Personal Loan Calculator
Calculate monthly payments and total cost of a personal loan by rate and term.
Monthly Payment
Total Interest
Total Cost
Origination Fee
Net Amount Received
Effective APR (incl. fee)
About Personal Loans
A personal loan is an installment loan repaid in fixed monthly payments over a set term. Each payment covers both interest and principal, so the outstanding balance steadily decreases until the loan is fully repaid. The monthly payment depends on the amount borrowed, the annual interest rate, and the length of the term.
How the Monthly Payment Is Calculated
The fixed monthly payment uses the amortization formula M = P · r · (1 + r)n / ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of months. If the rate is zero, the payment is simply P ÷ n.
How Origination Fees Raise the Effective APR
An origination fee is charged when the loan is issued and is usually deducted from the amount disbursed. If you borrow 15,000 with a 3% origination fee, the lender keeps 450 and you only receive 14,550 — but your monthly payments are still based on the full 15,000. Because you repay the full amount while receiving less, your effective APR is higher than the quoted nominal rate. This calculator estimates the effective APR by solving for the rate that makes the present value of your payment stream equal to the net amount you actually received.
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Disclaimer: This calculator provides estimates for educational purposes only. Actual loan terms, fees, and APR depend on the lender, your creditworthiness, and other factors. Consult a qualified financial advisor before making borrowing decisions.