Personal Loan Calculator

You're looking to borrow responsibly, but you don't know what type of personal loan is right for you. U.S. News can help. No math is required to use our personal loan calculator.

How to Use our Personal Loan Calculator

Enter your personal loan details into the calculator to estimate the monthly payment, interest cost and total cost. You will need to know your desired loan amount and term, as well as the interest rate. You're now ready to start.

Enter the loan amount. Personal loans can range from $100 to $100,000 depending on the lender. The higher your credit rating, the more money you can borrow.

Add the repayment period. You can choose repayment terms ranging from one to five-years - and sometimes even longer. The monthly payment is lower with longer loan terms, but the interest rate will be higher. You should look for the shortest loan term that you can afford with a manageable payment.

Enter the interest rate. Your rate is determined by factors like your credit history, credit score, loan amount and debt-to income ratio. The lower the rate of interest is usually the case when the credit score is higher.

After you input your loan details into the calculator, these details will be automatically filled in. The calculator will show you your estimated monthly payment as well as total interest, loan cost, and the loan repayment date. Calculator also shows you what percentage of your monthly payment goes to interest.

Try out different combinations. Try different combinations. You can find out what works for you by trying different combinations.

Find the best personal loans for you



Loan Amount


Get Offers From 6.7% to 35%

What to do with your personal loan calculator results

You can now compare the rates and terms of the Best Personal Loan Companies ranked by U.S. News. Prequalification is a great way to check your eligibility for a loan and get hints about the terms. It does not affect your credit.

Before you borrow, consider the pros and cons as well as other options. Examine your monthly budget, and your DTI (or the percentage of your gross monthly income that you pay toward your monthly debts) ratio. You want your DTI to be at or below 35%.

Compare all fees, even origination fees. This upfront processing fee can be charged by lenders up to 10% of total loan amount. This fee is not always charged.

You should only apply for a loan once you have thoroughly researched all your options and found the best deal to suit your financial situation. If you cannot afford to pay back the loan, your credit rating will be affected if default or missed payments occur.

What is a good personal loan rate?

The average interest rate for a personal loan should be lower than that of the country. However, personal loan interest rates may range between 6% and 36% depending on factors such as creditworthiness.

What are the current personal loan rates?

This week, personal loan rates rose for the 36 month term. Rates declined for the 60 month term. As of May 29, here are the average rates for personal loans offered to applicants with credit scores of 720 and above.

The five-year term of a personal loan is now 20.22%, down from 20.38% one week earlier.

Creditworthiness is a major factor in determining the interest rates for personal loans. Borrowers who have excellent or very good credit ratings will pay lower rates of interest than those with fair credit or bad credit. Borrowers with poor credit often apply for secured personal loans that use an asset as collateral to get lower rates.