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Personal Loan Calculator

Monthly payment and full interest cost for a personal loan.

PrivateFreeSourcedReviewed

Monthly payment

$493.93

/mo
$15,000 at 11.40% for 3 years · effective APR 13.52% with the fee
Cash in hand
$14,550

after 3.00% origination

Total interest
$2,781
Total cost
$3,231

interest + fee

Effective APR vs headline: origination fees inflate the true cost of a personal loan. Two lenders quoting the same APR can have very different effective costs if one has a 5% origination fee and the other has none. Always compare on all-in cost (fees + interest), not just APR.

Try a what-if

Your numbers

$15,000

11.40% headline APR

Default 11.4%Federal Reserve G.19 — Consumer Creditas of May 2026 release (March 2026 data)

3 years (36 mo)

3.00% (deducted upfront = $450)

Next steps

The Personal Loan Calculator returns the standard amortization payment PLUS a critical secondary number: effective APR including origination fee. Some lenders quote a low APR but charge a 5–8% origination fee upfront, which can make a 'lower APR' loan more expensive than a 'higher APR' loan with no origination fee. Always compare on all-in cost, not the headline rate.

How this calculator works

  1. Enter the loan face amount (the headline number the lender quotes).
  2. Enter the origination fee (typically 0–8% of loan; deducted upfront, so cash-in-hand = face − origination).
  3. Set the APR and term.
  4. Compare cash-in-hand, monthly payment, total interest, and effective APR. The effective APR is the all-in comparison number across lenders with different fee structures.

M = face × [r(1+r)ⁿ / ((1+r)ⁿ − 1)] cash_in_hand = face − (face × origination_pct) effective_APR ≈ APR + origination_pct / term_years

Standard amortization on the face amount (you repay the full face value plus interest), but you only receive face minus the origination fee upfront. The effective APR approximation captures this — a 5% origination fee on a 12% APR 3-year loan effectively bumps the all-in rate to ~13.7%.

face
Loan face amount
origination_pct
Origination fee as % of face
APR
Quoted annual percentage rate
r
Monthly rate (APR/12)
n
Number of payments (term in months)

Frequently asked questions

When does a personal loan make sense?

Mostly for debt consolidation when you have high-APR credit card balances. A 12% personal loan beats a 22% credit card. Be careful with the other common use cases (home reno, weddings, vacations) — you're paying interest on something that doesn't generate income.

Secured vs unsecured?

Unsecured = no collateral, higher rate, no asset at risk. Secured (against a car, savings) = lower rate, but you can lose the asset if you default. Most online personal loans are unsecured.

Origination fees?

Some lenders charge an origination fee (1-8% of the loan, taken upfront). A 5% origination fee on a 12% APR loan effectively raises the APR. Compare lenders on the all-in APR including fees, not the headline rate.

Sources used in this calculator

Reviewed by the Money Scale editorial team. How we source our data

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