Calculate monthly EMI, total interest and true cost of a personal loan including origination fees. Multi-currency support.
On a $20,000 personal loan at 9.5% APR for 5 years, the monthly payment is approximately $419. Total interest is about $5,155. With a 3% origination fee ($600), the true cost rises to $5,755. A shorter 3-year term costs $648/month but saves $2,000+ in interest.
| Term | Monthly Payment | Total Interest | Total Repaid |
|---|---|---|---|
| 2 Years | $917 | $2,013 | $22,013 |
| 3 Years | $641 | $3,061 | $23,061 |
| 5 Years | $419 | $5,155 | $25,155 |
| 7 Years | $322 | $7,087 | $27,087 |
| APR | Monthly | Total Interest | Credit Tier |
|---|---|---|---|
| 7% | $396 | $3,762 | Excellent (750+) |
| 9.5% | $419 | $5,155 | Good (700+) |
| 14% | $465 | $7,928 | Fair (650+) |
| 20% | $530 | $11,762 | Poor / subprime |
A personal loan is an unsecured loan with fixed monthly payments over a set term — typically 2-7 years. Unlike credit cards, personal loans have a fixed interest rate and a clear payoff date, making them ideal for debt consolidation, home improvements, or large purchases. Average rates range from 7-12% for good credit, compared to 20-24% for credit cards.
Watch for origination fees (1-8% of the loan), which are deducted from the disbursed amount. A $20,000 loan with a 3% fee means you receive $19,400 but owe $20,000 plus interest. Always compare the APR (which includes fees) across lenders, not just the interest rate. Use our Credit Card Payoff Calculator to see if consolidating card debt with a personal loan saves money.
At 9.5% for 5 years: ~$419/month. Total interest ~$5,155. At 15% for 3 years: ~$693/month with $4,955 interest. Shorter terms cost more monthly but save on total interest.
6-8% (excellent credit 750+), 10-15% (good credit 670-749), 16-25% (fair credit). Average ~12%. Anything under 10% is a good rate.
A one-time fee (1-8%) deducted from the loan. A $20,000 loan with 3% fee means you receive $19,400 but repay $20,000 plus interest. Compare APR (includes fees) not just rates.
Personal loans are almost always cheaper — average 10-12% vs 20-24% for cards. A $10,000 balance costs ~$2,800 on a 3-year loan vs $6,000+ on a credit card at minimum payments.
Hard inquiry may drop 5-10 points initially. But on-time payments build history, and consolidating card debt lowers utilization — both improve your score over time.
Most modern personal loans have no prepayment penalty. Paying early saves interest. Always check terms — some subprime loans may charge an early payoff fee.
Typically $1,000-$100,000 depending on credit, income and lender. Most borrowers qualify for $5,000-$35,000. Lenders want DTI under 40-45%.
APR includes origination fees and gives the true cost. A 9% rate with 5% origination fee is more expensive than 10% with no fee.
A 3-year term on $20K at 9.5% costs $3,061 interest vs $5,155 on 5 years — saving $2,094. Choose the shortest term you can afford.
Consolidating 20%+ credit card debt into a 9-12% personal loan can save thousands. One fixed payment is also easier to manage than multiple cards.
Most modern loans allow early payoff with no fee. But always verify — paying off early saves interest since it reduces outstanding principal.
Even 50 points higher on your credit score can drop your rate 2-4%. Pay down cards, fix errors, and wait 6 months if your score is borderline.
Payday loans charge 400%+ APR vs 7-15% for personal loans. Even a bad-credit personal loan at 25% is dramatically cheaper than payday lending.