Personal Loan Calculator
Unsecured Loan Calculator • 2026 rates
Quick Answer
Payment Formula: \(PMT = \frac{PV \times r \times (1+r)^n}{(1+r)^n-1}\). For $15,000 at 8% for 36 months: $470.05/month.
Loan Details
Tip: Extra payments reduce interest significantly.
Advanced Options
Personal Loan Analysis
$470.05
Monthly Payment
$1,921.80
Total Interest
$16,921.80
Total Paid
2026-01-01
Payoff Date
| Month | Payment | Principal | Interest | Balance |
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| Year | Total | Principal | Interest | Balance |
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Personal Loan Basics
What is a Personal Loan?
Unsecured loan for personal expenses without collateral requirements.
Payment Formula
\(PMT = \frac{PV \times r \times (1+r)^n}{(1+r)^n-1}\)
Where PMT=monthly payment, PV=loan amount, r=monthly rate, n=payments.
Key Rules:
- Interest calculated on remaining balance
- Early payments save more interest
- Higher credit scores = lower rates
- Origination fees increase effective rate
Strategies
Amortization
Early payments are mostly interest, later payments are mostly principal.
Save on Personal Loans
- Improve credit score before applying
- Shop for best rates
- Choose shorter terms
- Pay extra monthly
Considerations:
- Origination fees impact
- Prepayment penalties
- APR vs interest rate
- Credit score impact
FAQ
Q: How do extra payments save money?
A: Extra payments reduce principal immediately, lowering interest on future payments. $50 extra monthly saves ~$320 on 3-year loan.
Q: What's the impact of origination fees?
A: 5% origination fee on $15K loan adds $750 to principal. Effective rate increases from 8% to 8.7%.
About
CFP Team
This calculator was created
This calculator was created by our Financial Calculators Team , may make errors. Consider checking important information. Updated: April 2026.