💵 Personal Loan Calculator
Check the monthly payment, the interest and the setup fee on a personal loan, all in one place.
How it works
The payment uses the standard installment formula — payment = P × r ÷ (1 − (1+r)−n) — where P is the amount borrowed, r the monthly rate and n the number of payments. The origination fee is worked out separately, as a percentage of the loan, and added to the total cost rather than to the balance, so it never changes your monthly payment.
An example
Borrow $15,000 at 11% over 36 months and the payment is $491.08. The interest comes to $2,678.91 and a 3% origination fee adds $450.00, so the loan costs $18,128.91 all in. The fee is easy to overlook when you are comparing offers — a slightly higher rate with no fee can work out cheaper than a low rate with a big one.
Common questions
What is an origination fee?
A one-off charge for setting up the loan, usually 1% to 8% of the amount borrowed. Some lenders take it out of the money you receive instead of billing you for it, which means you get less than the headline amount.
How does my credit score affect the rate?
Strong scores get the advertised low rates; weaker scores can be quoted well into double digits or higher. On a $15,000 loan, a few points of rate are worth hundreds of dollars over the term, so it pays to compare offers before applying.
Should I pay the loan off early if I can?
Extra payments cut the interest and shorten the loan. Before counting on that, check the agreement has no prepayment penalty — most personal loans do not, but it is worth reading that one line of the small print.
Related calculators
This calculator gives estimates for learning. Rates, taxes and rules change, and your lender or the IRS has the final numbers — check big decisions against the real documents.