Personal Loan Calculator 2026: Estimate Your Monthly Payment
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Quick Answer
To calculate your personal loan payment, use the formula: Payment = Loan Amount × (r(1+r)^n) / ((1+r)^n - 1), where r = monthly rate (APR/12) and n = number of months. A $10,000 loan at 12% APR for 36 months costs $332/month with $1,957 total interest. Check your actual rate at Money Pup Loans to get real offers from multiple lenders.
Personal Loan Monthly Payment Table
See monthly payments and total interest for common loan amounts and APRs:
| Loan Amount | APR | 36 mo Payment | 48 mo Payment | 60 mo Payment | Interest (36mo) | Interest (60mo) |
|---|---|---|---|---|---|---|
| $5,000 | 10% | $161 | $127 | $106 | $801 | $1,374 |
| $5,000 | 15% | $173 | $139 | $119 | $1,240 | $2,137 |
| $10,000 | 10% | $323 | $253 | $212 | $1,616 | $2,748 |
| $10,000 | 15% | $347 | $278 | $238 | $2,480 | $4,274 |
| $20,000 | 10% | $645 | $506 | $425 | $3,232 | $5,496 |
| $20,000 | 15% | $693 | $555 | $475 | $4,960 | $8,549 |
| $50,000 | 8% | $1,567 | $1,221 | $1,013 | $6,389 | $10,783 |
| $50,000 | 12% | $1,661 | $1,317 | $1,112 | $9,781 | $16,733 |
How to Calculate Your Personal Loan Payment
The formula for calculating a personal loan payment is:
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
P
Loan Amount
Example: $10,000
r
Monthly Rate (APR/12)
Example: 12% / 12 = 1% = 0.01
n
Number of Months
Example: 36 months
Example calculation: $10,000 at 12% APR for 36 months:
Payment = $10,000 × [0.01(1.01)^36] / [(1.01)^36 - 1] = $332/month
Total paid: $332 × 36 = $11,952 · Total interest: $1,952
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What APR Will You Get? (By Credit Score)
| Credit Score | Typical APR | $10K/36mo Payment | Total Interest | vs Excellent |
|---|---|---|---|---|
| 740-850 (Excellent) | 7-10% | $309-$323 | $1,116-$1,616 | — |
| 670-739 (Good) | 10-15% | $323-$347 | $1,616-$2,480 | +$500-864 |
| 640-669 (Fair) | 13-24% | $337-$392 | $2,126-$4,099 | +$1,010-2,483 |
| 580-639 (Poor) | 18-36% | $362-$472 | $3,016-$6,974 | +$1,900-5,358 |
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Short Term vs Long Term: The Total Cost Difference
3-Year Term (36 months)
- Higher monthly payment
- Much less total interest
- Debt-free faster
- Lower risk of life changes affecting repayment
- $15K at 12%: $498/mo, $2,927 interest
5-Year Term (60 months)
- Lower monthly payment
- Much more total interest
- Debt-free slower
- More risk of income changes over 5 years
- $15K at 12%: $333/mo, $4,999 interest
On a $15,000 loan at 12% APR, choosing 3 years over 5 years saves $2,072 in interest — but costs $165 more per month. Choose the shortest term your budget allows.
Related Guides
Frequently Asked Questions
How do I calculate my personal loan monthly payment?
Your monthly payment is calculated using the formula: Payment = P × (r(1+r)^n) / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (APR divided by 12), and n is the number of months. For example, a $10,000 loan at 12% APR for 36 months has a monthly payment of $332.
→ Check your actual rate — see real monthly payments, soft credit check onlyHow much would a $10,000 personal loan cost per month?
A $10,000 personal loan costs approximately $332/month at 12% APR for 36 months (total interest: $1,957). At 15% APR for 36 months, it costs $347/month (total interest: $2,480). At 10% APR for 48 months, it costs $253/month (total interest: $2,172). Your actual rate depends on your credit score.
→ Check your actual rate — see real monthly payments, soft credit check onlyWhat is a good APR for a personal loan in 2026?
A good APR for a personal loan in 2026 is anything below 12%. Excellent credit (740+) can get rates as low as 6.99-8.99%. Good credit (670-739) sees 9-15%. Fair credit (640-669) gets 12-24%. The average personal loan APR in 2026 is 15.5%.
→ Check your actual rate — see real monthly payments, soft credit check onlyHow much personal loan can I afford?
To determine how much you can afford, calculate your debt-to-income (DTI) ratio. Most lenders require DTI below 43%. Subtract your current monthly debt payments from 43% of your gross monthly income to find your maximum loan payment. Then use a loan calculator to find the loan amount that matches that payment at your expected APR and term.
→ Check your actual rate — see real monthly payments, soft credit check onlyDoes a longer loan term mean lower payments?
Yes, but it costs more in total interest. A $15,000 loan at 12% APR costs $498/month for 36 months (total interest: $2,927) vs $333/month for 60 months (total interest: $4,999). The 5-year term saves $165/month but costs $2,072 more in total interest. Choose the shortest term you can afford.
→ Check your actual rate — see real monthly payments, soft credit check onlyHow does my credit score affect my personal loan rate?
Your credit score is the biggest factor in your personal loan APR. Excellent credit (740+) gets 6.99-10.99% APR. Good credit (670-739) gets 9.99-15.99%. Fair credit (640-669) gets 12.99-24.99%. Poor credit (580-639) gets 18-35.99%. A 100-point credit score increase can save you 5-10% APR.
Written by
David Rodriguez
Personal Finance & Loan Analyst · 14 years experience
David builds financial calculators and helps borrowers understand the true cost of personal loans.
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