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Personal Loan Calculator

Payment and true cost including origination fees.

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Most lenders deduct the fee from what they send you, so borrowing exactly what you need leaves you short.

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TermMonthlyTotal interestEffective APR

Monthly payment

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Cash you receive—
Origination fee—
Total interest—
Total repaid—
Quoted rate—
Effective APR—
Borrow this to net your target—

Quick Tool Overview

The Personal Loan Calculator gives the monthly payment and total interest on an unsecured loan, and handles the origination fee properly: deducted from what you receive but charged interest on in full, which is why the effective APR exceeds the quoted rate.

What it does
Calculates a personal loan payment and its effective APR
You give it
The amount, rate, term and origination fee
You get back
The payment, total interest, cash received and effective APR
Best for
Comparing personal loan offers on a like-for-like basis
Calculators Free, unlimited use No sign-up Runs in your browser

About the Personal Loan Calculator

Enter the amount, the rate and the term to get the monthly payment and total interest on a personal loan. The origination fee field matters more than it looks: most lenders deduct it from the money they send you while charging interest on the full amount.

That is why the advertised rate and the real cost differ. Borrow ten thousand with a five percent origination fee and you receive nine thousand five hundred but repay interest on ten thousand, which raises the effective APR above the quoted rate. The calculator reports both, along with the amount you would need to borrow to actually receive the sum you need, which is the figure to check before you accept an offer.

Key features of the Personal Loan Calculator

Origination fee handled correctly

Deducted from disbursement but charged interest on in full — the reason the real cost exceeds the headline rate.

Effective APR calculated

The figure to compare lenders on, rather than the rate they advertise.

Gross-up calculation

Tells you how much to borrow in order to actually receive the sum you need after fees.

Cash received shown

The amount that lands in your account, which is not the loan amount.

Full amortization

The payment schedule over the whole term, with principal and interest separated.

How to use the Personal Loan Calculator

  1. 1

    Enter the loan amount

    The amount you want to borrow, or the amount you need to receive after fees.

  2. 2

    Set the rate and term

    The quoted APR and the repayment term, typically two to seven years.

  3. 3

    Add the origination fee

    Usually one to eight percent, and normally deducted from the money you receive.

  4. 4

    Compare the effective APR

    The rate after fees is the number to compare between lenders, not the headline one.

Frequently asked questions

An upfront charge for setting up the loan, usually a percentage of the amount borrowed. Most lenders deduct it from the funds they disburse, so you receive less than the loan amount but repay the full sum with interest.

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