Personal Loan Calculator (2026) – Payment, Interest & Debt Consolidation
Two calculators in one: estimate monthly payments for a new personal loan, or enter your existing debts to see how consolidation cuts your monthly bill. Includes origination fee impact and effective APR — the numbers lenders don't always show you.
How to Use This Personal Loan Calculator
- Choose Simple Payment or Debt Consolidation mode. Use Simple Payment to model a single new loan. Use Debt Consolidation if you have multiple existing debts (credit cards, medical bills, etc.) and want to see whether combining them into one loan saves money.
- Enter your loan amount and APR. Use the rate from your pre-qualification or lender quote. In 2026, personal loan APRs for borrowers with a 700+ FICO score run approximately 8%–18%. Pre-qualify with at least 2–3 lenders to compare — most use a soft pull that doesn't affect your credit score.
- Select a loan term. Personal loans range from 12 to 84 months. A 24-month term costs far less in total interest than a 60-month term, but the monthly payment is substantially higher. Use the calculator to find the term that balances your cash flow needs against total cost.
- Add origination fee if your lender charges one. Origination fees of 1%–8% are common on personal loans. They are deducted from your disbursement — you receive less than you borrowed but repay the full loan amount. The calculator shows your actual disbursed amount and the effective APR after the fee, which is the number that matters for comparing lenders.
Personal Loan Rates by Credit Score (2026)
| Credit Score | Rating | Typical APR Range | Top Lenders |
|---|---|---|---|
| 750+ | Excellent | 8%–13% | LightStream, SoFi, Marcus |
| 700–749 | Very Good | 12%–18% | SoFi, Discover, Upgrade |
| 660–699 | Good | 16%–24% | Avant, Upgrade, Best Egg |
| 620–659 | Fair | 22%–30% | Avant, OppFi, OneMain |
| Below 620 | Poor | 28%–36%+ | OneMain, OppFi, local CU |
Rates are approximate 2026 ranges. Your actual rate depends on income, debt-to-income ratio, loan amount, and term. Always pre-qualify with at least 2–3 lenders — rates vary significantly even for the same credit profile.
What Is an Origination Fee — and Does It Matter?
An origination fee is a one-time processing charge deducted from your loan before you receive the funds. If you borrow $15,000 with a 4% origination fee, you receive $14,400 — but you repay $15,000 plus interest.
Disbursed = Loan Amount × (1 − Origination Fee %)Effective APR > Stated APR (because you pay interest on money you never received)
On a $15,000 loan at 14.99% APR over 36 months with a 4% fee:
- Stated APR: 14.99%
- Origination fee: $600 → you receive $14,400
- Monthly payment: $519.91 (same regardless of fee)
- Effective APR: ~17.9%
This is why comparing APR (which lenders must disclose under the Truth in Lending Act) — not just the interest rate — is critical. Lenders that charge no origination fee (LightStream, SoFi, Marcus) are often cheaper even if their stated rate is slightly higher.
When Does Debt Consolidation Make Sense?
Debt consolidation — using a personal loan to pay off multiple high-interest debts — works well in three situations:
- Your new loan rate is meaningfully lower than your existing rates. Consolidating a 24% credit card into a 14% personal loan saves real money. Consolidating a 12% card into a 13% personal loan (after origination fee) does not — run the numbers first.
- You commit to not running up the old accounts again. The most common debt consolidation mistake: people pay off their cards with a personal loan, then charge the cards back up, leaving themselves with both the loan and new card debt. Close the cards or freeze them if self-discipline is a concern.
- The new term doesn't extend your payoff too far. Consolidating 3 credit cards into a 60-month personal loan at a lower rate might lower your monthly payment but increase total interest paid if you were close to paying off the cards anyway. Use the Debt Consolidation mode above to model your exact break-even point.
Worked Example: $15,000 Debt Consolidation
A borrower has three debts and gets pre-approved for a personal loan:
| Existing Debt | Balance | Monthly Payment |
|---|---|---|
| Credit Card 1 | $7,500 | $225 |
| Credit Card 2 | $4,200 | $126 |
| Medical Bill | $3,300 | $100 |
| Total | $15,000 | $451/month |
| Consolidation Loan | Value |
|---|---|
| Loan Amount | $15,000 |
| APR | 14.99% |
| Term | 36 months |
| Origination Fee | 3% = $450 |
| Monthly Payment | $519.91 |
| Monthly Savings | −$68.91/month (payment goes up) |
| Total Interest (new) | $3,716.63 |
| Break-even on fee | N/A (payment is higher) |
In this case, consolidation at 14.99% into 36 months increases the monthly payment because the original combined minimum payments were stretched across longer credit card terms. The benefit here is a fixed payoff date (36 months) vs. potentially 8+ years of minimum payments on the cards. Total interest on the new loan ($3,716.63) is likely far less than the true total interest on the cards if only minimums were paid.
Frequently Asked Questions About Personal Loans
What is the average personal loan interest rate in 2026?
Personal loan APRs range widely by credit. Excellent credit (750+): 8%–13%. Very good credit (700–749): 12%–18%. Good credit (660–699): 16%–24%. Fair credit (620–659): 22%–30%. Poor credit (below 620): 28%–36%+. Always compare the APR — not just the rate — to account for origination fees.
What is a personal loan origination fee?
A one-time charge deducted from your loan before disbursement. A $10,000 loan with 4% origination: you receive $9,600 but repay $10,000 plus interest. This raises your effective APR above the stated rate. Use this calculator's origination fee field to see the true cost.
Does debt consolidation hurt your credit score?
It causes a temporary dip of 5–10 points from the hard inquiry. However, paying off revolving credit card balances reduces your credit utilization, which often improves your score within 3–6 months. Long-term, on-time payments on the consolidation loan are the biggest credit benefit.
Is it worth getting a personal loan to pay off credit cards?
Consolidating 18%–29% credit card debt with a lower-rate personal loan (10%–20%) can save thousands. It works best when: (1) the rate is meaningfully lower, (2) you won't run the cards back up, and (3) the term is short enough to reduce total interest. Use the Debt Consolidation mode above to model your exact savings.
How much can I borrow with a personal loan?
Typical range: $1,000–$100,000. Most borrowers qualify for $5,000–$50,000. Online lenders like LightStream offer up to $100,000 for excellent-credit profiles. Banks and credit unions typically cap at $25,000–$50,000 for unsecured loans.
How fast can I get a personal loan?
Online lenders often fund within 1–3 business days. Some (Avant, Upgrade) offer same-day or next-day funding. Traditional bank personal loans: 3–7 days. Credit unions: 5–10 days. Pre-qualification with a soft credit pull is available at most online lenders without affecting your score.
What credit score do I need for a personal loan?
Most mainstream lenders require 580–640 minimum. For best rates, aim for 700+. LightStream requires 660+ and offers the lowest rates. Some lenders (Avant, OppFi) work with scores as low as 580–600 at 25%–36%+ APR.
What can I use a personal loan for?
Personal loans are flexible: debt consolidation, home improvement (without tapping home equity), medical bills, emergency expenses, major purchases, wedding costs, and moving. They generally cannot be used for college tuition, real estate purchases, or business investment.
Should I close my credit cards after consolidating them with a personal loan?
Usually no. Closing a card reduces your total available credit, which raises your utilization ratio and can lower your score — even with a $0 balance. Most credit counselors recommend keeping old cards open (especially your oldest one) but not using them. If self-control is the concern, freeze the card or ask the issuer to lower the limit instead of closing it.
Personal loan vs. balance transfer credit card — which is better?
A 0% APR balance transfer card is usually cheaper if you can pay off the full balance within the promo period (typically 12–21 months) and qualify for a limit that covers your debt — most charge a 3%–5% transfer fee but no interest during the promo. A personal loan makes more sense if your balance is too large to clear before the promo ends, you don't have a transfer offer available, or you want a fixed payment and payoff date instead of risking a rate jump to 20%+ after the promo expires.
Will a debt consolidation loan hurt my chances of getting a mortgage later?
Not inherently. Mortgage lenders look at your debt-to-income ratio and payment history, not whether a loan is labeled "debt consolidation." Replacing several revolving card balances with one fixed installment loan often improves your DTI and utilization ratio. What matters most is on-time payments and not running the paid-off cards back up before you apply.
How much do I actually need to save per month for consolidation to be worth it?
There's no universal number, but if monthly savings are under $20–30 (or negative), the benefit shifts from "saving money" to "having a fixed payoff date" — still worthwhile if you're at risk of years of minimum payments. If the loan costs more per month (common with an origination fee or short term), compare total interest, not just the monthly payment, before deciding.
Can I get denied for a personal loan even with good credit?
Yes. Credit score is only one factor — lenders also weigh your debt-to-income ratio, income stability, credit utilization, and recent hard inquiries. A 720-score borrower with a high DTI or several recent applications can still be declined. If denied, lenders must send an adverse action notice listing the specific reasons — the fastest way to know what to fix before reapplying.