Personal Loan Calculator

See how much a personal loan could cost you per month

Headshot of Carol Pope
Written by
Carol Pope
Updated on: July 17, 2025
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Get the most out of LendingTree’s personal loan calculator

  • If you aren’t sure what your credit score is, check it. For our personal loan calculator to be accurate, you’ll need to know your credit score. If you’re not sure what it is, check it for free with LendingTree Spring. We’ll also show you how you’re doing on each of the factors that affect your credit, like payment history and credit utilization.
  • Don’t overestimate how much you need to borrow. You can use a personal loan for almost anything, from debt consolidation to everyday bills — but don’t borrow more than you need to get extra cash. As the saying goes: Take what you need, but need what you take.
  • Play around with loan terms. A loan term is the length of time you have to pay back what you borrow. A longer loan term gives you more time to spread out your balance, which means a lower monthly payment. But the longer it takes for you to pay off your loan, the more you’ll pay in overall interest.
Loan terms in action

Imagine that you have three personal loan offers in front of you. Each is for a $15,000 personal loan at 14% interest. Here’s how different loan terms will affect your bottom line.

3-year term = $512.66/month and $3,455.92 total interest
5-year term = $349.02/month and $5,941.43 total interest
7-year term = $281.10/month and $8,612.41 total interest

See Personalized Results

Origination fees and how they shrink your loan

On your loan offers, you’ll see your APR (annual percentage rate). Our personal loan payment calculator uses “interest rate” and “APR” interchangeably, but they’re technically not the same. Your APR measures the total cost of your loan, including interest and fees.

Some personal loans have an origination fee, which is usually a percentage of your total loan amount. Typically, the lender deducts the fee from your loan before sending your money.

If your offer has an origination fee, find out how much you’re truly getting from your loan by multiplying the fee by your total loan amount.

For instance, if you have a $15,000 loan with a 5% origination fee, the lender would hold back $750 (because $15,000 x .05 = $750), leaving you with $14,250.

What to do after using our personal loan calculator

LendingTree users who compare at least six personal loan offers can save an average of $2,731 in interest. We’ve been getting banks to compete for your business since 1996. Here’s how it works.

Tell us what you need.

Answer basic questions about who you are and how much money you need — we’ll take care of the rest. It’s free, simple and secure.

Shop your offers.

We’ll send you offers from up to five trusted lenders. Compare your offers side by side to see which one will save you the most money.

Get your money.

Choose a lender and finalize your loan. You could see money in your account within 24 hours, depending on the lender you choose.

Average personal loan rates on the LendingTree marketplace

Personal loan rates are just that — personal. A good personal loan rate is the lowest rate you can get. If you have bad credit, you may not qualify for a personal loan at all. If you do qualify, expect higher interest rates.

Use our data to see if the rate in your loan offer is competitive. Below, you’ll find average rates for loans funded through LendingTree’s loan marketplace. Find your credit score and see how your personal loan rate compares.

Credit score rangeAverage APRAverage loan amount
800 to 850 (excellent)12.50%$22,235
740 to 799 (very good)15.74%$20,061
670 to 739 (good)28.72%$15,437
580 to 669 (fair)92.45%$6,462
300 to 579 (poor)260.34%$2,174

Source: LendingTree user data on closed personal loans for the first quarter of 2025.

How to get a cheaper personal loan rate

 Shop around before committing

Just like with insurance, shopping around is key to finding the cheapest personal loan. That’s because each lender has its own way of calculating rates.

For instance, Lender A uses your level of education when deciding what rate to charge, but Lender B does not. Depending on how far you went in school, one of the lenders might be better for you than the other.

 Apply for a smaller loan with a shorter term

Lenders give their best rates to borrowers who are lower risk (or the least likely to stop paying their loan). Make yourself less risky by applying for a smaller loan with a shorter repayment term.

A smaller loan means the lender will lose less money if you default on your loan. Payments will be easier for you to manage, too — plus, the shorter your loan term, the less time you have to fall behind.

 Add a friend or family member to your loan

Getting a joint loan with another person can help you get a lower interest rate, especially if that person has excellent credit.

On joint loans, both you and your co-borrower are equally responsible for the loan, and missing payments will affect both of your credit scores. Choose your co-borrower carefully and hold up your end of the bargain to avoid a ruined relationship.

 Offer collateral

A secured loan is a loan that requires collateral. Collateral is a piece of your property that your lender has the legal right to repossess if you stop making loan payments. Some popular forms of personal loan collateral include your car or your savings/investment account.

Lenders give lower rates on secured loans, since it has repossession at its disposal. Not only are you more likely to continue paying to avoid losing your collateral, the lender can make up some of its losses through repossession.

 Improve your credit score

Improving your credit score increases your chances of getting a low rate. In fact, a LendingTree study shows that raising your score from fair to very good could save you over $39,000 in loan and credit card interest.

Work on paying down debts, always make your payments on time and dispute any errors on your credit report you might find.

Frequently asked questions

The monthly payment amount for a $15,000 loan depends on your interest rate and repayment term. The higher your interest rate, the higher your monthly payment will be, and the longer you stretch out payments, the lower your payment will be.
 
For instance, a three-year $15,000 loan with a 12% interest rate will come with a monthly payment of $498.21. The same loan with a five-year term comes with a $333.67 monthly payment.
 
The best way to estimate personal loan payments with interest is by using a personal loan calculator.

If you have good credit (740) and APR of 15.74% (LendingTree’s average for users with that credit score), you’ll have a $483.60 monthly payment with a $20,000 loan for five years.
 
Your monthly payment for a five-year $20,000 loan will depend on the interest rate your lender gives you. The higher the credit score, the lower your rate will be.

Yes — most personal loan lenders allow you to pay off your loan early without charging a prepayment penalty. This fee is more common among mortgage companies, but it’s a good idea to check with your lender just to be safe.

You can use a personal loan for almost anything. Personal loans come as a lump sum of cash. As long as your expense meets your lender’s guidelines (which are generally loose), you can spend it as you see fit.
 
About half of LendingTree users (48.7%) use loans for debt consolidation or credit card refinancing.
 
What can’t you use a personal loan for? There are exceptions, but you usually can’t use a personal loan to pay for college, cryptocurrency, business expenses, illegal activities, gambling or investing.