Personal Loan Calculator
Estimate monthly payments, total interest, total cost, and APR for your personal loan.
Loan Summary
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
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What is a Personal Loan Calculator?
A personal loan calculator helps you estimate the true cost of borrowing by computing your monthly payment, total interest, origination fees, and estimated APR. It uses standard amortization formulas to break down each payment into principal and interest.
Origination fees are upfront charges deducted from your loan proceeds. Our calculator includes these fees to give you a more accurate picture of the total cost and estimated APR, helping you compare loan offers effectively.
How to Use
- Enter the loan amount you plan to borrow.
- Input the annual interest rate offered by your lender.
- Specify the loan term in years and any origination fee percentage.
- Click Calculate to see your monthly payment, total cost, estimated APR, and full amortization schedule.
Frequently Asked Questions
What is an origination fee?
An origination fee is a charge by the lender for processing your loan. It is typically a percentage of the loan amount and may be deducted from the funds you receive.
How is APR different from the interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus any fees, giving you a more complete measure of the loan's total cost.
Can I pay off my loan early?
Many lenders allow early repayment, but some charge prepayment penalties. Check your loan agreement to see if paying off early will save you money or incur additional fees.
Does this calculator include taxes or insurance?
No, this calculator focuses on the loan principal and interest. Taxes and insurance are not included in the personal loan calculation.