Personal Loan Calculator
Calculate monthly personal loan payments, total interest, and effective APR including origination fees.
Monthly Payment
$322.67
Total Interest
$1,616.19
Effective APR
11.39%
Loan Details
| Loan Amount | $10,000.00 |
| Origination Fee | $200.00 |
| Amount Received | $9,800.00 |
| Term | 36 months |
| Monthly Payment | $322.67 |
| Total Interest | $1,616.19 |
| Total Cost (with fees) | $11,816.19 |
| Effective APR | 11.39% |
| Payoff Date | May 2029 |
Use the Personal Loan Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.
Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.
How It Works
Our Personal Loan Calculator helps you understand the true cost of borrowing in 2026. Input your desired loan amount, interest rate, and term to instantly see your estimated monthly payments, the total interest you'll pay over the loan's lifetime, and the effective Annual Percentage Rate (APR) factoring in any origination fees. This comprehensive view empowers you to compare loan offers accurately and make informed financial decisions.
The calculator utilizes standard amortization formulas to determine monthly payments, and a more complex iterative approach to calculate the effective APR. For the monthly payment, we use M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate, and n is the total number of payments. To find the effective APR, we solve for the rate that equates the present value of all loan payments (including the origination fee deducted from the principal received) to the actual amount disbursed to the borrower.
Remember that the APR is the most crucial figure for comparing loans, as it includes all mandatory costs. Be aware that some lenders might offer exceptionally low advertised rates but then hit you with high origination fees, which this calculator will expose in the effective APR. Always confirm if the advertised rate is fixed or variable, as variable rates can fluctuate and impact your future payments.
Example: Funding a 2026 Home Renovation
- 1 You're considering a $25,000 personal loan for a home renovation, offered at an 8.5% annual interest rate over 60 months (5 years), with a 2% origination fee.
- 2 Using the calculator, you input: Loan Amount = $25,000, Interest Rate = 8.5%, Loan Term = 60 months, Origination Fee = 2%. The calculator then processes these figures.
- 3 The calculator reveals an estimated monthly payment of $513.59, total interest paid of $5,815.40, and an effective APR of 9.38%.
- 4 This means while the stated rate is 8.5%, the 2% origination fee effectively increases your annual cost to 9.38%. Knowing this allows you to accurately compare it against other financing options, such as a home equity line of credit that might have a different fee structure.
Source: CFPB — Consumer Tools · Last updated: April 2026
Frequently Asked Questions
What credit score do I need for a personal loan?
What is an origination fee on a personal loan?
Are personal loans better than credit cards for debt?
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