Personal Loan Calculator

Understand interest and how it affects your loan payments with the personal loan calculator.

Calculate Your Monthly Loan Payments with Ease

While Flexibility does not offer Personal Loans, below is an easy-to-use free online Personal Loan Calculator if you’re interested in researching a personal loan.

Personal Loan Calculator

Never pay more for a personal loan than you should. Use the free online Personal Loan Calculator below to help you determine the monthly payments on a personal loan. To see your estimated monthly payments, just enter the loan amount, interest rate, loan term, and initial deposit (if applicable) in the fields below. The calculator will automatically calculate your estimated monthly payment.

Calculator service provided under license from CALCONIC™. The information provided in the calculator is from CALCONIC, a third-party calculator builder. Flexibility has not independently verified the calculations. Consult with a financial advisor or check other sources before making financial decisions.

How to Use the Personal Loan Calculator

By using the Personal Loan Calculator, it can help you to better understand the costs of a Personal Loan and if it’s the right decision for you.

Loan Amount: Enter the personal loan amount to borrow.


Loan Term: Enter the total number of months to pay off for your personal loan.

InITIAL DEPOSIT: Also known as a down payment, enter the amount of money you’re planning to put down. This section is applicable if you’re using this calculator to estimate what it would cost to finance a car, for example. If you’re not paying an initial deposit, leave this field blank.

Benefits of Using a Personal Loan Payment Calculator

You can compare your current debt between your existing loans and credit cards to see how lowering your interest rate can affect your monthly payment. This can save you money on the total interest you pay over the life of the loan.

What Can You Use a Personal Loan for?

Personal Loans can be used for a multitude of purposes. Some common uses include home improvements, travel and vacations, education expenses, and emergency funds in response to unplanned life events.

Frequently Asked Questions

What is a Personal Loan and How Do They Work?

A personal loan is a type of loan that you can obtain from a bank, credit union, online lender, or other financial institution. Unlike specific-purpose loans (like auto loans or mortgages), a personal loan is usually unsecured, meaning you don’t need to provide collateral (such as your car or home) to secure the loan. Instead, the lender evaluates your creditworthiness and income to determine whether you qualify for the loan and at what interest rate. Once approved, you receive the loan amount as a lump sum and make regular monthly payments until the loan is paid off.

Bankrate reports personal loan interest rates range from 6% to 36%, with an average rate of 11.53% as of November 2023.* Your rate will depend on your credit score, annual income, and your debt-to-income (DTI) ratio.

A personal loan is a short-term, unsecured loan with terms typically ranging from 2 to 5 years.

You do not need a down payment for a personal loan. However, keep in mind that personal loans, while flexible, may not be used as a mortgage loan or for a down payment on a mortgage.

When someone applies for a personal loan, banks typically look at the borrower’s credit score and credit history, annual income, and debt-to-income (DTI) ratio. A borrower must also be over 18 and have an active bank account.

If you have a variable interest rate personal loan, your payment could change as interest rates rise and fall. However, if you have a fixed interest rate loan, your monthly payment is fixed and predetermined.

To increase your chances of getting approved for a personal loan, consider following these steps:

  • Check your credit score and report.
  • Shop around for lenders and compare their terms.
  • Provide accurate and complete information on your application.
  • Demonstrate a stable income and employment history.
  • Keep your debt-to-income ratio within acceptable limits.
  • Consider getting a co-signer if your credit is less than ideal.

Personal Loan:

  • Fixed loan amount borrowed.
  • Fixed interest rate and monthly payments.
  • Typically used for larger expenses.
  • Repaid over a fixed term.
  • No access to additional funds once repaid.

Credit Card:

  • Revolving credit line with a predetermined limit.
  • Variable interest rate; minimum monthly payments.
  • Used for ongoing or smaller expenses.
  • Balance can carry forward month to month.
  • Access to funds as long as you’re within the credit limit.

It’s possible to get a personal loan with bad credit, but the terms might be less favorable. You might face higher interest rates, smaller loan amounts, or stricter repayment terms. Some lenders specialize in bad credit loans, and you might also consider using a co-signer with better credit to improve your chances.

When comparing personal loan offers, consider the following:

  • Interest rates and APR (Annual Percentage Rate).
  • Loan terms (repayment period).
  • Fees, including origination fees.
  • Prepayment penalties.
  • Monthly payment amounts.
  • Lender reputation and customer reviews.


  • Fixed monthly payments for budgeting.
  • No collateral required (for unsecured loans).
  • Can be used for various purposes.
  • Lower interest rates than credit cards (for good credit).


  • Interest payments increase the total cost.
  • Approval can be challenging with bad credit.
  • Potential fees, like origination or prepayment fees.
  • Missed payments can harm credit score.

Secured Personal Loan:

  • Requires collateral (e.g., home, car) to secure the loan.
  • Lower interest rates due to reduced risk for the lender.
  • If you default, the lender can seize the collateral.

Unsecured Personal Loan:

  • No collateral required.
  • Generally higher interest rates due to increased risk for the lender.
  • Creditworthiness and income are the main factors in approval.

A personal loan and a personal Line of Credit are both forms of borrowing money, but they function differently. Here’s the difference between the two:

Personal Loan:

  • Fixed Amount: A personal loan provides you with a lump sum of money upfront. The loan amount is predetermined and usually delivered to you as a single payment.
  • Repayment: You start repaying the loan immediately, typically in fixed monthly installments over a specified term (loan period). Each installment includes both principal and interest.
  • Purpose: Personal loans are often used for one-time expenses, like medical bills, home improvements, debt consolidation, or major purchases.
  • Interest: Personal loans usually have a fixed interest rate throughout the loan term, which means your monthly payments remain consistent.
  • Access to Funds: Once the loan is fully repaid, the account is closed. You’ll need to apply for a new loan if you need additional funds.

Personal Line of Credit:

  • Flexible Amount: A personal Line of Credit establishes a credit limit that you can borrow against. It’s like having a credit card, but without the physical card. You can access funds as needed, up to the approved limit.
  • Repayment: You’re only required to make payments on the borrowed amount, not the entire credit limit. Payments vary based on how much you’ve borrowed. As you repay, the funds become available again, similar to a revolving credit card balance.
  • Purpose: Personal lines of credit offer flexibility for ongoing or unpredictable expenses. They can be used for various purposes such as emergencies or unexpected expenses.
  • Interest: Personal lines of credit usually have variable interest rates. The interest is charged on the amount you’ve borrowed, not the entire credit limit.
  • Access to Funds: As you repay, the funds become available again, and you can borrow from the Line of Credit multiple times without reapplying.

In summary, a personal loan is a one-time borrowing with a fixed amount, fixed interest rate, and fixed repayment schedule. A personal Line of Credit provides a flexible credit limit that you can borrow against as needed, with variable interest rates and the ability to borrow, repay, and borrow again without needing to reapply. Which one is better depends on your financial needs and preferences.

*Links to other third-party websites are not endorsed by, directly affiliated with, or sponsored by Flexibility and are only provided for the convenience of the reader, user, or browser.

Flexibility does not provide financial advice. The content of this page is provided for general informational purposes only. Flexibility does not make representations and warranties with respect to any information from this page, including Personal Loan Calculator results. Consult with a financial advisor and evaluate the risks and merits before making financial decisions.  

High-interest loans can be expensive and should be used only for short-term financial needs, not long-term solutions. Customers with credit difficulties should seek credit counseling.