Personal Loan Calculator
Calculate your personal loan monthly payment, total interest and true APR including origination fees — free, instant and private.
About the Personal Loan Calculator
This personal loan calculator shows the real cost of borrowing. Enter the loan amount, annual interest rate and term, and it computes the fixed monthly payment, total interest and total of payments. Add any upfront origination or processing fees and it also estimates the APR — the effective rate you actually pay once fees are counted.
The monthly payment uses the standard amortization formula: payment = P × i / (1 − (1 + i)^−n), where i is the monthly rate and n the number of payments. The APR is found numerically as the rate at which those same payments equal the net cash you actually received (loan minus fees) — the reason a '10% loan with a 3% fee' really costs more than 10%.
Use the results to compare offers on equal footing: a lower sticker rate with high fees can cost more than a higher rate with none, and the APR line makes that visible instantly. Everything is calculated locally in your browser and nothing is stored.
How to Use the Personal Loan Calculator
- 1Enter the loan amount, annual interest rate and term in years.
- 2Add any upfront fees the lender deducts at disbursement.
- 3Read the monthly payment, estimated APR and total cost of borrowing.
- 4Compare different offers by swapping in each lender's rate and fees.
Frequently Asked Questions
How is the monthly payment calculated? A worked example
For a 15,000 loan at 11.5% over 3 years: monthly rate i = 0.115/12 = 0.009583, n = 36 payments. Payment = 15,000 × 0.009583 / (1 − 1.009583^−36) ≈ 494.66 per month. Total paid ≈ 17,808, so total interest ≈ 2,808.
What is the difference between interest rate and APR?
The interest rate prices only the borrowed money; the APR also folds in mandatory fees. If the 15,000 loan above charges a 450 origination fee, you only receive 14,550 but repay as if you borrowed 15,000 — the APR works out to roughly 13.6%, noticeably above the 11.5% sticker rate. APR is the number to compare across lenders.
Does a longer term make a loan cheaper?
It lowers the monthly payment but raises the total interest. The same 15,000 at 11.5% costs about 2,808 in interest over 3 years but roughly 4,790 over 5 years. Choose the shortest term whose payment fits your budget comfortably.
How do upfront fees change what I should borrow?
If fees are deducted from the disbursement, you receive less than you signed for. Needing a full 15,000 in hand with a 3% fee means borrowing about 15,464. Enter different amounts until the net (amount minus fees) matches what you actually need.
Can I use this for car loans or other fixed-rate loans?
Yes — the amortization math is identical for any fixed-rate, fixed-term instalment loan: car loans, appliance financing or private borrowing. It does not model revolving credit like credit cards, where the balance and payment change monthly.