Calculate monthly payments, interest costs, and loan terms for personal loans, unsecured loans, and installment loans
• Compare rates from multiple lenders
• Consider your credit score impact
• Read all terms and conditions
• Avoid borrowing more than needed
• Check for prepayment penalties
Our free personal loan calculator helps you estimate monthly payments, total interest costs, and loan terms for unsecured personal loans. Whether you're consolidating debt, financing a major purchase, or covering unexpected expenses, this calculator provides accurate estimates to help you make informed borrowing decisions.
A personal loan is an unsecured loan that doesn't require collateral. These loans are typically used for debt consolidation, home improvements, medical expenses, or other personal needs. Personal loans usually have fixed interest rates and monthly payments over a set term.
Personal loans offer several advantages over other financing options. They typically have lower interest rates than credit cards, fixed monthly payments for easier budgeting, and no collateral requirements. However, they may have higher rates than secured loans like mortgages or auto loans.
Personal loans are ideal for debt consolidation, home improvements, major purchases, medical expenses, or emergency funding. They're particularly useful when you need a lump sum with predictable monthly payments and want to avoid variable interest rates.