How much will a personal loan actually cost? This calculator shows the full picture: monthly payment, total interest over the life of the loan, the period-by-period amortization schedule, and a direct comparison against carrying the same balance on a credit card — the alternative most personal-loan borrowers are actually weighing.
Quick answer: Plug in any personal loan amount, term, and rate. See the monthly payment, total interest, the full period-by-period schedule, and how it stacks up against credit-card APR.
Monthly payment = P × r × (1+r)^n / ((1+r)^n − 1) [standard amortizing formula] where P = loan amount, r = annual rate ÷ 12, n = term in months Total payback = monthly payment × n Total interest = total payback − loan amount Per-period: interest = beginning balance × r ; principal = payment − interest ; ending balance = beginning balance − principal
Assumptions
Monthly payment ≈ $497. Total interest over life ≈ $2,900. At the average credit-card APR (20.94%) the same balance/term would cost ≈ $5,328 in interest — about $2,428 more than this personal loan.
Monthly payment ≈ $519. Total interest over life ≈ $6,138. At the average credit-card APR the same balance/term would cost ≈ $15,529 in interest — about $9,392 more than this loan.
It uses the standard amortizing-loan formula: Monthly payment = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the term in months. Nearly all personal loans — bank, credit union, and online-lender installment loans — are fully amortizing with a fixed rate and fixed monthly payment.
The Federal Reserve's G.19 Consumer Credit release puts the average 24-month commercial-bank personal loan rate at 11.86% (data through May 2026). Actual offers range roughly 7%–36% depending on credit score, income, and term — borrowers with excellent credit (740+) typically see the low end; thinner or lower-score files see the high end. The lender decides your specific rate on file.
Usually, yes, for a lump balance paid off on a fixed schedule. The Fed G.19 release puts the average credit-card APR (all accounts) at 20.94% — well above the average personal-loan rate. A fixed-rate installment loan also forces a payoff date, where a revolving card balance can persist indefinitely at a high rate if you only make minimum payments.
Both are legitimate depending on your binding constraint. Shorter term = less total interest, more monthly burden. Longer term = more total interest, less monthly burden. The comparison table in this calculator shows the dollar trade-off directly — an 84-month term at the same rate can cost roughly 3-4× the interest of a 24-month term while cutting the monthly payment by more than half.
No — it shows interest only. Some personal-loan lenders charge a 1–8% origination fee deducted from disbursed funds (so a $15,000 loan with a 5% origination fee nets you $14,250). Ask any lender for the APR (which folds in the origination fee) rather than just the note rate, so you're comparing offers apples-to-apples.
Not necessarily. ClearValue Lending is a funding platform, not a lender — your actual rate is set by the lender after underwriting reviews your credit score, income, and existing debt. Pre-qualification checks (which typically use a soft pull) narrow the range, but the final rate lands with the offer. Use this calculator to pressure-test what a given rate means in dollars, not to predict your exact rate.