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Personal Loan Calculator

Estimate your personal loan payment, the total interest and, unlike most calculators, what the origination fee really costs: the cash you actually receive, the true APR and how much to borrow to end up with the amount you need.

Updated By Hassan Arslan How we build & check our calculators

Your loan

The rate, not the APR.

0% if there’s no fee.

Your results

Monthly payment

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Cash you receive

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Total interest

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True APR with fee

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Compare terms

Year-by-year schedule

Estimate for education only, based on your inputs and the rules explained below. Not financial, tax or legal advice. How we calculate

How to use this calculator

  1. Enter the loan amount on the offer, or the amount you plan to apply for.
  2. Enter the interest rate and term. Prequalified offers from lenders show both without affecting your credit score.
  3. Add the origination fee and choose how it’s charged. Most lenders take it out of the money they send you.
  4. Read the true APR and compare terms. If the fee leaves you short, the results show how much to borrow instead.

Calcvera’s personal loan calculator runs in your browser and nothing you enter is sent anywhere. Paying off cards with the loan? The debt consolidation calculator compares it with your current debts.

How a personal loan payment is calculated

Most personal loans are unsecured, fixed-rate installment loans: you get the money up front and repay it in equal monthly payments over 1 to 7 years. Each payment covers that month’s interest on the balance, and the rest pays down the principal, so early payments are mostly interest and later ones mostly principal.

Monthly payment = loan amount × r ÷ (1 − (1 + r)^−n) r = annual rate ÷ 12, n = months

Origination fees: what you actually receive

Many lenders charge an origination fee, typically 0% to 10% of the loan. Most take it out of the loan before paying you, so you receive less than you borrow but repay the full amount. That’s why the APR, which includes the fee under Regulation Z, is higher than the interest rate.

Cash received = loan amount − fee Amount to borrow to receive X = X ÷ (1 − fee %)

Worked example

You take a $10,000 loan at 12% for 3 years with a 5% origination fee taken from the proceeds.

  • You receive $9,500; the $500 fee stays with the lender.
  • The payment is $332.14 a month, and the interest totals $1,957.
  • Counting the fee, borrowing costs you $2,457, and the true APR is 15.61%, not 12%. Without the fee, it would be 12.00%.
  • To receive the full $10,000, you’d borrow $10,526.32, and the payment rises to $349.62.

Payment on a $10,000 personal loan

Monthly payment on $10,000, by interest rate and term (no fee):

Rate24 months36 months48 months60 months
8% $452.27$313.36$244.13$202.76
12% $470.73$332.14$263.34$222.44
16% $489.63$351.57$283.40$243.18
20% $508.96$371.64$304.30$264.94
25% $533.72$397.60$331.57$293.51
30% $559.13$424.52$360.06$323.53
36% $590.47$458.04$395.78$361.33

For other amounts, scale the payment: $20,000 costs twice as much a month as $10,000 at the same rate and term.

Personal loan payments by amount

Monthly payment and total interest at 12%, close to the Federal Reserve’s bank average:

Amount3 years5 years
$5,000 $166/mo
$979 interest		$111/mo
$1,673 interest
$10,000 $332/mo
$1,957 interest		$222/mo
$3,347 interest
$15,000 $498/mo
$2,936 interest		$334/mo
$5,020 interest
$20,000 $664/mo
$3,914 interest		$445/mo
$6,693 interest
$25,000 $830/mo
$4,893 interest		$556/mo
$8,367 interest
$35,000 $1,163/mo
$6,850 interest		$779/mo
$11,713 interest
$50,000 $1,661/mo
$9,786 interest		$1,112/mo
$16,733 interest

What rate can you get?

Lenders set your rate mainly from your credit score, income and debt-to-income ratio. The Federal Reserve’s G.19 survey put the average 24-month personal loan at commercial banks at 11.86% in May 2026. Online lenders typically quote from about 7% for excellent credit to the mid-30s for poor credit, and many add an origination fee.

  • Prequalify with several lenders. It uses a soft credit check and shows real rates and fees.
  • Compare APRs, not rates. Two loans at 12% can have very different APRs because of fees.
  • Ask about discounts for autopay or paying creditors directly, which some lenders offer.

Personal loan vs credit card vs HELOC

OptionTypical costSecurityGood for
Personal loanFixed rate; 11.86% bank average; fee 0%–10%Usually noneA one-time cost repaid on a set schedule
Credit cardVariable; 22.15% average when interest is chargedNoneShort-term borrowing you can repay quickly
0% balance transfer card0% for 12–21 months, then the regular rate; fee 3%–5%NonePaying off card debt fast (balance transfer calculator)
HELOCVariable, usually lower than personal loansYour homeLarge or staged costs for homeowners (HELOC calculator)

For card debt, see balance transfer vs personal loan for when each one costs less.

Before you sign

  • Read the disclosure. Federal rules require the lender to show the amount financed, the finance charge, the APR and the total of payments before you sign.
  • Check for a prepayment penalty and late fees.
  • Make sure the payment fits with your other debts; a missed payment costs fees and hurts your credit.
  • Borrow only what you need. Every extra $1,000 at 12% over 5 years costs about $335 in interest.

Formulas used

Payment = P × r ÷ (1 − (1 + r)^−n) P = loan amount (plus the fee if it’s added to the balance) Total interest = payment × n − P True APR = 12 × the monthly rate at which the payments are worth exactly the cash you receive Amount to borrow = cash needed ÷ (1 − fee %)

The APR follows the actuarial method in Regulation Z. Lenders may round slightly differently, and daily interest or an odd first period can change the final payment by a few cents.

Frequently asked questions

How is a personal loan payment calculated?
Personal loans are usually fixed-rate installment loans, so the payment is the standard amortization formula: loan amount × r ÷ (1 − (1 + r)^−n), where r is the annual rate ÷ 12 and n is the number of months. $10,000 at 12% for 3 years is $332.14 a month.
What is a good interest rate on a personal loan?
It depends mostly on your credit score. As a reference, the Federal Reserve’s average for a 24-month personal loan at commercial banks was 11.86% in May 2026, against 22.15% on credit cards that charge interest. Online lenders typically quote from about 7% for excellent credit to the mid-30s for poor credit. Compare APRs, which include fees.
How does an origination fee work?
It’s a one-time fee, usually 0% to 10% of the loan, that most lenders take out of the money they send you. A $10,000 loan with a 5% fee pays out $9,500, but you repay the full $10,000 plus interest. To receive $10,000, you would need to borrow about $10,527.
Is a shorter or longer personal loan term better?
A shorter term has a higher payment but costs less in total. On $10,000 at 12%, five years instead of three lowers the payment by about $110 a month but adds about $1,390 of interest. Choose the shortest term whose payment fits your budget comfortably.
Can I pay off a personal loan early?
Usually, yes. Most personal loans have no prepayment penalty, and paying early saves the interest you would have paid later. The origination fee isn’t refunded, so check the loan agreement before you sign.
Does a personal loan hurt your credit?
Applying adds a hard inquiry, which can lower your score slightly for a while, and a new account lowers your average account age. Paying on time builds your history, and using the loan to pay off credit cards lowers your utilization, which often helps your score.

Sources

Key terms

About this calculator. Calcvera’s Personal Loan Calculator is written and maintained by Hassan Arslan and was last reviewed on October 15, 2026. Rules and figures are checked against “G.19 Consumer Credit: interest rates on personal loans and credit cards”, “Regulation Z §1026.22, determination of annual percentage rate” and the other sources listed above. Results are estimates for education — not financial, tax or legal advice. Found an error? Tell us and we'll fix it. See our methodology and editorial policy.