Compare payments at different rates.

Personal loan rates range between 6.5 percent and almost 36 percent. Looking at how the payment changes at different rates can help you narrow down the terms you're willing to accept.

Look at different repayment terms.

Want to pay your debt off as quickly as possible? If you can manage the payment, some lenders offer terms as short as one year. On the flip side, many personal loan lenders offer terms as long as seven years to give you the lowest monthly payment.

Fine-tune your loan amount.

An extra $5,000 might not dent your budget on a seven-year term, but it could become a problem if you're adamant about a three-year term. You may decide it's better to use some extra cash-on-hand to borrow less for a short term. On the other hand, you could add the extra money to the loan amount for a longer term so you don't have to dip into your emergency savings.

Know the total cost of each option.

If you have time-specific financial goals for retirement, savings or education funds for college, make sure the total cost of your personal loan doesn't cut into them. Alternatively, you may need to adjust your timelines if you need to choose a longer payment term.

Decide if you want to scale back or add to a home improvement project.

Seeing the numbers on a home improvement loan may encourage you to pay cash for some projects, reducing the amount you borrow. Or you could spread the payment out and tackle some larger projects that could improve your home's value — without touching your home's equity.

Determine what debt consolidation loan payment is most affordable.

If you've been struggling with credit card debt, it may make sense to choose a longer term to shrink your payment. This also gives your credit score time to rise once your credit cards are paid off.

Adjust your loan amount to account for fees.

Personal loan fees can cost you as much as 12 percent of your loan amount, and are deducted from the funds you receive. If you need a specific loan amount, look at what the payment difference would be if you borrow more to cover the fees.

Crunch numbers on financing a major life event versus charging it to a credit card.

Weddings, bucket-list vacations or boat and RV purchases can be financed with a personal loan, giving you a predictable payment and definite payoff date. Making minimum payments on a credit card typically means you'll carry a balance much longer than a personal loan. Check out our credit card payoff calculator to compare.

Personal loan calculator

Jun 04, 2025

How to use the personal loan calculator

Our personal loan calculator requires just four steps to get results.

Enter your loan amount.

Because personal loan terms are relatively short (no more than seven years), your loan amount will have more impact on the payment (versus longer-term loans like home equity loans or mortgages). So get as close to the amount you need as possible.
Choose your loan term.

Standard terms are between two and five years at most lenders. However, some lenders offer terms as short as one year or as long as seven years. Ultimately, the lender will determine which term to offer you based on your income and credit score.
Enter an interest rate.

If you're not sure what to enter here, you can use Bankrate's average personal loan rate, which currently sits at 12.65 percent. Or you can choose a rate between 6.5 and 35.99, which is the range at most personal loan lenders.
Hit the “Calculate” button.

Make sure you click “calculate” any time you change the loan amount, loan term or interest rate for the most accurate results.

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How to make the most of this calculator

Ready to crunch some numbers for a debt consolidation loan to finally clear out your credit card debt? Considering a home improvement loan to update your home without tapping your home's equity?

A personal loan calculator can give you a snapshot of the monthly payment and total cost of a personal loan. Try different loan amounts, repayment terms and interest rates to find a combination that fits your budget.

A personal loan calculator can be a great tool if you want to:

Personal loan rates range between 6.5 percent and almost 36 percent. Looking at how the payment changes at different rates can help you narrow down the terms you're willing to accept.
Want to pay your debt off as quickly as possible? If you can manage the payment, some lenders offer terms as short as one year. On the flip side, many personal loan lenders offer terms as long as seven years to give you the lowest monthly payment.
An extra $5,000 might not dent your budget on a seven-year term, but it could become a problem if you're adamant about a three-year term. You may decide it's better to use some extra cash-on-hand to borrow less for a short term. On the other hand, you could add the extra money to the loan amount for a longer term so you don't have to dip into your emergency savings.
If you have time-specific financial goals for retirement, savings or education funds for college, make sure the total cost of your personal loan doesn't cut into them. Alternatively, you may need to adjust your timelines if you need to choose a longer payment term.

Ways to use your calculator results

You'll see the total interest you'll pay over the life of your loan, as well as your estimated payment for the term you choose. Click on “Show amortization schedule” to see how your principal and interest payments will change each month based on the loan term you choose.

Seeing the numbers on a home improvement loan may encourage you to pay cash for some projects, reducing the amount you borrow. Or you could spread the payment out and tackle some larger projects that could improve your home's value — without touching your home's equity.
If you've been struggling with credit card debt, it may make sense to choose a longer term to shrink your payment. This also gives your credit score time to rise once your credit cards are paid off.
Personal loan fees can cost you as much as 12 percent of your loan amount, and are deducted from the funds you receive. If you need a specific loan amount, look at what the payment difference would be if you borrow more to cover the fees.
Weddings, bucket-list vacations or boat and RV purchases can be financed with a personal loan, giving you a predictable payment and definite payoff date. Making minimum payments on a credit card typically means you'll carry a balance much longer than a personal loan. Check out our credit card payoff calculator to compare.

What is a good personal loan payment?

Personal loans have the widest APR range of just about any loan product. That makes it especially important to see how much the payment can vary based on your loan term and rate.

The table below gives you an idea of what your payment might look like on a 3-year and a 5-year term with a $6,000 loan amount and estimates of your possible APR at different credit scores.

Repayment term	Credit tier	APR	Monthly payment
3 years	Excellent	8%	$188
	Good	12%	$199
	Fair	20%	$223
	Bad	30%	$255
5 years	Excellent	8%	$122
	Good	12%	$133
	Fair	20%	$159
	Bad	30%	$194

How to make your decision

Pick the 5-year term if you need the lowest possible payment. Pick the 3-year term if you can handle the higher payment and want to pay your loan off faster.

Next steps for personal loans

Decide whether a personal loan is the right fit

A personal loan is a relatively easy loan to qualify for and can be funded quickly — sometimes the same day you apply. However, it's important to understand the drawbacks too.
Learn about personal loan types

Not sure which type of personal loan to choose? There are plenty to choose from and some you should avoid.
You are here

Use this calculator to find a payment that works for your budget.
Browse Bankrate's personal loan reviews

Check out expert personal loan reviews to decide which lender is best for you. Each review includes information on loan amounts, terms lengths and APRs as well as a breakdown of the lender's pros and cons, customer service and qualification requirements.
Apply for a personal loan

Ready to get a personal loan? Follow these steps so you know what to expect from the personal loan lenders you're likely to work with.

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