Personal loan calculator
Monthly payment and total interest on a personal loan.
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How it's calculated
The payment uses the standard amortization formula with the APR divided by 1,200 as the monthly rate and the term already in months. Interest is the payments added up less the amount borrowed. The origination fee is different from interest: it is deducted from the loan before the money reaches you, yet you repay and pay interest on the full amount. The total cost of borrowing adds the two, which is the number to compare across offers along with the payment.
What is a good APR for a personal loan?
Under 10% is good and needs a credit score above about 720; 10–18% is typical for fair-to-good credit; above 25% is expensive and worth comparing with a credit card balance-transfer offer or a credit union. The APR already includes the origination fee for lenders that charge one, which is why two loans with the same rate can have different APRs.
Is a shorter term better?
Shorter terms cost far less in interest but have higher payments: $15,000 at 11% costs about $3,600 in interest over 48 months and about $2,700 over 36, while the payment rises from $388 to $491. Pick the shortest term whose payment you can make without strain.
How does the origination fee work?
A 3% fee on $15,000 is $450, deducted when the loan is funded, so you receive $14,550 but repay $15,000 plus interest. If you need the full $15,000 in hand, borrow about $15,465. Some lenders charge no fee; others take it in exchange for a lower rate.
Results are estimates for informational purposes only and are not financial, medical or legal advice.