Personal Loan Calculator
Calculate personal loan payments, total interest and the true APR with fees.
Enter your values to see the result.
Results are estimates for planning only. Actual figures depend on your lender or bank, fees, rounding and the exact dates used, so confirm the numbers before you sign anything.
Processing and privacy
Processing varies by tool. Check the instructions for local processing, server requests, external services and any file or request limits before entering sensitive information.
Read the privacy policyHow this calculation works
Understand the method, inputs and limits behind your result.
- Formula
- Monthly payment = P × r / (1 − (1 + r)^−n). If r = 0, payment = P / n. Monthly interest = outstanding balance × r; principal repaid = payment − interest.
- Variables
- P = amount borrowed
- r = annual interest rate ÷ 100 ÷ 12
- n = number of monthly payments (years × 12)
- Units
- Principal and payments: selected currency
- Annual rate: percent
- Term: years or months
- Example
- A $15,000 loan at 11% for 3 years costs about $491 a month and $2,680 in interest. With a 3% origination fee you receive only $14,550, which pushes the true APR to about 13.1%.
- Assumptions
- Fixed rate and monthly payments. Principal and interest exclude taxes, insurance and fees; extra costs entered are added separately. Actual lender rounding and payment dates may differ.
- Source
- Last reviewed
- Implementation review; specialist review has not been recorded.
Methodology & References
The method depends on the selected model and input options. Review the assumptions and references above before interpreting the result.
- Enter the loan amount, interest rate and term in years or months.
- Add the origination fee as a percentage of the loan.
- Compare the monthly payment, the amount you receive, total interest and the APR with other offers.
Interpretation and limitations
- What is an origination fee? It is a one-time charge for processing the loan, usually 1–8% of the amount, often deducted before the money reaches you. It raises the true cost of borrowing.
- What is the difference between interest rate and APR? The interest rate only covers interest. APR also includes upfront fees spread over the loan, so it shows the full yearly cost and is the better number for comparing loans.
- Can I pay a personal loan off early? Many lenders allow it without penalty, which saves interest, but some charge prepayment fees. Check the terms before you sign.
References
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Clear instructions
Find steps, examples and limitations below.
Use online
Open the tool in a supported web browser.
Free to use
No sign-up required. Tool-specific limits may apply.
How to use the Personal Loan Calculator
The personal loan calculator shows your monthly payment, the total interest you will pay and the real cost of the loan. Many personal loans charge an origination fee that is taken out of the money you receive; the calculator includes it and works out the loan's true APR, so you can compare offers from different lenders fairly.
- 1 Enter the loan amount, interest rate and term in years or months.
- 2 Add the origination fee as a percentage of the loan.
- 3 Compare the monthly payment, the amount you receive, total interest and the APR with other offers.
Example and practical tips
A $15,000 loan at 11% for 3 years costs about $491 a month and $2,680 in interest. With a 3% origination fee you receive only $14,550, which pushes the true APR to about 13.1%.
Frequently asked questions
What is an origination fee?
It is a one-time charge for processing the loan, usually 1–8% of the amount, often deducted before the money reaches you. It raises the true cost of borrowing.
What is the difference between interest rate and APR?
The interest rate only covers interest. APR also includes upfront fees spread over the loan, so it shows the full yearly cost and is the better number for comparing loans.
Can I pay a personal loan off early?
Many lenders allow it without penalty, which saves interest, but some charge prepayment fees. Check the terms before you sign.
Practical guides
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How to Use Personal Loan Calculator
Calculate personal loan payments, total interest and the true APR including the origination fee. See how much you actually receive and repay. Free calculator.
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