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FINANCE CALCULATOR

Personal Loan Calculator

Calculate your personal loan payment, total interest, and APR including origination fees. Compare different loan terms and rates

Calculator

Total amount you want to borrow

Annual interest rate (APR)

Loan duration in years (typically 1-7 years)

One-time fee percentage (typically 1-8%)

Annuity: fixed payment amount. Differentiated: declining payment amount (saves interest)

Penalty percentage for early loan payoff (optional)

Fee charged for late payments (optional)

How to Calculate

  • 1Enter the loan amount you want to borrow
  • 2Enter the annual interest rate offered by the lender
  • 3Enter the loan term in years (typically 1-7 years for personal loans)
  • 4Enter the origination fee percentage (if any)
  • 5Click 'Calculate' to see your monthly payment and total costs
  • 6Review the APR which includes both interest and fees
  • 7Compare different loan terms to find the best option for your budget

Calculation Examples

Standard Personal Loan

Input Values

Loan Amount: 10,000$
annual Interest Rate: 12
Loan Term: 3years
Origination Fee: 1%
fee Type: percentage
payment Frequency: monthly

Calculation Steps

  1. Loan amount: $10,000
  2. Interest rate: 12% APR
  3. Loan term: 3 years
  4. Origination fee: 1% of $10,000 = $100
  5. Monthly interest rate: 12% ÷ 12 = 1.0% = 0.01
  6. Number of payments: 3 years × 12 months = 36 payments
  7. Monthly payment formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]
  8. Where P = $10,000, r = 0.01, n = 36
  9. (1+r)^n = (1.01)^36 = 1.4308
  10. M = $10,000 × [0.01 × 1.4308] / [1.4308 - 1]
  11. M = $10,000 × 0.014308 / 0.4308 = $332.14
  12. Monthly payment: $332.14
  13. Total payment: $332.14 × 36 = $11,957.04
  14. Total interest: $11,957.04 - $10,000 = $1,957.04
  15. Total cost (interest + fees): $1,957.04 + $100 = $2,057.04
  16. Effective APR (including fees): ~13.52%

Calculated Results

Calculation not available. Showing fallback result below.

Short Term Loan

Input Values

Loan Amount: 5,000$
annual Interest Rate: 8
Loan Term: 2years
Origination Fee: 0%
fee Type: percentage
payment Frequency: monthly

Calculation Steps

  1. Loan amount: $5,000
  2. Interest rate: 8% APR
  3. Loan term: 2 years
  4. Origination fee: $0 (no fee)
  5. Monthly interest rate: 8% ÷ 12 = 0.6667% = 0.006667
  6. Number of payments: 2 years × 12 months = 24 payments
  7. Monthly payment formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]
  8. (1+r)^n = (1.006667)^24 = 1.1726
  9. M = $5,000 × [0.006667 × 1.1726] / [1.1726 - 1]
  10. M = $5,000 × 0.007817 / 0.1726 = $226.14
  11. Monthly payment: $226.14
  12. Total payment: $226.14 × 24 = $5,427.36
  13. Total interest: $5,427.36 - $5,000 = $427.36
  14. APR: 8.00% (no fees, so APR equals interest rate)

Calculated Results

Calculation not available. Showing fallback result below.

Long Term Loan

Input Values

Loan Amount: 15,000$
annual Interest Rate: 15
Loan Term: 5years
Origination Fee: 2%
fee Type: percentage
payment Frequency: monthly

Calculation Steps

  1. Loan amount: $15,000
  2. Interest rate: 15% APR
  3. Loan term: 5 years
  4. Origination fee: 2% of $15,000 = $300
  5. Monthly interest rate: 15% ÷ 12 = 1.25% = 0.0125
  6. Number of payments: 5 years × 12 months = 60 payments
  7. Monthly payment formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]
  8. (1+r)^n = (1.0125)^60 = 2.1072
  9. M = $15,000 × [0.0125 × 2.1072] / [2.1072 - 1]
  10. M = $15,000 × 0.026340 / 1.1072 = $356.70
  11. Monthly payment: $356.70
  12. Total payment: $356.70 × 60 = $21,402.00
  13. Total interest: $21,402.00 - $15,000 = $6,402.00
  14. Total cost (interest + fees): $6,402.00 + $300 = $6,702.00
  15. Effective APR (including fees): ~18.68%
  16. Note: Longer term and higher rate result in significantly more total interest

Calculated Results

Calculation not available. Showing fallback result below.

Debt Consolidation Loan

Input Values

Loan Amount: 20,000$
annual Interest Rate: 10
Loan Term: 4years
Origination Fee: 1.5%
fee Type: percentage
payment Frequency: monthly

Calculation Steps

  1. Loan amount: $20,000
  2. Interest rate: 10% APR
  3. Loan term: 4 years
  4. Origination fee: 1.5% of $20,000 = $300
  5. Monthly interest rate: 10% ÷ 12 = 0.8333% = 0.008333
  6. Number of payments: 4 years × 12 months = 48 payments
  7. Monthly payment: $507.25
  8. Total payment: $507.25 × 48 = $24,348.00
  9. Total interest: $24,348.00 - $20,000 = $4,348.00
  10. Total cost: $4,348.00 + $300 = $4,648.00
  11. Note: Debt consolidation loans can help simplify multiple payments into one

Calculated Results

Calculation not available. Showing fallback result below.

Frequently Asked Questions

Find answers to common questions about using this calculator. If you have additional questions, feel free to explore the examples above or contact our support team.

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