Personal Loan Calculator
Calculate monthly payments, total costs, and view detailed amortization schedules for personal loans. Includes fees and insurance options for comprehensive cost analysis.
Loan Details
The Personal Loan Calculator helps you determine monthly payments and total costs for a personal loan. It includes options for fees and insurance to provide a comprehensive cost analysis. The calculator uses APR (Annual Percentage Rate) for precise comparisons between different loan offers.
What are Personal Loans?
Personal loans are fixed-amount, fixed-interest, and fixed-payback loans typically ranging from $5,000 to $35,000 with 3 or 5-year terms. They are unsecured loans, meaning they are not backed by collateral like a house or car. Lenders use your credit score, income, and debt level to determine approval and interest rates. Due to the higher risk of unsecured loans, interest rates can be higher (up to 25% or more) compared to secured loans.
Secured Personal Loans
Secured personal loans are less common but do exist. They are usually offered by banks and credit unions and require collateral such as a savings account, certificate of deposit, or other assets. These loans typically have lower interest rates due to the reduced risk for the lender.