Personal loan calculator for $500 to $5,000

The calculator uses the standard amortization formula lenders use for fixed-rate installment loans. It divides the APR by the number of payments per year, then finds the equal payment that pays off the amount over your chosen term.

You choose four inputs: amount, term, frequency and APR. The result shows the payment for each period, the total of all payments and the interest portion. Biweekly and weekly schedules use the same annual rate spread across 26 or 52 payments a year. The math runs in your browser, so nothing you enter is stored or shared.

Results are estimates. Real offers can include an origination fee, a different first-payment date or rounding rules that shift the numbers slightly. The disclosure box on a lender's offer is always the final word.

APR has the biggest effect on cost, especially at high rates. On a $1,000 personal loan over 12 months, total interest is about $100 at 18% APR, about $205 at 35.99% and about $1,365 at 199%.

The higher APR options in the calculator reflect real pricing in the small-loan market. Many direct tribal loans fall in the 100% to 400% range. Try your amount at each rate to see what an offer would cost before you accept it.

A longer term lowers each payment but raises total interest. For $2,000 at 35.99% APR, the payment is about $200.91 over 12 months and $118.08 over 24 months, while interest grows from about $411 to $834.

Use the term selector to find the shortest term whose payment fits your budget. A common guideline is to keep a personal loan payment under about 10% of your monthly take-home pay. If no term fits, try a smaller amount instead of the longest term.

Choosing biweekly or weekly payments splits the same annual cost into smaller, more frequent amounts. The total cost is similar for the same APR and term, though biweekly schedules can finish slightly sooner.

Pick the frequency that matches your paycheck. If you are paid every two weeks, a biweekly schedule lines each payment up with payday and keeps checking balances steadier. Weekly payments suit people paid weekly, such as many hourly and gig workers. Whichever frequency you pick, set the payment for the day after the money arrives, not the day before, so a delayed deposit never causes a returned payment.

Enter the amount, term and APR from any offer you receive. If the lender's payment is noticeably higher than the calculator's, the difference usually comes from fees or a different schedule, and you should ask the lender to explain it.

This check is especially useful with tribal loans online, where offers can vary widely. Two offers for the same amount with similar payments may differ in term, which the calculator makes easy to spot. Our rates guide explains how fees raise the APR.

Paying extra toward principal shortens the term and reduces interest. The calculator shows the full-term cost; any extra payment you make will bring the real total below that figure.

For example, on a $1,000 loan at 35.99% APR over 12 months, adding $25 to each payment ends the loan two months early and saves about $45. On high-APR loans the savings are much larger. Ask your lender how extra payments are applied before sending them.

Each amount guide shows three term options with estimated payments at 35.99% APR. Use them alongside the calculator to compare common choices quickly.

See the $1,000 loan guide, the $2,000 loan guide, the $4,000 loan guide and the $5,000 loan guide. Each also covers typical uses and what lenders check at that amount.

A payment is affordable when it fits inside your monthly budget with room left for surprises. Use the calculator result as one line in a simple budget, not as a stand-alone number.

Start with monthly take-home pay. Subtract housing, utilities, groceries, transportation, insurance, childcare and existing debt payments. Whatever remains is your margin. A personal loan payment should take no more than about half of that margin, so a car repair or a high utility bill does not push you into a missed payment.

If the calculator shows a payment above that limit, try three adjustments in order: a smaller amount, a slightly longer term, then a lower-cost lender. Lowering the amount is usually the cheapest fix. Stretching the term helps the monthly budget but adds interest, so use it only as much as you need. Rerun the numbers after each change until the payment fits with a cushion.

The most common calculator questions are whether results include fees, why a lender's payment differs and whether the estimate is an offer. Results exclude fees, differences usually come from fees or schedules, and the estimate is not an offer.

Origination fees are the main reason a real personal loan payment can be higher than the calculator shows, especially when the fee is added to the balance. A first payment due sooner or later than one full period can also change the numbers slightly. Some lenders round each payment up to the next cent, which adds a few cents over the term.

Finally, the calculator assumes you pay on time. Late fees, returned-payment fees and missed payments all raise the cost of any personal loan, which is why setting autopay right after payday is one of the simplest ways to keep the real cost close to the estimate.

When the numbers fit your budget, request offers through our form. It takes about five minutes, is free to use and creates no obligation to accept any personal loan.

Compare every offer you receive against your calculator result, including any direct tribal loans. Accept the lowest total cost with a payment you can keep for the full term, and set autopay for the day after payday.