Personal Loan Calculator for Credit Bad Loans

Set the loan amount, APR and term below to see an estimated monthly payment, the total you would repay and how much of that total is interest, updated instantly as you change any value.

The calculator starts at a representative 29.99% APR, a common rate for fair and poor credit at mainstream lenders. If you already have an offer, move the APR slider to match it exactly. Switching to every-two-weeks or weekly payments splits the same monthly cost into smaller drafts, which some people find easier to line up with their paychecks.

The calculator uses the standard personal loan amortization formula lenders use for fixed-rate installment loans, which spreads principal and interest into equal payments so the balance reaches zero on the final due date.

Each month, interest is charged on the balance that remains. Early payments are mostly interest, because the balance is at its highest; later payments are mostly principal. On a $2,000 loan at 29.99% over 18 months, the first payment of about $139 includes roughly $50 of interest, while the last includes only about $3.

The formula is payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the APR divided by 12 and n is the number of months. You can check any result by hand with that formula or with a spreadsheet's PMT function.

What the estimate leaves out

• Origination fees. If a lender deducts a fee, you receive less than the amount shown, but the payment is based on the full amount.
• Late fees and add-ons. Missed payments and optional insurance raise the true cost.
• Day-count differences. Some lenders charge daily simple interest, so the payoff can shift by a few dollars depending on when payments post.

Pick the shortest personal loan term whose payment fits comfortably in your budget, because every extra month adds interest, and on higher-rate loans that extra interest grows fast.

A useful rule of thumb is to keep all debt payments, including the new one, under about a third of your take-home pay. Try two or three terms in the calculator and write down the total repaid for each. On $2,500 at 29.99%, an 18-month term costs about $174 a month and roughly $3,135 in total, while 24 months drops the payment to about $140 but raises the total to around $3,354.

If the shorter payment is tight, look at the gap in total cost and decide whether the lower payment is worth it. You can also choose the longer term and pay extra when money allows, as long as the lender has no prepayment penalty.

Adding even a small extra amount to each personal loan payment shortens the term and cuts interest, because every extra dollar goes straight to principal once the month's interest is covered.

Here is a concrete case. A $2,000 personal loan at 29.99% over 18 months has a payment of about $139.33 and costs about $2,508 in total. Add $25 to every payment and the loan is gone in 15 months instead of 18, with a total repaid near $2,415, a saving of about $93. Double the extra amount and the savings roughly double too.

Before you plan on extra payments, read the agreement. Most personal installment loans from licensed lenders have no prepayment penalty, but you should confirm that extra money is applied to principal rather than held as a credit toward the next due date. Many lenders let you mark a payment as principal-only in their app or by phone.

If paying extra every month is not realistic, a single lump sum works as well. A tax refund or a bonus applied to the balance early in the loan saves more than the same amount applied near the end, because interest is charged on a larger balance at the start.

Installment lenders that report to the credit bureaus will show the account as paid in full once the balance reaches zero, and closing a personal loan early does not hurt your score in any meaningful way.

When you have actual personal loan offers, enter each one's APR and term here, then compare the total repaid and the amount you will actually receive after fees, which together show the true cost.

Lenders must give you a written Truth in Lending disclosure before you sign. Its total of payments should match the calculator's total within a few dollars if you enter the same APR and term. A large gap usually means there is a fee or an add-on product you did not account for. Ask the lender to explain any difference before you accept.

For help comparing lenders themselves, our compare lenders page lists published ranges, and our rates page explains how APR changes by credit band. When you are ready, Credit Bad Loans requests start on the apply page.