Loan Calculator — Personal Loan
Personal loans are usually unsecured, carry higher rates than secured debt, and run three to seven years. This page pre-fills a mid-size unsecured balance, a typical double-digit personal-loan rate, and a five-year term so you can estimate the monthly payment and total interest on consolidation or large-purchase borrowing.
Monthly loan payment estimate
Estimated payment, per month
$337.47
Cost over the full term
Estimate using fixed-rate amortization with equal monthly payments. It does not model origination fees, payment protection, or variable rates. Not a loan offer or APR quote.
What makes a personal loan different
Personal loans are usually unsecured — no car or house backs them — so lenders price in more risk and rates run higher than mortgages or auto loans, often well into double digits for average credit. Terms typically run three to seven years. This page pre-fills a mid-size unsecured balance, a typical personal-loan rate, and a five-year term.
Because the rate is high, the term matters a great deal: stretching an unsecured loan to seven years to lower the payment can add substantial interest. If you are consolidating higher-rate debt, check that the new total interest is actually lower, not just the monthly payment.
Questions
- Why are personal loan rates so high?
- Because they are usually unsecured, the lender has no collateral to recover if the loan defaults, so the rate compensates for that risk. Borrowers with strong credit see lower rates; the pre-filled rate reflects a typical average-credit personal loan.
- Is a personal loan good for debt consolidation?
- It can be, if the new rate and total interest are lower than what you carry now and you avoid running the paid-off balances back up. Compare the total-repaid figure here against your current debts before consolidating.
More ways to use this calculator
Start with the main loan calculator or compare the other published scenarios.
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