Personal Loan Calculator
Monthly payment, plus the part lenders bury in the fine print: how an origination fee shrinks what lands in your account and pushes the real APR above the advertised rate.
Annual percentage rate
The cost of your credit as a yearly rate.
Finance charge
The dollar amount the credit will cost you.
Amount financed
The amount of credit provided to you.
Total of payments
What you'll have paid after all scheduled payments.
Payment schedule: 36 monthly payments of $498.21.
Need the full $15,000 in hand? Ask for about $15,789; after the 5% fee you'd receive $15,000.
Compare terms
| Term | Monthly | Interest + fee | APR |
|---|---|---|---|
| 2 yrs | $706.10 | $2,696 | 17.23% |
| 3 yrs | $498.21 | $3,686 | 15.61% |
| 4 yrs | $395.01 | $4,710 | 14.78% |
| 5 yrs | $333.67 | $5,770 | 14.28% |
| 7 yrs | $264.79 | $7,992 | 13.71% |
How the balance falls
Amortization schedule
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| Year 1 | $5,978.58 | $1,562.34 | $4,416.23 | $10,583.77 |
| Year 2 | $5,978.58 | $1,002.25 | $4,976.32 | $5,607.44 |
| Year 3 | $5,978.58 | $371.13 | $5,607.44 | $0.00 |
Explain my numbers in plain English
Sends only the numbers shown above (and your question) to an AI model via Vercel AI Gateway. Nothing is stored. It's a plain-language read, not financial advice.
Rate vs APR on a personal loan
Two offers can have the same interest rate and very different costs. If Lender A charges 11% with no fee and Lender B charges 10% with a 6% origination fee, B looks cheaper until you compute the APR: over three years B works out to around 14%. That's why US lenders must show the APR on the disclosure, and why the APR, not the rate, is the number to compare.
Notice the fee hurts more on short terms: the same dollar fee is spread over fewer months. Slide the term above and watch the APR column.
Questions people ask
How is a personal loan payment calculated?
Personal loans are fixed-rate installment loans, so the payment is the standard amortization formula on the loan amount, rate and term. The twist is the origination fee: many lenders deduct it from what they send you, so you repay the full amount but receive less.
What is an origination fee?
A one-time charge, commonly 1% to 10% of the loan, for processing it. If it’s deducted from the proceeds, borrow enough to cover it; the calculator shows how much to request so you still receive the amount you need.
Why is the APR higher than the interest rate?
The APR spreads the origination fee over the life of the loan and expresses the total as a yearly rate, as the Truth in Lending Act requires. A 12% loan with a 5% fee over 3 years works out to roughly 15.5% APR.
What term should I choose for a personal loan?
Most run 2 to 7 years. The shortest term with a payment you can reliably make usually costs the least. The term comparison shows the trade-off.
Can I pay off a personal loan early?
Most personal lenders don’t charge prepayment penalties, but check your agreement. Use the loan payoff calculator to see how much extra payments save.