Use this personal loan calculator to estimate your monthly payment and total interest, see how an origination fee changes the money you actually receive, and find the true APR. Compare terms from 1 to 7 years and see how fast you’ll pay the loan down each year.
Monthly payment
—
Compare loan terms
| Term | Monthly payment | Total interest | APR with fee |
|---|
Payoff by year
| Year | Principal paid | Interest paid | Balance left |
|---|
Estimates only. Your rate, fee and approval depend on your credit, income and the lender. Fixed-rate loan with equal monthly payments.
How your personal loan payment is calculated
Most personal loans have a fixed rate and equal monthly payments. The payment depends on three things: how much you borrow, the interest rate and the number of months.
Example: borrowing $10,000 at 14% for 36 months costs $341.78 a month. You’d pay $2,304 in interest, or $12,304 in total. In the first year, $2,882 of your payments go to principal and $1,220 to interest; by year three, almost all of each payment reduces the balance.
How origination fees change the real cost
Many lenders charge an origination fee, usually 1% to 10% of the loan amount and sometimes up to 12%. It’s most often taken out of the money you receive. With a 5% fee on the $10,000 loan above, you’d get $9,500 but still repay the full $10,000 plus interest. To end up with $10,000 in hand, you’d need to borrow about $10,526.
That’s why the APR, which includes the fee, matters more than the interest rate. The 14% loan with a 5% fee has an APR of 17.65%. A competing loan at 16% with no fee would be cheaper: its total cost is $2,657, compared with $2,804 for the 14% loan once the fee is included. When you compare offers, compare APRs.
Fees hurt more on short loans because the cost is spread over fewer months. The same 14% loan with a 5% fee has an APR of 23.90% over 12 months but 16.33% over 60 months.
Choosing a loan term
A longer term lowers your payment but increases the interest you pay. For the $10,000 loan at 14% with a 5% fee:
| Term | Monthly payment | Total interest | APR with fee |
|---|---|---|---|
| 24 months | $480.13 | $1,523 | 19.27% |
| 36 months | $341.78 | $2,304 | 17.65% |
| 48 months | $273.26 | $3,117 | 16.83% |
| 60 months | $232.68 | $3,961 | 16.33% |
Choose the shortest term with a payment you can comfortably afford. Most personal loans have no prepayment penalty, so you can also take a longer term and pay extra when you can, but check your loan agreement first.
Average personal loan rates
According to Credible, the average APR for borrowers who were pre-qualified on its marketplace in the week ending October 11, 2026 was 15.44% for 3-year loans and 18.93% for 5-year loans. Borrowers with excellent credit averaged about 11% on 3-year loans, while those with bad credit often saw 29% to 33%.
Your credit score has the biggest effect on your rate. A $10,000, 3-year loan at 11% with no fee costs $1,786 in interest. At 30% with an 8% fee, you’d receive $9,200, pay $424.52 a month, and the total cost would be $6,083, an APR of 36.59%. Before you apply, check your credit report for errors and see how to build credit.
Using a personal loan to consolidate credit card debt
Credit cards charged an average of 22.36% on accounts that paid interest in August 2026, according to the Federal Reserve. Moving $10,000 of card debt to a 3-year personal loan at 14% with a 5% fee added to the balance gives a payment of $358.87 and a total cost of $2,919. Paying the same $358.87 a month on the card would take 40 months and cost about $4,236 in interest, so the loan saves around $1,300 and gets you debt-free sooner.
Consolidation only works if you avoid building new card balances. Learn more in our guide to personal loans, and if you’ve been turned down, see why personal loans get denied. Avoid payday loans, which cost far more than any personal loan.
Frequently asked questions
What is the monthly payment on a $10,000 personal loan?
At 14% interest, a $10,000 loan costs about $341.78 a month over 3 years or $232.68 over 5 years. Your rate depends on your credit, so use the calculator with the rate you’re offered.
What is the difference between interest rate and APR on a personal loan?
The interest rate is what the lender charges on your balance. The APR also includes fees, such as an origination fee, so it shows the true yearly cost. A 14% loan with a 5% fee has an APR of about 17.65% over 3 years.
How much is a personal loan origination fee?
Origination fees usually range from 1% to 10% of the loan amount, and some lenders charge up to 12%. Many lenders charge no origination fee at all. The fee is usually deducted from the money you receive.
Is it better to get a shorter or longer personal loan?
A shorter term costs less interest but has higher payments. A longer term lowers the payment but costs more overall. Pick the shortest term with a payment you can comfortably afford.
What is a good personal loan interest rate?
Anything below the average is good. In October 2026 the average APR was about 15.44% for 3-year loans and 18.93% for 5-year loans, and borrowers with excellent credit averaged around 11% on 3-year loans.
This calculator provides estimates for educational purposes only and is not financial advice. Sources: Credible: personal loan APR trends (week ending Oct. 11, 2026); NerdWallet: origination fees; Federal Reserve: credit card interest rate, accounts assessed interest.