Personal Loan Calculator with Amortization

Credello’s simple personal loan calculator makes it easy to estimate your payments for different loan amounts, interest rates, and terms.

How to use Credello’s personal loan calculator

  • Enter the desired loan amount. This is how much you’d like to borrow, or the total loan amount you would need.
  • Enter desired loan terms. This is the amount of time you have to pay back your loan. Most personal loan terms range from months to months. Use the calculator to compare payoffs for different terms.
  • Enter estimated interest rates. Entering the interest rate or annual percentage rate (APR) can help calculate how much you’ll pay in interest over the life of the loan.
  • Calculate your payments. See how much you’ll pay each month for different loan amounts, interest rates, and terms to better understand what fits best with your financial situation.
Whether you’re taking out a personal loan to cover student loans or education costs, to consolidate your debt, or to make a large purchase, it can be helpful to know how much the loan will cost you over time and how long it will take to pay off your debt.

Credello’s personal loan calculator can help you understand how different loan amounts, terms, and interest rates can affect you and your budget. You’re able to enter the desired loan amount, ideal repayment term, and potential interest rates calculated using yourcredit score.

Then, you’ll get an estimated monthly payment, as well as an amortization schedule, which helps you see a breakdown of principal and interest you’ll pay each month.

This estimation is based on the information you enter in the calculator and may not include fees or penalties you may face that could increase your total cost.

Average personal loan interest rates

Personal loan interest rates can vary depending on your credit score and history, loan amount and term, income, debt-to-income ratio, and other factors. However, borrowers with good or excellent credit will find lower interest rates than those with average or poor credit. If you have poor credit, expect to pay much higher rates.

Here are the average personal loan interest rates by credit scores of January, 2023, though you get a higher or lower rate based on your own circumstances:

Credit Score Average Personal Loan Interest Rate
720 – 85010.73% – 12.50%
690 – 719 13.50% – 15.50%
630 – 689 17.80% – 19.90%
300 – 629 28.50% – 32.00%


Understanding your personal loan results

Using the personal loan calculator, you can determine what monthly payments and total cost can look like over the life of the loan, including estimated interest rates. Here's a list of different terms and definitions you’ll need to understand your personal loan results.

Loan amount

The loan amount is the total amount you want to borrow. The amount will be how much the loan will be.

Loan term

Term is the amount of time you have to pay back the loan, and can depend on the loan type and lender. However, most personal loan terms range from - months.

The longer the loan term, the smaller your monthly payments may be. But keep in mind that you’re also likely to pay more in interest over the life of the loan. A shorter term may increase the monthly payment, but you’ll probably pay less in interest.

Interest rate

Interest rate is the amount a lender will charge for taking out the loan. This is determined as a percentage of the principal, or the total amount of the loan borrowed. It’s essentially what you’re charged by the lender for borrowing and using the loan funds.

How much you’ll pay in interest can depend on a number of factors including:
  • Your credit score
  • Your credit history
  • The type of the loan
  • The loan term
  • The total loan amount
Typically, the higher your credit score, the lower your interest rates. However, personal loans often have higher interest rates than other loan types, such as student loans or mortgages.

Monthly payment

This is how much you’ll pay each month for the loan. When you pay off the loan, most of the monthly payment will be put toward the interest, and the rest will go toward the principal balance. Over time, as you pay off the loan, your payments will shift to paying more in principal and less in interest.

Your monthly payments can remain the same, but you may also be able to make an additional payment to either the principal, interest, or both. However, not every lender allows the option, and some charge a penalty for paying off the loan early. Check the loan terms for more information.

Estimated APR

Interest is different from your annual percentage rate (APR), which will also include any loan fees and may be a more accurate representation of how much you’ll pay each month and over the life of the loan. APR refers to the annual interest generated by a sum charged to borrowers, including interest and other potential costs.

Total principal

Principal is the amount you borrowed through the loan that you have to pay back, without interest included. It can also be the amount still owed on a loan. For example, if you take out a $10,000 loan, the principal is $10,000. If you pay off $5,000, the principal balance is now the $5,000 that remains.

Your loan’s monthly statement will typically show you a breakdown of how much you owe toward your principal balance compared to how much you owe in interest, fees and taxes.

Total interest

Total interest is the sum of all interest you’ve paid over the life of the loan. This is calculated by adding up all of your scheduled interest payments, then dividing the total by the loan amount to get a percentage.

Are you ready to shop for personal loans?

It’s a great first step to calculate your estimated payments, interest rates, and terms. However, there is some other planning you should do and questions to answer prior to taking out a personal loan.
  • Asking yourself why you need to borrow money, and whether a personal loan is the best option. For example, if you’re looking to consolidate debts, pay off high-interest debts, or pursue post-secondary education, it may make sense to consider a personal loan.
  • Make sure the estimations provided by the calculator are doable and affordable.
  • Personal loans are offered by traditional banks, credit unions, online-only lenders, and peer-to-peer lenders. With so many options, do some research to know what’s best for your personal situation.
  • Your credit score plays a critical role in whether or not you’re approved for the loan, how much you’re approved for, and the interest rate. This is because personal loans are unsecured, meaning it doesn’t require any type of collateral or assets as security if you don’t pay the loan.
If you have an excellent credit score, you’ll be approved for the best terms and interest rates. Before shopping, know your credit score and check your credit report to ensure the information is accurate.
  • Create a list of factors to compare and questions to answer for each loan option. For example, you should compare the APR, monthly payments, and loan terms, which you can use this calculator to estimate. Also be sure to look at any fees (like loan origination fees, application fees, and late fees) and penalties (like prepayment penalties).

Why use personal loans?

  • Personal loan interest rates are typically lower than credit cards and some other debt, which makes them a great option for credit card debt consolidation.
  • Personal loans can be used to fund any expenses, such as medical bills, renovations, vacations, weddings, or other large purchases.
  • The approval and fund transfer process happens quickly, sometimes within 24 hours or less. This gets the loan in your hands faster.
  • Most personal loans have fixed interest rates, which means your payments will stay the same every month.
  • You aren’t using your house, car, or other assets as collateral since the loan is unsecured, so you won’t be risking losing those assets if you get behind on payments.
  • There are a number of options and types of lenders available to you.

Here are a few examples of uses of personal loans:

John is interested in selling his home this year, but in order to list it at the best price possible, he needs to do some renovations. He takes out a personal loan to redo the kitchen and bathroom, using the funds to replace the appliances, shower, floor, and cabinets.

Jane is getting married this year, and the costs are adding up quickly. In order to make the final payments for her venue, florist and caterer, she takes out a personal loan of $5,000. She uses the $5,000 to make the payments, and then will repay the loan over the next 24 months.

Kevin has $10,000 in credit card debt, which has an interest rate of 19.99%. A personal loan lender approves his application for a $10,000 loan for 48 months, with an interest rate of 10% and APR of 14.99%. The personal loan’s interest rate is lower than the interest rate on his credit card, so he uses the personal loan to pay off the credit card in full, and then will owe less in interest over the life of the personal loan.
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Frequently asked questions

What are personal loans?

Personal loans are loans with fixed amounts, interest rates, and monthly payments over a certain period of time, or term. Personal loans can range from $5,000 to $35,000 or more, typically with terms ranging from- months. They are unsecured, which means they are not backed by collateral or assets. It also means you’ll likely need a higher credit score to get the best interest rate, as these rates can be higher than other types of loans

Personal loan alternatives

Personal loans are not the only option for consolidating debt or funding a large purchase. Other options can include:


If you have time before you need to make a purchase, start setting aside a portion of your income each month into a separate savings account. Calculate how much you can put away each week or month, and how long you’ll need to save the total desired amount. Or, if you have an emergency fund and this is truly an emergency, you may consider using those funds.

Credit card

Some people choose to use a credit card to make larger purchases, especially if the card offers points, miles, cash back, or other rewards for spending. The downside is credit cards often have a high interest rate, so only use this option if you’re able to make the monthly payments on time, or pay off the total quickly.

Personal line of credit

A personal line of credit is a more flexible loan that consists of a defined amount of money you can access as needed, and repay either immediately or over time. Interest is charged as soon as money is borrowed. Similar to a credit card, it can be helpful for securing flexible access to funds for large, planned expenses.


A home equity loan (HEL) or home equity line of credit (HELOC) can be used instead of personal loans if you own your own home. The money you’ve invested toward your home, or it’s equity, can be used as collateral. The primary downside is if you don’t make the loan payments, you risk losing your home to foreclosure.

How do I get a personal loan with bad credit?

Even if you have poor credit, it doesn’t mean you can’t qualify for a personal loan. Some lenders, such as credit unions or online lenders, may offer options for those who have bad credit. However, even if you’re approved for the loan, you may still have a higher interest rate. For the best options, take steps to improve your score before applying for a loan.

How long does it take to get a personal loan?

Getting approved for a personal loan can take as little as 24 hours, or up to one week. Once approved, the money will be transferred automatically to your account, which can take one to three business days depending on your financial institution.

How a personal loan can impact your credit score

Taking out a personal loan is not necessarily bad for your credit, but personal loans can both help and hurt your credit score depending on how you manage it. For example, the hard inquiry on your report from the lender will decrease your score, and increased credit utilization and debt-to-income ratio can also decrease your score at first. However, by making payments on time and in full each month, you can increase your score.

How does the personal loan calculator estimate monthly payments?

The personal loan calculator estimates your monthly payments based on the total loan amount, term, and interest rate you choose. Actual payments will also be determined by your APR.

Will my loan payment change month to month?

Most personal loan interest rates are fixed, meaning they do not change over time. Your monthly payment will likely remain the same month to month. If your loan has variable interest rates, this means they can change and your payment will also change month to month.