Personal Loan Calculator

Calculate your personal loan payments, compare rates, and see total costs including origination fees. Plan your debt consolidation or major purchase.

Personal Loan Summary

Monthly Payment

$513

Total Interest

$3,024

Total Payment$18,474
Origination Fee$450
Effective APR7.72%
Loan Term36 months

Loan Details

$
1,00050,000
%
536
%

Loan Term

Cost Breakdown

Principal

$15,000

Fees

$450

Interest

$3,024

Balance Over Time

Rate by Credit Score

Excellent (720+)

Typical APR: 6-10%

$484/mo

Good (680-719)

Typical APR: 10-15%

$517/mo

Fair (640-679)

Typical APR: 15-20%

$555/mo

Poor (580-639)

Typical APR: 20-30%

$614/mo

Personal Loan Summary

Monthly Payment

$513

Total Interest

$3,024

Total Payment$18,474
Origination Fee$450
Effective APR7.72%
Loan Term36 months

Quick Answer

A personal loan calculator helps you determine monthly payments and total cost before borrowing. Enter your loan amount, interest rate, and term at practicalwebtools.com to instantly see your monthly payment and total interest. Personal loan rates typically range from 6-36% depending on credit score and lender.

Key Facts

  • Personal loan rates range from 6% (excellent credit) to 36% (poor credit)
  • Average personal loan amount: $8,000-$12,000
  • Common terms: 12, 24, 36, 48, and 60 months
  • Unsecured loans require no collateral but have higher rates
  • Personal loans can consolidate high-interest credit card debt
  • Fixed rates mean your payment stays the same throughout the loan
  • Origination fees of 1-8% may be deducted from your loan amount

Frequently Asked Questions

A personal loan is an unsecured loan that can be used for various purposes like debt consolidation, home improvements, medical expenses, or major purchases. Unlike mortgages or auto loans, personal loans don't require collateral but typically have higher interest rates.
Most lenders require a minimum credit score of 580-640 for approval. However, the best rates (under 10% APR) typically require scores of 720+. Fair credit (580-669) may qualify but with higher rates (15-25%+). Some lenders offer bad credit personal loans with scores as low as 500.
Personal loan rates typically range from 6% to 36% APR depending on credit score, income, and lender. Excellent credit: 6-10%. Good credit: 10-15%. Fair credit: 15-25%. Poor credit: 25-36%. Online lenders often offer competitive rates compared to traditional banks.
An origination fee is a one-time charge by the lender to process your loan, typically 1-8% of the loan amount. It's usually deducted from your loan proceeds or added to your balance. Factor this into your total borrowing cost when comparing loans.
Personal loan terms typically range from 12 to 84 months (1-7 years). Shorter terms mean higher monthly payments but less total interest. Longer terms lower monthly payments but increase total interest paid. Choose based on your budget and total cost goals.