Free Tool
This personal loan calculator shows what a loan would really cost before you apply. Enter a loan amount, interest rate, term and any origination fee to see your estimated monthly payment, the total interest you would pay, how much cash you actually receive, and the true APR once the fee is counted. Everything is calculated on your device: nothing is saved or sent anywhere, and there is no credit check.
Start with the amount you want to borrow. Next, enter the interest rate from a loan offer or prequalification quote; if you are only exploring, try a few different rates to see how much they change the payment. Choose the repayment term, then add the origination fee if the lender charges one. Lenders usually show this fee as a percentage of the loan. Press Calculate (or Enter) and the results update instantly.
The six result boxes answer the questions that matter most before you apply: what you will pay each month, what the loan costs in interest, how much you repay in total, how large the fee is, how much money actually reaches your bank account, and the APR once that fee is included. The yearly table shows how your balance falls over time.
If you have quotes from more than one lender, enter each rate and fee with the same amount and term, then compare the "Estimated APR (with fee)" box. A lower interest rate paired with a higher origination fee can end up costing more than a slightly higher rate with no fee, and the APR figure makes that visible.
Use the "Monthly payment" box and the yearly balance table to check that the repayment fits your budget. Switch between terms to see how a shorter or longer schedule changes the payment and how quickly the balance falls, so you can pick a term you are confident you can keep up with every month.
The "Total interest" box shows the full interest cost over the life of the loan, and the table breaks it down year by year. Because payments on a fixed-rate loan are front-loaded with interest, the first year usually carries the largest interest share, which is why paying off early, where allowed, saves the most when done sooner.
Most personal loans in the US are fixed-rate installment loans: you repay the same amount every month until the balance reaches zero. The calculator uses the standard amortization formula:
Monthly payment = P × r ÷ (1 − (1 + r)−n)
P is the loan amount, r is the yearly interest rate divided by 12 (for example 12% becomes 0.01 per month), and n is the number of monthly payments. If you enter a 0% rate, the payment is simply the loan amount divided by the number of months.
To estimate the APR, the calculator assumes the origination fee is deducted from the money you receive, while your payments are still based on the full loan amount. It then finds the yearly rate at which your monthly payments exactly repay the smaller amount you actually received. That is why the APR rises above the interest rate whenever there is a fee. The tool does not include late fees, insurance add-ons or other optional charges, and it assumes every payment is made on time, one month apart.
Example 1: $10,000 at 12% for 36 months, no fee. The monthly payment is about $332.14. Over three years you repay about $11,957.15, so the loan costs about $1,957.15 in interest. With no fee, the APR equals the 12% interest rate.
Example 2: the same loan over 60 months. The payment drops to about $222.44 a month, but the total repaid rises to about $13,346.67, which is roughly $3,346.67 in interest. Stretching the term saves about $110 a month and costs almost $1,400 more overall.
Example 3: Example 1 with a 5% origination fee. The $500 fee is taken out, so you receive $9,500 but still repay $332.14 a month on $10,000. Counting the fee, the APR works out to about 15.6%, not 12%. This is why comparing APRs, not just interest rates, gives a fairer picture of which offer is cheaper.
Your rate depends heavily on your credit history, so it is worth checking your credit reports for errors first. You can get free reports from the three nationwide credit bureaus at AnnualCreditReport.com, as the Consumer Financial Protection Bureau explains. The Consumer Financial Protection Bureau's credit reports and scores guide covers how to dispute mistakes. When you compare offers, use the APR: the CFPB notes that the APR includes the interest rate plus other charges, so it reflects the fuller cost of borrowing. For more on what shapes the rate you are offered, read Understanding What Drives Your Loan Rate.
No. The calculator runs entirely in your browser. Nothing you type is stored or sent anywhere, and no credit check of any kind takes place.
The interest rate is the cost of borrowing the money itself. The APR (annual percentage rate) reflects the interest rate plus certain fees the lender charges, such as an origination fee, so it is the better number for comparing offers. The calculator shows both.
Lenders may round differently, set the first payment date earlier or later than one month, add fees this calculator does not include, or approve you at a different rate than the one you entered. Always rely on the lender's official loan disclosure for final figures.
A longer term lowers the monthly payment, but you pay interest for more months, so the total cost is usually higher. Try the same amount and rate with a 36 month and a 60 month term to see the difference.
Many personal loans allow early repayment, which reduces the total interest you pay, but some loans charge a prepayment penalty. Check your loan agreement and disclosure before you sign.
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