Personal Loan Calculator
Calculate your monthly payment, total interest, and see which lenders match your rate
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Borrow up to $500,000+
Personal Loan Calculator
Estimate Payments, Compare Lenders, Plan Your Loan
Key Takeaways
- A $10,000 personal loan at the national average APR of 12.26% for 36 months costs $333/month and $1,994 in total interest.
- Extending the term from 36 to 60 months drops the payment to $224/month but adds $1,460 in extra interest — a 73% increase in borrowing cost.
- An origination fee of 3% on a $10,000 loan means you receive $9,700 but repay the full $10,000. The effective APR rises from 12.26% to roughly 14.3%.
- The lender match panel updates in real time as you adjust the APR — showing which lenders offer rates in your range, with amounts, terms, and fee details.
- Click "Show Payment Schedule" to see a full year-by-year amortization with expandable monthly detail and a progress bar tracking how much of the loan is repaid.
How to Use This Calculator
The PrimeRates Personal Loan Calculator estimates your monthly payment, total interest, and full repayment schedule for any fixed-rate personal loan. It also matches you with lenders that offer rates in your APR range.
Step 1 — Enter your loan amount. Use the input field or slider. Personal loans typically range from $1,000 to $100,000. The default is $10,000, close to the national median personal loan balance.
Step 2 — Set your interest rate (APR). If you have been pre-qualified, enter the specific rate you were offered. If you are exploring, the default of 12.26% reflects the national average personal loan APR as of March 2026 according to Bankrate. Use the slider to see how different rates change the cost.
Step 3 — Choose your loan term. Shorter terms (12–36 months) have higher monthly payments but save substantially on total interest. Longer terms (48–84 months) lower the payment but increase the total cost. The calculator recalculates instantly when you change the term.
Step 4 — Toggle the origination fee (optional). Many lenders charge 1%–8% as an upfront fee deducted from your loan proceeds. When enabled, the calculator shows both the amount you actually receive and the effective APR — which accounts for the fact that you pay interest on money you never received.
Step 5 — Review the lender match panel. Below the summary metrics, the calculator shows up to four lenders whose APR ranges include your selected rate. Each card shows the lender name, loan amount range, available terms, and origination fee policy.
Understanding the Results
The monthly payment is calculated using the standard amortization formula. Each payment covers that month's interest charge plus a portion of the principal. In the early months, interest makes up the majority of each payment. By the final months, nearly all of each payment goes to principal. The donut chart shows this split visually — navy for principal, gold for interest, and gray for the origination fee if enabled.
The effective APR is especially important when an origination fee is involved. Two loans can quote the same APR, but if one charges a 5% fee and the other charges none, the true cost differs significantly. The effective APR calculation (using Newton's method) reveals what you are actually paying on the money you received, not the money the lender booked.
The amortization schedule provides the complete repayment timeline. Year rows show annual totals for payments, principal, and interest, plus a green progress bar indicating the percentage of the loan repaid. Click any year to expand it and see the month-by-month breakdown within that year. The total row at the bottom sums all payments as a verification check — it should match the total cost shown in the summary.
Personal Loan Rates by Credit Score
| Credit Score Range | Typical APR | Monthly Payment ($10K, 36 mo) | Total Interest |
|---|---|---|---|
| Excellent (720+) | 7.0%–12.0% | $309–$332 | $1,113–$1,961 |
| Good (680–719) | 12.0%–17.0% | $332–$357 | $1,961–$2,834 |
| Fair (640–679) | 17.0%–24.0% | $357–$393 | $2,834–$4,156 |
| Poor (580–639) | 24.0%–32.0% | $393–$436 | $4,156–$5,687 |
| Bad (below 580) | 28.0%–36.0% | $414–$453 | $4,905–$6,318 |
APR ranges are estimates based on aggregated lender data, March 2026. Your actual rate depends on credit score, income, DTI, and lender-specific criteria.
Frequently Asked Questions
What is the average personal loan interest rate?
The national average personal loan APR is 12.26% as of March 2026, according to Bankrate. However, rates vary widely by credit score: borrowers with excellent credit (720+) typically qualify for rates of 7%–12%, while those with fair credit (640–679) may see rates of 17%–24%. The calculator defaults to the national average but you should enter your specific pre-qualified rate for the most accurate estimate.
How much personal loan can I afford?
A common guideline is to keep total monthly debt payments — including the new loan — below 36% of your gross monthly income. For example, if you earn $5,000/month and currently pay $800 in debts, you could afford a loan payment of up to $1,000 (to reach the 36% threshold of $1,800). Use our DTI Calculator to find your exact threshold.
Does checking my personal loan rate affect my credit score?
Pre-qualification uses a soft credit pull, which does not affect your score. You can check rates at multiple lenders without any impact. A hard pull only occurs when you formally apply and accept a loan offer. Our prequalification guide explains the process in detail.
Should I choose a shorter or longer loan term?
Shorter terms have higher monthly payments but cost significantly less in total interest. A $10,000 loan at 12% for 36 months costs $1,957 in interest. The same loan for 60 months costs $3,347 — an extra $1,390. Choose the shortest term with a monthly payment you can comfortably afford.
What is an origination fee?
An origination fee is a one-time charge that the lender deducts from your loan proceeds. On a $10,000 loan with a 3% origination fee, you receive $9,700 but owe $10,000 plus interest. Some lenders, such as SoFi, LightStream, Marcus, and Discover, charge no origination fee. Others, such as Upgrade and Prosper, charge 1%–10%. Toggle the fee on in the calculator above to see how it affects your effective APR.
How do I get the lowest personal loan rate?
Four factors drive your rate: credit score (aim for 720+), debt-to-income ratio (below 36%), stable income with employment history, and shopping multiple lenders. Pre-qualify at three to five lenders within a 14-day window — the credit bureaus treat multiple loan inquiries as a single hard pull if completed within that period.
References & Further Reading
- Federal Reserve G.19 — Consumer Credit Report
- CFPB — What Is a Personal Loan?
- CFPB — What Is an Origination Fee?
Keep Reading
- Best Personal Loans — Compare top lender offers
- DTI Ratio Guide — Understand how debt ratios affect approval
- Personal Loan Fees Explained — Compare origination fees by lender
- How to Prequalify — Check rates without affecting your score
- Debt Consolidation Calculator — Compare consolidating vs keeping separate debts
- All PrimeRates Calculators