Personal Loan Calculator
Calculate your personal loan monthly payment, total interest, and effective APR including origination fees. Compare rates by credit score tier, consolidate up to 3 debts, and see how extra payments accelerate payoff.
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Monthly Payment
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Total Interest Paid —
Total Cost After Fees —
Origination Fee Amount —
Extended More scenarios, charts & detailed breakdown ▾
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Monthly Payment
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Total Interest —
Total Repaid —
Professional Full parameters & maximum detail ▾
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Loan Cost Summary
Effective APR (with fees) —
Monthly Payment —
Total Cost (interest + fees) —
Accelerated Payoff
Payoff with Extra Payment (months) —
Interest Saved with Extra Payment —
Comparison
Savings vs Credit Card (total interest) —
How to Use This Calculator
- Enter your loan amount, APR, loan term, and origination fee % to see monthly payment and true total cost.
- Use the Fixed Rate tab for a straightforward amortization with any rate and term.
- Use the Debt Consolidation tab to combine up to 3 existing debts and see monthly savings.
- Use the Credit Score tab to see estimated rates and payments by credit tier.
- Use the Professional tab for effective APR, accelerated payoff with extra payments, and break-even comparison vs credit cards.
Formula
Monthly Payment = P × r × (1+r)^n / ((1+r)^n − 1)
Effective APR = (Total Cost − Principal) / Principal / Years × 100
Origination Fee = Loan Amount × Fee %
Effective APR = (Total Cost − Principal) / Principal / Years × 100
Origination Fee = Loan Amount × Fee %
Example
Example: $10,000 loan, 12.5% APR, 36 months, 2% origination fee. Monthly payment = $334. Fee = $200. Total interest = $2,024. Total cost including fee = $12,224. Effective APR = ~13.9%.
Frequently Asked Questions
- In 2026, a good personal loan rate is 8–12% APR for borrowers with excellent credit (720+). Average rates range from 12–18% for good credit. Borrowers with fair or poor credit may see rates of 20–36%. Always compare the effective APR including origination fees, not just the stated rate.
- An origination fee is an upfront charge by the lender, typically 1–8% of the loan amount. It is often deducted from the loan proceeds, meaning you receive less than you borrow. For example, borrowing $10,000 with a 3% origination fee means you receive $9,700 but repay $10,000 plus interest. This raises your effective APR.
- Personal loans are usually better than credit cards for large debt consolidation because they have lower rates (12–18% vs 20–28%), fixed monthly payments, and a defined payoff date. Credit cards offer flexibility but minimum payments barely cover interest, making payoff take years and costing significantly more.
- Credit score has a major impact: exceptional (800+) borrowers may get 7–9% APR, while poor credit (below 580) borrowers often face 25–35% APR or may not qualify at all. Improving your score by 50–100 points before applying can save thousands in interest. Consider secured loans or co-signers if your credit is poor.
Related Calculators
Sources & References (5) ▾
- CFPB — Personal Loans Overview — Consumer Financial Protection Bureau
- Federal Reserve — Consumer Credit Rates (G.19) — Federal Reserve
- FTC — Taking Out a Personal Loan — Federal Trade Commission
- Truth in Lending Act (Regulation Z) — Consumer Financial Protection Bureau
- FDIC — Unsecured Consumer Lending Products — Federal Deposit Insurance Corporation