How to read the result
The monthly payment is fixed for the life of a personal loan, which is the main reason people use one to replace credit card debt. The calculator shows that payment, the total interest, any origination fee (deducted from the amount you receive, but you repay the full amount), and the true cost of borrowing. The credit-card row answers the question most people actually have: if I kept paying this same amount on my card instead, how much interest would I pay? The difference is the "saved" figure.
What personal loan rates look like in 2026
After the Fed's September hike, lenders repriced quickly. Personal loan APRs vary widely with credit profile and lender; check current ranges with lenders before comparing. The typical rate for good credit sits in the low teens, and the average credit card APR is above 20%. A fixed personal loan is usually cheaper than a card, but not always cheaper than a 0% balance-transfer card if you can pay the balance off within the promotional period.
| $15,000 loan | 36 months | 60 months |
|---|---|---|
| 12% APR — payment | $498 | $334 |
| 12% APR — total interest | $2,936 | $5,020 |
| 24% APR — payment | $588 | $432 |
| 24% APR — total interest | $6,186 | $10,891 |
Four things that change the answer
- Term length. Stretching from 36 to 60 months lowers the payment by a third but raises total interest by 70% at 12%. Pick the shortest term whose payment you can make every month.
- Origination fees. A 5% fee on $15,000 is $750 taken off the top. Two offers with the same APR are not the same loan if one has a fee; the APR figure already includes it, so compare APRs.
- Soft pull vs hard pull. Pre-qualification uses a soft inquiry and does not affect your score. The hard inquiry happens only when you accept an offer. Compare several lenders first.
- What you do with the card afterwards. Consolidation fails when the card balance comes back. If that is a risk, a lower credit limit or a closed card is part of the plan, not an afterthought.
Read the 2026 Personal Loans Guide for requirements, rate tables by credit score, and when a loan backfires. For the fee-adjusted rate of an offer you already have, use the APR Calculator.