Our free personal loan interest rate calculator shows you exactly how much you will pay each month and how much total interest you will pay over the life of your loan. Compare different rates and terms instantly.
A personal loan interest rate is the percentage of the loan amount charged by the lender each year for borrowing money. It directly determines how much your monthly repayment will be.
| Type | What Changes | Best When |
|---|---|---|
| Fixed Rate | Monthly payment stays the same | Interest rates are rising |
| Variable Rate | Payment can go up or down | Interest rates are falling |
Using a loan of $10,000 for 3 years, here is how different rates change your monthly payment:
| Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|
| 5% | $299 | $764 |
| 10% | $323 | $1,616 |
| 15% | $347 | $2,484 |
| 20% | $372 | $3,387 |
| 25% | $398 | $4,327 |
Even a 5% difference in interest rate can cost you thousands of dollars over the life of a loan. Always compare rates from multiple lenders before deciding.
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