Personal Loan Calculator
A personal loan calculator estimates your monthly payment on an unsecured personal loan and, done right, also shows what the loan really costs once fees are counted. Enter your loan amount, interest rate, and term in the calculator above to see your payment instantly.
For example, a $15,000 loan at 12.5% APR over 48 months costs $398.70 a month — but if the lender charges a 3% origination fee, you only receive $14,550 up front, which pushes your real effective APR above the stated 12.5% rate.
How it works
Your personal loan payment is set by three numbers: the loan amount, the annual percentage rate (APR), and the term in months. The calculator spreads the loan amount over the term at a fixed rate and solves for the level monthly payment, the same amortization math your lender uses. In the example above, a $15,000 loan at 12.5% APR over 48 months produces a $398.70 monthly payment and $4,137.60 in total interest.
Here is what most personal loan calculators leave out. Most online personal loan lenders charge an origination fee, typically 1% to 10% of the loan amount, and subtract it from your payout before you ever see the cash. Your payment is still calculated on the full loan amount, not the smaller amount you actually receive. That gap means your real borrowing cost is higher than the stated APR suggests. The Consumer Financial Protection Bureau explains APR as the rate that captures a loan's full cost, including fees — this calculator applies that same logic and shows you the effective APR on the cash you actually get, not just the face value of the loan.
A 3% origination fee on the example above drops your payout to $14,550 while your $398.70 payment stays the same, which raises your effective APR to roughly 14.15%. On a shorter loan term, the same fee percentage pushes the effective rate up even more, since the fee is spread over fewer months of benefit. Always ask a lender for the origination fee percentage before comparing offers by stated rate alone — two loans with the same advertised APR can cost meaningfully different amounts once fees are included.
Frequently asked questions
How does this personal loan calculator work?
It uses your loan amount, APR, and term to compute a fixed monthly payment with standard amortization — the same math lenders use. It then goes a step further: if you enter an origination fee, it shows the cash you'll actually receive after the fee is deducted, and calculates the effective APR on that smaller amount, which is your real cost of borrowing.
What is a good interest rate on a personal loan in 2026?
Rates vary widely by credit score, income, and lender. Borrowers with excellent credit (typically a FICO Score of 720 or higher) tend to land toward the lower end of the market range, while fair-to-poor credit borrowers see substantially higher rates. Always compare your actual offers rather than relying on a single average, since lenders weigh income and existing debt alongside your score.
What is an origination fee and do all personal loans have one?
An origination fee is a one-time charge, usually 1% to 10% of the loan amount, that a lender subtracts from your loan proceeds to cover processing costs. Not every lender charges one — some credit unions and banks skip it entirely — so ask directly and enter 0% in the calculator above if your offer has none.
Why is the effective APR higher than the interest rate I was quoted?
Your quoted interest rate only reflects the cost of the money over time. It ignores that an origination fee shrinks the amount you actually receive while your payment stays based on the full loan amount. The effective APR restates the true annualized cost against the smaller amount you actually got, which is why it's always equal to or higher than the stated rate whenever a fee applies.
Should I choose a longer term to lower my personal loan payment?
A longer term lowers your monthly payment but increases the total interest you pay over the life of the loan, since you're borrowing the money for more months. A shorter term costs more per month but saves money overall. Run both terms through the calculator above and compare the total interest and total cost of borrowing, not just the monthly payment.
Is a personal loan or a credit card cheaper for debt consolidation?
It depends on your rate on each. A personal loan typically has a fixed rate and a fixed payoff date, which can beat carrying a balance on a high-rate credit card indefinitely. A 0% intro APR balance transfer card can beat a personal loan for the promotional period if you can pay off the balance before it ends — see our guide on choosing a balance transfer credit card to compare the two paths.
Sources
We prioritize primary sources for rules, formulas, rates, limits, and definitions. See our calculator methodology and editorial policy.