Personal Loan Calculator
Calculate payments, compare loan offers, and understand true costs including origination fees.
Loan Details
Fee deducted upfront
Enter your loan details
to see monthly payments and true costs
Monthly Payment
$--
for 36 months
True Cost Breakdown
Effective APR
When you factor in the origination fee, your true cost of borrowing is:
--%
This is higher than the stated APR because the fee reduces the money you actually receive.
Compare Loan Terms
| Term | Monthly Payment | Total Interest | Total Cost |
|---|
Personal Loans
Personal loans are unsecured loans with fixed rates and terms, typically used for debt consolidation, home improvements, or major purchases. Unlike credit cards, they have predictable monthly payments and a defined payoff date.
How to Use
- 1 Enter the loan amount you need to borrow.
- 2 Input the APR offered by the lender.
- 3 Add any origination fee (deducted from your disbursement).
- 4 Compare terms to find the best balance of payment and cost.
FAQ
What is an origination fee?
An origination fee is charged by lenders to process your loan. It's typically 1-8% and is deducted from your loan amount before you receive funds—so a $10,000 loan with 5% fee means you only receive $9,500.
APR vs interest rate—what's the difference?
APR (Annual Percentage Rate) includes the interest rate plus any fees, giving you the true yearly cost. For personal loans with origination fees, APR is always higher than the stated interest rate.
Shorter vs longer term—which is better?
Shorter terms mean higher monthly payments but less total interest. Longer terms lower your payment but cost more overall. Choose based on what you can comfortably afford each month.
Are there prepayment penalties?
Some lenders charge fees if you pay off early. Always check for prepayment penalties before signing—especially if you plan to pay extra or refinance later.
What credit score do I need?
Most lenders require 580-640 minimum, but the best rates go to those with 720+. Higher scores mean lower APRs—even a small rate difference saves hundreds over the loan term.
Calculator Limitations
This calculator provides estimates for planning purposes. Actual loan terms, rates, and fees depend on your credit profile and lender. Always compare multiple offers before borrowing.
