Personal Loan Calculator
Calculate monthly payments and total cost for an unsecured personal loan.
Calculator
Monthly payment
$366.19
Total interest
$2,577.3
Total paid
$17,577.3
Projection
What is personal loan?
Personal loans are unsecured loans typically used for debt consolidation, home improvements, or major purchases. This calculator estimates payments and total cost.
Example
A $10,000 personal loan at 12% for 3 years costs $332/month and $1,957 in interest.
Money-saving tips
- •Use personal loans to consolidate higher-rate credit card debt.
- •Compare offers from credit unions, banks, and online lenders.
- •Avoid loans with prepayment penalties.
Common mistakes
- •Using a personal loan to fund lifestyle rather than consolidate debt.
Financial definitions
- Unsecured loan
- A loan not backed by collateral, relying only on the borrower's creditworthiness.
Frequently asked questions
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Estimated reading time: 4 min