $140/mo (credit card, minimum payment only) with years of debt vs. $170/mo (personal loan, 3 years) and being debt-free in 36 months.