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Personal Loan Calculator

Find a personal loan's monthly payment, total interest, payoff date, and real APR after origination fees and optional credit insurance.

ExampleSample values — edit any field to see your result.

$
%

Nominal annual rate. Origination and insurance are folded into APR, not this rate.

years
months

Month of the first payment. The payoff date is this date plus the term.

Results update as you type.

Monthly Pay

$424.94

Estimated result

Total of Loan Payments
$25,496.45
Total Interest
$5,496.45
Payoff Date
September 1, 2031

Cost breakdown

Loan amount 78%, Interest 22%
  • Loan amount78%
  • Interest22%

Amortization schedule

PeriodDateInterestPrincipalEnding Balance
Year 19/26-8/27$1,853.93$3,245.36$16,754.64
Year 29/27-8/28$1,514.10$3,585.19$13,169.44
Year 39/28-8/29$1,138.68$3,960.61$9,208.83
Year 49/29-8/30$723.95$4,375.34$4,833.49
Year 59/30-8/31$265.80$4,833.49$0.00
Monthly Pay$424.94

Estimate the real cost of an unsecured personal loan. Enter the amount, rate, and term for the monthly payment, total interest, and payoff date. Open Fee and insurance to fold in origination (percent or dollars, deducted or upfront) and optional monthly credit insurance — the calculator then reports cash received, total cost, and the fee-inclusive APR.

Formula

The contractual payment amortizes the face loan amount. Monthly rate r is the annual rate ÷ 12; n is years × 12 + extra months:

payment = P × r / (1 − (1 + r)^(−n))

Each payment covers that month's interest first; the rest reduces principal. Origination does not change P — a deducted 5% fee on $20,000 still amortizes $20,000. You simply receive $19,000.

When fees or insurance are on, cost of loan is total interest + origination

  • total insurance. APR is the IRR of (rounded monthly payment + insurance) against net proceeds (loan − origination), annualized as 12 × monthly IRR and rounded to three decimals.

Rank offers by APR, not the note rate. A 12% loan with a 5% fee has an APR around 14.3% over five years — still cheaper than many credit cards, but not the 12% on the flyer.

Typical personal loan terms

Common range
Amount$5,000 – $35,000
Term3 or 5 years
Rate (unsecured)Often high single digits to 25%+
Origination1–5% of the loan, usually deducted

Examples

$20,000 at 10% for 5 years

The default: a $424.94 monthly payment, $25,496.45 over 60 payments, and $5,496.45 in interest, paying off in September 2031 if you start in September 2026. No fees — APR equals the 10% note rate.

Same loan with a 5% origination fee deducted

You still pay $424.94 a month, but only $19,000 is disbursed. Origination is $1,000, cost of the loan is $6,496.45, and APR rises to 12.239%. Paying that fee upfront instead of deducting it produces the same APR (same net proceeds).

Debt-consolidation comparison

$16,000 for 5 years at 12% with a 5% fee upfront: $355.91 a month and an APR of about 14.28%. If that replaces cards at 19.99% and 24.99%, the personal loan is cheaper — provided the origination is paid once and the cards are not used again.

Frequently asked questions

How is a personal loan payment calculated?
Personal loans are amortized like other installment loans. For a face amount P, a monthly rate r (the annual rate divided by 12), and n months, the payment is P × r ÷ (1 − (1 + r)^−n). Origination and insurance do not change that contractual payment — they change how much cash you actually receive and the loan's real APR.
Why is APR higher than the interest rate?
The note rate prices only the principal. APR is the internal rate of return of the payments you make against the cash you actually get. A fee deducted from the loan (or paid at closing) and any monthly credit insurance both raise APR, which is why it is the better number for comparing lenders.
What does “deducted from the loan” mean for origination?
Most lenders subtract the origination fee from the amount they disburse. A $10,000 loan with a 3% fee puts $9,700 in your account, but you still repay $10,000 plus interest. Paying the fee upfront instead means you receive the full $10,000 and write a separate check for the fee. APR is the same either way because net proceeds are the same.
Are personal loans secured?
Usually not. Typical personal loans are unsecured — the lender relies on credit score, income, and debt-to-income rather than a car or home. A few banks and credit unions offer secured personal loans against savings or a vehicle; those usually have lower rates but you can lose the collateral. This calculator works for either as long as the rate, term, and fees match the offer.
When does a personal loan beat credit cards?
When the fee-inclusive APR is lower than the cards you would pay off, and you can actually retire that card debt instead of running it back up. About half of personal loans are used for debt consolidation. Compare APR, not the advertised rate, and watch origination of 1–5% plus any credit insurance. Payday, title, and no-credit-check loans are a different product — they often cost far more.

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