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Personal Loan Calculator - Accurate Loan Cost Calculation

Use our free personal loan calculator to compare rates, terms, and get AI-driven debt consolidation advice. Calculate monthly payments and explore repayment options.

Research-backed inputs

APR, origination fee, and underwriting assumptions blend Federal Reserve G.19 data with Experian reports so the payment math matches what lenders quote this week.

Benchmarks refreshed monthly alongside Federal Reserve, Experian, and CFPB releases.

Compliance & privacy checklist

All loan inputs stay in your browser until you export a PDF. Quotes remain illustrative until you complete disclosures with a licensed lender.

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Personal loan decision workflow

Use one pass to validate affordability, underwriting, and payoff strategy.

1. Capture the full borrowing need

Include medical, renovation, or consolidation costs plus origination fees so you borrow the right amount.

2. Check qualification factors

Review credit score bands, employment history, debt-to-income, and collateral requirements before applying.

3. Simulate the payoff schedule

Compare APRs, fixed vs. variable terms, and add extra payments to see how quickly the balance disappears.

4. Sync with consolidation & ROI tools

Send the payment stream to the debt-consolidation and ROI calculators to align cash flow with other goals.

Worked example: Consolidating three credit cards

We modeled a $28k consolidation request with real Experian averages to show how extra payments and automation protect the payoff plan.

Scenario inputs

Borrowing goal
$28,000 balance transfer from three high-interest cards (avg 22% APR)
Loan amount
$28,500 (includes 2% origination fee at closing)
Credit score
695 (Experian prime-adjacent tier)
Loan term
48 months with optional $150 extra payment each month
APR offered
11.4% fixed (simulated with Federal Reserve G.19 averages)
Fees
$570 origination (2%), no prepayment penalty
Extra payments
$150/month starting month 4 to shorten payoff
Guard rails
Auto-pay discount: 0.25% APR reduction if set up

Planner takeaways

  • •Base monthly: $731. With $150 extra, loan closes at month 37 instead of 48.
  • •Total interest: ~$5,200 vs. ~$8,100 if cards kept running at 22% APR, saving $2,900.
  • •AI planner suggests linking auto-pay to checking account and rerouting freed cash to ROI calculator.
  • •Debt consolidation tool confirms one payment is easier to track than three rotating balances.

Numbers based on Federal Reserve G.19 Q4 2024 and Experian personal loan market benchmarks. Confirm final APR with lender.

Check consolidation trade-offsAsk AI planner for payoff schedule

How borrowers use this calculator

Two anonymized case studies showing the handoff to consolidation and ROI tools.

Financing an elective medical procedure

Borrower wants to cover a $18k surgery without high-interest cards.

  • •Profile: 720 credit score, stable W-2 income, minimal existing debt.
  • •Plan: Modeled 36 vs. 48-month terms, added a 0.5% origination fee, then exported to the debt consolidation tool to compare total interest.
  • •Result: Picked a 36-month loan at 9.4% APR and scheduled extra $100 payments whenever HSA reimbursements arrive.
Compare consolidation options

Freelancer smoothing cash-flow dips

Uses a personal loan to bridge seasonal invoices.

  • •Profile: $12k/month revenue, 70-day payment cycles, existing auto loan payment.
  • •Plan: Tested bigger payment reserve, layered a 15% contingency, and piped the output to the ROI calculator to check opportunity cost.
  • •Result: AI planner recommended launching retainers plus earmarking 40% of surplus to repay the loan in 14 months.
Validate returns in ROI calculator

Personal loan data stack

Datasets backing APR ranges, credit-tier spreads, and origination fee benchmarks.

Federal Reserve G.19 Consumer Credit

Monthly data on personal loan rates, balances, and delinquency trends.

View source

Experian Personal Loan Market Report

Credit-tier distribution, average amounts, and approval rates.

View source

CFPB Complaint Database

Consumer issues with personal loan servicing, fees, and disclosures.

View source

Cadence: G.19 monthly, Experian quarterly, CFPB daily updates.

Keep loan plans synced with debt strategy

Connect payment schedules with the consolidation and AI planners to stay disciplined.

Compare options in debt consolidation toolAsk the AI planner for trade-offs

Understanding Personal Loans

What is a Personal Loan?

An unsecured loan from banks or online lenders with fixed rates and terms, ideal for consolidating debt or financing large purchases.

• Fixed interest rate
• Predictable monthly payments
• No collateral required
• Flexible use of funds

Interest Rates by Credit Score

Excellent (720+)6-12% APR
Good (660-719)10-18% APR
Fair (620-659)16-25% APR
Poor (<620)25-36% APR
Rates vary by lender, loan amount, and income.

Common Uses

• Debt consolidation
• Home improvement
• Medical expenses
• Wedding costs
• Major purchases
• Emergency expenses
• Moving expenses
• Business startup
Avoid using for speculative investments or recurring expenses.

Qualification Requirements

• Minimum credit score (usually 580+)
• Stable income verification
• Low debt-to-income ratio (<43%)
• Valid ID and SSN
• Bank account for disbursement
• U.S. residency or citizenship
Requirements vary by lender.

Pros & Cons

Pros:

• Fixed, predictable payments
• No collateral required
• Fast approval and funding
• Can improve credit mix

Cons:

• Higher rates than secured loans
• Origination fees (1-6%)
• Hard credit inquiry
• Prepayment penalties (some lenders)

Smart Borrowing Tips

• Compare 3+ lenders before choosing
• Check your credit score first
• Understand all fees upfront
• Borrow only what you need
• Choose the shortest term you can afford
• Consider autopay for rate discounts
• Read the fine print carefully
• Avoid predatory lenders
Pre-qualification doesn't affect your credit score.

Personal loan FAQs

Answers to common qualification, rate, and payoff questions.

What is the difference between a personal loan and a credit card?

A personal loan is a fixed-amount, fixed-rate, fixed-term installment loan, while a credit card is revolving credit with typically higher rates.

What factors affect personal loan rates?

Key factors include credit score, income, debt-to-income ratio, loan amount, and term length.

Should I choose a fixed or variable rate?

Fixed rates provide predictable payments and suit most borrowers. Variable rates may start lower but carry fluctuation risk.

How does a personal loan affect my credit score?

There's a hard inquiry at application which may temporarily lower your score a few points. But on-time payments can improve your credit over time.

Related Financial Tools

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Important personal loan disclaimer

Examples are educational only and not binding credit offers.

  • ⚠️Outputs blend your inputs with the data sources above. Confirm every figure with your chosen lender before signing documents.
  • ⚠️Rates, fees, and approval odds depend on your full credit profile. This calculator does not pull your credit or guarantee any offer.
  • ⚠️FutureValueCalc is not a lender or broker. Work with licensed professionals for official quotes and required disclosures.
Full disclaimer