Loan Details
Additional Options
Some lenders charge an upfront fee, typically 1-8% of loan amount
Additional amount applied to principal each month
Used for context and recommendations
💡 Tips for Personal Loans
- • Shop around - rates can vary significantly between lenders
- • Check your credit score before applying
- • Consider shorter terms to save on total interest
- • Avoid origination fees when possible
- • Make extra payments to pay off debt faster
Monthly Payment
$512.91
Total Interest
$5,774.8
Payoff Time
60 mo
APR
8.50%
Loan Summary
Loan Balance Over Time
Decreases as you make payments
Cumulative principal payments
Personal Loan Tips
Shop Around for Rates
Compare offers from multiple lenders to find the best rates and terms available.
Check Credit Score First
Know your credit score before applying to get the best rates available to you.
Make Extra Payments
Even small extra payments can save significant interest over the loan term.
Smart Borrowing Strategy
Make informed decisions about personal loans:
Personal Loan Resources
Frequently Asked Questions
How do I calculate my personal loan monthly payment?
Your monthly personal loan payment is calculated using the loan amount, interest rate, and loan term. The formula considers the principal and interest, with payments typically remaining the same throughout the loan term. Use our calculator to get instant results.
What is a good interest rate for a personal loan?
Personal loan interest rates typically range from 6% to 36%, depending on your credit score. Excellent credit (720+) may qualify for rates under 10%, while fair credit (580-669) might see rates of 15-25%. Shop around with multiple lenders for the best rates.
Should I pay extra on my personal loan?
Yes, extra payments go directly to principal and can significantly reduce total interest paid. Even an extra $50-100 per month can save hundreds or thousands in interest and help you pay off the loan years earlier.
What is an origination fee on a personal loan?
An origination fee is an upfront cost charged by the lender, typically 1-8% of the loan amount. This fee is often deducted from your loan proceeds or added to your loan balance. Look for lenders with no origination fees to save money.
Important Disclaimer
This personal loan calculator provides estimates for educational purposes only. Actual loan terms, rates, and monthly payments may vary based on your credit profile, income, debt-to-income ratio, and lender requirements. Interest rates and fees can change, and some lenders may have additional costs not included in this calculation. For accurate quotes and personalized advice, consult with qualified financial institutions and consider speaking with a financial advisor.
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