Personal Loan Calculator
Enter your loan amount, interest rate, and term to see your exact monthly payment, total interest, and full amortization schedule.
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Ready to Apply? Compare Actual Rates in 2 Minutes
Prequalifying does not affect your credit score. See real offers from top lenders and pick the lowest APR.
What Does This Calculator Show?
This loan calculator uses the standard amortization formula to compute your fixed monthly payment based on the principal (loan amount), annual APR, and repayment term in months. Every payment is split between interest (charged on the remaining balance) and principal (reducing what you owe). Early payments are mostly interest; later payments are mostly principal.
Current Average Loan APR — April 2026
The national average personal loan APR is 12.04% as of April 8, 2026, according to Bankrate Monitor data. The best-qualified borrowers are locking in rates as low as 6.49% with lenders like LightStream. Use the calculator above with your expected APR to see how much you will pay versus the national average.
How the APR Affects Your Total Cost
On a $15,000 loan over 3 years, the difference between 6.49% APR and 12.04% APR is approximately $1,380 in total interest. On a $30,000 loan over 5 years, the same comparison saves over $4,600. The calculator makes this comparison concrete so you know exactly what getting a lower rate is worth before you apply.
Should You Choose a Shorter or Longer Term?
A shorter term means a higher monthly payment but less total interest and usually a lower APR. A longer term means a lower monthly payment but more total interest over the life of the loan. Use the term selector above to see the tradeoff in real numbers for your specific loan amount before deciding.
This calculator is for estimation purposes only. It assumes a fixed interest rate and equal monthly payments. Actual loan terms, rates, and fees will be determined by your lender based on your credit profile and financial situation. LoanKey is not a lender and does not originate loans.