Personal Loan Calculator
See the real cost of a personal loan — not just the monthly payment, but the total interest and the often-overlooked origination fee that shrinks the cash you actually receive. The effective APR rolls the fee into a single comparable rate.
How this calculator works
The monthly payment uses the standard amortized-loan formula on the full loan amount, with monthly rate r (annual ÷ 12) over n months:
M = P · r · (1 + r)ⁿ / ((1 + r)ⁿ − 1)
Many lenders deduct an origination fee from the disbursement, so you receive less than you borrow but still repay the full amount with interest:
net received = P − (P × fee%)
The effective APRshown here approximates the true annualized cost by spreading total interest plus the fee over the net amount you receive and the loan’s length. It will be higher than the quoted interest rate whenever a fee applies.
Frequently asked questions
- Why is the effective APR higher than the interest rate?
- Because an origination fee means you receive less cash than you repay interest on. Spreading that fee across the loan raises the true annualized cost above the headline rate. A loan with a lower rate but a big fee can cost more than one with a higher rate and no fee.
- What's a typical personal loan rate?
- Rates vary widely with credit profile — often anywhere from single digits to the high 20s. This tool is for understanding the math on a rate you've been quoted, not for finding or comparing offers.
- Should I take a longer term for a lower payment?
- A longer term lowers the monthly payment but increases total interest. Shorten the term here to see how much interest a faster payoff saves.