About the Personal Loan Calculator
This personal loan calculator estimates what an unsecured personal loan will cost you each month and in total. Enter the amount, the interest rate from your offer, the term and any origination fee, and it shows the monthly payment, the fee in dollars, the cash that actually reaches your account, total interest and the APR once the fee is counted.
Personal loans are used for debt consolidation, home repairs, medical bills, moving costs and large purchases. Lenders commonly charge an origination fee of roughly 1% to 10% of the loan, usually deducted before the money is sent. If you need a specific amount in hand, the calculator can gross up the loan so that you still receive what you need after the fee.
Use it to compare prequalified offers side by side: a loan with a lower rate but a high fee can cost more than one with a slightly higher rate and no fee. The math assumes a fixed rate, equal monthly payments and no late fees or prepayment.
With the default inputs, the monthly payment is $498.21. Change any value above to recalculate instantly.
How to use the personal loan calculator
- 1Enter the loan amount and the interest rate from your offer.
- 2Pick the loan term in months.
- 3Enter the origination fee percentage (0 if there is none).
- 4Choose whether the fee comes out of your proceeds or should be grossed up.
- 5Compare the monthly payment, APR and total cost across offers.
Formula and method
The monthly payment M is based on the amount you owe L, the monthly rate r (interest rate ÷ 12) and the number of months n. When the fee is deducted, L is the loan amount and you receive L minus the fee. When you choose gross-up, L = desired amount ÷ (1 − fee %), so you still receive the amount you need but owe more.
The APR is the annual rate that makes the present value of your n payments equal to the cash you actually receive, which is how Truth in Lending APRs are calculated for fixed installment loans. Total cost of borrowing is total interest plus the origination fee.
- M
- Monthly payment
- L
- Amount owed (loan principal)
- r
- Monthly interest rate = rate ÷ 12
- n
- Term in months
- fee
- Origination fee = L × fee %
Worked examples
$15,000 at 12% for 36 months with a 4% fee
On $15,000 at 12% for 36 months the payment is $498.21. The 4% fee of $600 is deducted, so you receive $14,400 while repaying about $17,936. That makes the APR about 14.9% and the total cost of borrowing about $3,536.
Grossing up to receive $10,000
To net $10,000 after a 5% fee you must borrow $10,526.32. At 10% over 60 months that costs $223.65 a month.
No-fee loan at 9% for 24 months
Without a fee, APR equals the 9% interest rate. An $8,000 two-year loan costs $365.48 a month and about $771 of interest in total.
Frequently asked questions
What is a good interest rate on a personal loan?+
Rates depend mostly on credit score and income. Borrowers with excellent credit can often find single-digit or low double-digit APRs, while fair or poor credit can mean 25% to 36%. Always compare the APR, not just the rate, because fees vary widely.
What is an origination fee?+
It is a one-time charge for processing the loan, usually 1% to 10% of the amount borrowed. Most lenders deduct it from the loan, so you receive less than you borrow but repay the full amount plus interest.
How much should I borrow if there is an origination fee?+
Divide the amount you need by (1 − fee rate). For example, to receive $10,000 with a 5% fee you need to borrow about $10,526. The gross-up option in this calculator does this for you.
Does a shorter term save money?+
Yes. A shorter term has a higher monthly payment but far less total interest, and lenders often offer lower rates on shorter terms. Choose the shortest term whose payment you can reliably afford.
Can I pay off a personal loan early?+
Most major personal loan lenders do not charge prepayment penalties, so paying early saves interest. The origination fee is not refunded, however, which is why fees matter more if you plan to repay quickly.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.