Personal Loan Calculator

Estimate the monthly payment, total cost, and true APR of a personal loan, including any origination fee that is taken out of your proceeds.

Deducted from the cash you receive; you still repay the full loan.

Monthly payment

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Effective APR-
Cash you receive-
Total interest-
Total repaid-

Show the math

The payment is set by the note rate on the full loan:

M = P · r(1 + r)n / ((1 + r)n − 1)

An origination fee is taken out of your proceeds, so you receive P − fee but still repay (and pay interest on) the full P. The effective APR is the rate that equates your payment stream to the cash you actually received, it is the true yearly cost and is higher than the note rate whenever there is a fee.

What this does

A personal loan calculator estimates the monthly payment, total cost, and true APR of an unsecured loan, including any origination fee that is deducted from your proceeds, which makes your effective rate higher than the quoted one.

How to use it

  1. Enter the loan amount and interest rate.
  2. Add any origination fee as a percentage.
  3. Choose the loan term.
  4. Read your payment, total cost, and effective APR.

How it works

The monthly payment is set by the quoted rate on the full loan, but the origination fee reduces the cash you actually receive. The APR is the rate that equates those payments to the net amount you get, so it exceeds the note rate whenever fees apply.

Understanding your result

Compare offers on APR, not the headline rate, since fees vary. The bigger the fee relative to the loan, the larger the gap between the quoted rate and the true cost.

Example

A $10,000 loan at 11% over 3 years with a 5% origination fee pays about $327 a month, but because you receive only $9,500, the effective APR is roughly 13%.

Sources & methodology

Last updated .

Frequently asked questions

How does an origination fee affect the loan?

Lenders often deduct an origination fee from the amount you receive, but you still repay (and pay interest on) the full loan amount. That makes your effective APR higher than the quoted interest rate, this tool shows both.

What is the difference between interest rate and APR?

The interest rate sets your monthly payment; the APR also folds in fees to reflect the true yearly cost of borrowing. When there are no fees, the two are equal.

How much will the loan cost in total?

Total cost is your monthly payment multiplied by the number of months, minus the original loan amount, that difference is the total interest you pay.

Is my information saved?

No. The calculation happens entirely in your browser; nothing is sent anywhere.