What is a personal loan calculator?
A Personal Loan Calculator estimates the monthly payment, total interest and true cost of an unsecured personal loan. Because many lenders take an origination fee out of the loan before you receive it, the calculator also shows the amount you will actually get and the effective APR including that fee. It helps anyone comparing offers for debt consolidation, home repairs or a large purchase.
How to use it
- Enter the loan amount and the term in years and months.
- Enter the interest rate (APR) from the offer.
- Enter any origination fee as a percentage.
- Click Calculate to see the payment, total interest, the cash you will receive, the effective APR and a full amortization schedule.
Personal loan formula
M = P × r(1 + r)^n ÷ ((1 + r)^n − 1)
where M is the monthly payment, P is the loan amount, r is the monthly interest rate (APR ÷ 12) and n is the number of monthly payments. If there is an origination fee, you repay the full P but receive only P × (1 − fee %), which is why the effective APR is higher than the stated rate.
Examples
| Loan | Rate | Term | Monthly payment | Total interest |
|---|---|---|---|---|
| $30,000 | 10% | 5 years | $637.41 | about $8,245 |
| $15,000 | 10% | 3 years | $484.01 | about $2,424 |
With a 5% origination fee on the $30,000 loan, you would receive $28,500 but still repay the full $30,000 plus interest, which pushes the effective APR above 12%.
What affects your rate?
Lenders set personal loan rates mainly from your credit score, income, existing debts and the loan term. Test several rates in the calculator, because the rate you are offered may differ from the advertised one.
Comparing loan offers
When you compare offers, look at more than the monthly payment:
- APR and any origination fee
- The amount you will actually receive
- Total interest over the full term
- Whether there is a penalty for paying early
A lower monthly payment over a longer term often costs more in total.
Tips
- Check your credit report before applying; errors can raise your rate.
- Prequalify with several lenders where possible to compare real offers.
- Borrow only what you need: the fee and interest are charged on the full amount.
- If you are consolidating cards, compare the loan’s total cost with the Credit Card Payoff Calculator results.
Frequently Asked Questions
A Personal Loan Calculator is an online tool that estimates your monthly payment, total interest, and total repayment based on the loan amount, interest rate, and repayment term.
At 10% APR with no fees, a $30,000 loan over 5 years costs about $637.41 a month, and you would pay about $8,245 in interest in total. At other rates, enter them above to compare.
At 10% APR over 3 years, a $15,000 personal loan costs about $484.01 a month and about $2,424 in total interest. Over 5 years the payment falls to about $318.71, but interest rises to about $4,122.
The fee is usually taken out of the loan, so you receive less than you repay. On a $30,000 loan with a 5% fee you get $28,500. The calculator shows the effective APR including the fee so you can compare offers fairly.
Credit history, income, existing debt, loan amount, repayment term, and lender requirements can all affect the rate you may receive. The rate shown in a calculator is only an estimate until a lender provides an actual offer.
Disclaimer: This calculator gives estimates for general information only. It is not financial, tax or legal advice. Results depend on the numbers you enter and on simplified assumptions, so your actual figures may differ. Check important decisions with a qualified professional or the official source.
Related Calculators
To compare a personal loan with other ways of borrowing or paying off debt, try these calculators.