Personal Loan Calculator
Understand monthly payments, total interest, and true borrowing costs before you sign on the dotted line. Adjust loan amount, term, and origination fees to see how each lever affects your budget.
Total amount you plan to borrow.
Advertised interest rate before fees.
Many lenders charge 1–8% up front. Enter 0 if none.
Effective APR includes interest plus origination costs spread across the loan term.
Loan Strategy Tips
- Shorter terms usually mean higher payments but much less interest.
- Origination fees reduce the cash you receive—factor them into your plan.
- Use prequalification offers to compare rates without impacting credit.
What This Calculator Tells You
Personal loans are amortized, meaning each payment covers interest and principal. Our calculator crunches the standard amortization formula to show your monthly obligation, the lifetime interest cost, and how fees impact the effective annual percentage rate.
Inputs We Consider
- Loan Amount: The total you borrow before fees.
- APR: Nominal interest rate charged by the lender.
- Term: Repayment period in months.
- Origination Fee: Percentage deducted before the funds hit your account.
Use It For
- Debt Consolidation: Stack your current cards and compare to a fixed-rate loan.
- Major Purchases: Understand the true cost of financing home projects or medical procedures.
- Emergency Cash: See how payment size changes with different terms.
Frequently Asked Questions
Excellent credit can qualify for rates under 9%. Average credit often sees 10–18%. Shop multiple lenders to find the best offer.
The lender subtracts the fee before depositing funds. For example, a 5% fee on a $10k loan means you receive $9,500 but still repay the full $10k plus interest.
Yes. Extra principal payments reduce interest and shorten the term. There’s usually no penalty, but double-check your lender’s policy.
No. This is a planning tool only. Applying for a loan triggers a credit check, but using the calculator does not.