Estimate your monthly payments on a personal loan

If you’re planning on taking out a personal loan, a loan payoff calculator is a vital part of financial education that helps you know if you’re prepared to responsibly manage the loan. You only need a few pieces of information to use a loan calculator and it can give you a lot of information and allow you to see a realistic perspective of what you’ll be paying regularly throughout the course of your loan term.

Personal loan calculators can be useful before you take out a loan as well as during the length of your loan term. You can use it to help yourself visualize how expensive a loan rate you’re offered will be in the end. You can also use it to help decide if refinancing a loan is a good idea or to see how the total you’ll pay would differ if you made the choice to increase your monthly payment.

How much do you need to borrow?


Total Payment


Total Interest


Monthly Payment


Ready to apply for a personal loan?

Compare rates from top lenders with no impact on your credit, ever.

Find Your Personalized Rate

How to use our calculator

  • Input the loan amount: Start by entering the total amount you plan to borrow. This is the principal amount of the loan.
  • Set the interest rate: Enter the annual interest rate associated with the loan. This information is typically provided by the lender or can be obtained during the loan application process. Ensure the interest rate is entered as a percentage.
  • Choose the loan term: Select the duration of the loan in months or years. This represents the time it will take to repay the loan in full.
  • Check for any additional fees: Consider whether there are any origination fees or other charges associated with the loan. If applicable, enter these fees into the calculator as well.
  • Calculate the monthly payment: Click the calculate button or use the designated function to determine the monthly payment amount. The calculator will consider the loan amount, interest rate, loan term, and any additional fees to estimate the monthly repayment obligation.
  • Review the results: The calculator will display the estimated monthly payment amount based on the entered data. Take note of this figure, as it represents the amount you would need to pay each month to fulfill your loan obligations.
  • Consider other factors: Remember that the estimated monthly payment does not include other potential costs, such as insurance or taxes. Additionally, fluctuations in interest rates or changes in loan terms may impact the actual payment amount.

Need help finding the right loan?

No worries, we've got you covered! Compare personalized loan options in just minutes.

How to Use the Personal Loan Payoff Calculator

When you’re ready to use the calculator, you’ll need a few key pieces of information handy:

Loan Amount

Your loan amount is the total sum that your lender will be offering you. It’s not necessarily the amount that’s deposited in your account as origination fees would be deducted from that total before the funds get deposited into your bank account.

Loan Term

This is the amount of time you will have to pay your loan back. It’s usually presented to you as a number of months or years that the total amount you’ll need to pay back will be divided by to figure out your monthly payment amount.


You will also need your Annual Percentage Rate to calculate the interest you’ll be paying over time. It’s presented as a percentage and may be known as an interest rate as well. If you are using the calculator before successfully taking out a loan and you only have an estimated rate, use the calculator twice: once with the lower percentage rate and once with the highest. This gives you a realistic idea of the interest you will have to pay.

Estimated Credit Score

If you don’t know what the APR will be, you’ll need your estimated credit score to use the calculator. As your score may vary, you’ll just need to know how your credit score ranks: Excellent, Good, Fair, or Bad.

Compare personal loan rates

Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.