Personal Loan Calculator
Calculate the payment on a personal loan and the true APR once origination fees are included.
Your details
Fees
Usually deducted from the money you receive
This calculator runs entirely on your device. Nothing you enter is uploaded, stored, or sold. How this works
Monthly payment
$391.34
$18,784 over 48 months
Includes your inputs, the full breakdown, and every row of the table.
Cash you receive
$14,550
Total interest
$3,784
Effective APR
13.14%
Including the origination fee
Total cost of borrowing
$4,234
- Loan amount
- $15,000
- Origination fee (3.0%)
- $450.00
- Amount financed
- $15,000
- Cash in your pocket
- $14,550
- Monthly payment
- $391.34
- Total of payments
- $18,784
- Interest
- $3,784
- Interest plus fee
- $4,234
- Stated rate
- 11.50%
- Effective APR
- 13.14%
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $391.34 | $143.75 | $247.59 | $14,752.41 |
| 2 | $391.34 | $141.38 | $249.96 | $14,502.46 |
| 3 | $391.34 | $138.98 | $252.35 | $14,250.10 |
| 4 | $391.34 | $136.56 | $254.77 | $13,995.33 |
| 5 | $391.34 | $134.12 | $257.21 | $13,738.12 |
| 6 | $391.34 | $131.66 | $259.68 | $13,478.44 |
| 7 | $391.34 | $129.17 | $262.17 | $13,216.27 |
| 8 | $391.34 | $126.66 | $264.68 | $12,951.59 |
| 9 | $391.34 | $124.12 | $267.22 | $12,684.38 |
| 10 | $391.34 | $121.56 | $269.78 | $12,414.60 |
| 11 | $391.34 | $118.97 | $272.36 | $12,142.24 |
| 12 | $391.34 | $116.36 | $274.97 | $11,867.27 |
What this means
- The effective APR is higher than the stated rate whenever a fee is deducted from the proceeds, because you are paying interest on money you never received.
- Personal loans are usually unsecured, which is why rates sit well above mortgage or auto loan rates but below credit cards.
- Check for prepayment penalties before planning to pay the loan off early. Most reputable lenders no longer charge them, but not all.
How the personal loan calculation works
A personal loan is unsecured instalment debt: a fixed amount, a fixed rate, and a fixed term. That structure makes it far more predictable than a credit card, which is the main reason people use one to consolidate revolving balances.
The number that matters is not the advertised rate but the effective APR after fees. An origination fee of 3% deducted from your proceeds means borrowing $15,000 and receiving $14,550 while still paying interest on the full amount. This calculator solves for the rate that reflects the cash you actually get.
Watch the term as well. Stretching a loan from three years to six roughly halves the monthly payment while more than doubling the interest. Lenders present the longer term as affordability; it is usually just a higher price paid slowly.
Frequently asked questions
Why is the APR higher than the interest rate?
APR includes fees. If the origination fee is taken out of your proceeds, you receive less than you borrowed but pay interest on the full amount, which raises the true cost.
Is a personal loan better than a credit card?
Usually yes for a fixed expense you will pay off over a set period — the rate is lower and the term is defined. It is worse if you would simply run the card balance back up afterwards.
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Disclaimer. This calculator is provided for general information and educational purposes only and does not constitute financial, tax, legal, medical, or engineering advice. Results are estimates based on the inputs you provide and the assumptions described above. Confirm any figure with a qualified professional before acting on it.