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Calculate personal loan payments, total interest and total cost for any amount, rate and term — see monthly and yearly.
Calculate personal loan payments, total interest and total cost for any amount, rate and term — see monthly and yearly.
Enter values above and click Calculate — results will appear here with the formula explained.
Personal loans are unsecured amortizing term loans: fixed payment blends principal and interest over the term, with early payments interest-heavy. Total interest is total paid minus principal — $15,000 at 9.5% for 5 years costs about $3,900 in interest on $18,900 paid.
Rate tiers follow credit almost linearly: excellent (720+) 6–10%, good 10–15%, fair 15–20%, poor 25–36%. A 10-point rate swing on $15,000 over 5 years moves total interest by roughly $2,500 — improving score before applying often beats shopping lenders.
APR versus note rate is where true cost hides: origination fees of 1–8% deducted upfront mean a $15,000 loan at 5% fee delivers $14,250 while charging interest on $15,000. Always compare APR (rate plus fees annualized), and add the fee to the amount here for all-in cost.
Term trade-offs are brutal math: 3 years at 9.5% on $15,000 pays ~$2,260 interest at $479/month; 5 years pays ~$3,900 at $315/month; 7 years pays ~$5,600 at $244/month. Shorter terms save thousands but demand cash flow — match term to budget slack, not optimism.
Debt-to-income gating: keep total monthly debts (including this payment) under 36% of gross income for approval comfort and financial health. At $5,000 monthly income with $800 existing debts, a $315 payment lands at 22% — comfortable; the same loan at $1,000 income share would be 51% and likely denied.
Prepayment is usually penalty-free — verify in writing, then attack principal: an extra $100/month on the example loan saves ~$700 interest and 11 months. Never borrow to invest the spread unless the return is contractually guaranteed; markets don't promise what loans demand.
Calculate personal loan payments, total interest and total cost for any amount, rate and term — see monthly and yearly. Formula: Payment = P*r*(1+r)^n/((1+r)^n-1) where r=rate/12, n=years*12. Example: With $15,000 at 9.5% for 5 years: payment about $315/month, total interest about $3,900, total paid $18,900.
Personal loans are unsecured amortizing term loans: fixed payment blends principal and interest over the term, with early payments interest-heavy. Total interest is total paid minus principal — $15,000 at 9.5% for 5 years costs about $3,900 in interest on $18,900 paid.
Rate tiers follow credit almost linearly: excellent (720+) 6–10%, good 10–15%, fair 15–20%, poor 25–36%. A 10-point rate swing on $15,000 over 5 years moves total interest by roughly $2,500 — improving score before applying often beats shopping lenders.
APR versus note rate is where true cost hides: origination fees of 1–8% deducted upfront mean a $15,000 loan at 5% fee delivers $14,250 while charging interest on $15,000. Always compare APR (rate plus fees annualized), and add the fee to the amount here for all-in cost.
Term trade-offs are brutal math: 3 years at 9.5% on $15,000 pays ~$2,260 interest at $479/month; 5 years pays ~$3,900 at $315/month; 7 years pays ~$5,600 at $244/month. Shorter terms save thousands but demand cash flow — match term to budget slack, not optimism.
Debt-to-income gating: keep total monthly debts (including this payment) under 36% of gross income for approval comfort and financial health. At $5,000 monthly income with $800 existing debts, a $315 payment lands at 22% — comfortable; the same loan at $1,000 income share would be 51% and likely denied.
Prepayment is usually penalty-free — verify in writing, then attack principal: an extra $100/month on the example loan saves ~$700 interest and 11 months. Never borrow to invest the spread unless the return is contractually guaranteed; markets don't promise what loans demand.
With $15,000 at 9.5% for 5 years: payment about $315/month, total interest about $3,900, total paid $18,900. Shortening to 3 years: $479/month but only ~$2,260 interest — $1,640 saved for $164 more monthly.
Formulas are standard public references (see our methodology). External standards are cited in the text where they apply.
Last reviewed: September 2026 · Report an error