Free · No sign-up · Updated 2026 · Includes origination fee & true APR
Personal Loan Calculator: payment, fees, and true APR.
A personal loan's real cost isn't just the rate. Enter the amount, APR, term, and origination fee — we'll show your monthly payment, total interest, the cash you actually receive, and the effective APR once the fee is baked in.
Educational tool only. This calculator and everything on this site is for general information and education. It is not lending, financial, or legal advice, and no result is an offer of credit. Your real rate, fees, and payment depend on the lender and your credit. Always read the loan agreement and consult a licensed professional before borrowing.
How a personal loan actually costs you
A personal loan is an unsecured, fixed-rate installment loan: you borrow a lump sum, then repay it in equal monthly payments over a set term, usually two to seven years. Because there's no collateral, lenders price the risk into the rate — and many of them also charge an upfront origination fee. That fee is the part borrowers most often overlook, and it's exactly why the rate on the brochure isn't the whole story.
The fee comes out of your check. Most lenders deduct the origination fee from the money they send you, but you still repay the full loan amount with interest. Borrow $10,000 with a 5% fee and you receive about $9,500 — yet your payments are calculated on the full $10,000. The effective APR captures that gap.
Monthly payment, total interest, and effective APR
Your monthly payment uses the standard amortization formula on the full loan amount, so the fee doesn't change the payment itself — it changes how much cash you walk away with. To compare loans fairly, look at the effective APR: the rate that reflects receiving less than you repay. This calculator solves for it directly, so two loans with the same headline rate but different fees are no longer disguised.
The breakdown chart splits your total outlay into three parts — the principal you borrowed, the interest you pay over the term, and the origination fee — so you can see at a glance where every dollar goes.
Typical personal loan rates and fees
- APR swings widely with credit: recently from the high single digits for the strongest borrowers up to the mid-30s for higher-risk profiles.
- Origination fees commonly run from 0% to about 8% of the loan, though plenty of lenders charge none.
- Terms usually span 2–7 years. A longer term lowers the payment but increases total interest.
Because the numbers move with the Federal Reserve and with your credit profile, get quotes from several lenders and rank them by effective APR — not the advertised rate.
How to lower the total cost
- Prefer no-fee lenders when the rates are close; a 5% fee can outweigh a small rate advantage.
- Borrow only what you need — the fee is a percentage of the amount, so a smaller loan means a smaller fee.
- Pick the shortest comfortable term to cut interest, and check that there's no prepayment penalty.
- If you're consolidating debt, compare the loan's effective APR against your current rates with our debt payoff calculator before committing.
Frequently asked questions
How does an origination fee affect a personal loan?
Most origination fees are deducted from the money the lender sends you, but you still repay the full loan amount with interest. So a 5% fee on a $10,000 loan means you receive about $9,500 but make payments as if you borrowed $10,000. That gap raises your true cost, which the effective APR captures.
What's the difference between the interest rate and the effective APR?
The interest rate sets your payment on the full loan amount. The effective APR also accounts for the origination fee, because you receive less cash than you repay. With a fee, the effective APR is higher than the stated rate, and it's the fairest number for comparing offers.
What's a typical personal loan rate?
Personal loan APRs vary widely with credit score and lender, recently spanning roughly the high single digits for the strongest borrowers to the mid-30s for higher-risk ones. Origination fees commonly range from 0% to about 8%. Always compare lenders by effective APR.
Does it store my numbers anywhere?
No. The calculator runs entirely in your browser and never sends your figures to a server, and no account is required. The "copy link" button encodes your inputs into the web address so you can bookmark or share a scenario. This site does show third-party ads (Google AdSense), which may set cookies; see our
Privacy Policy for details.
About the figures. The math uses the standard fixed-rate amortization formula, and the effective APR is solved so that the cash received equals the present value of the payments. Typical APR and fee ranges are illustrative of widely reported US data and vary with credit score, lender, and Federal Reserve policy. This tool is for education only and is not lending, financial, or legal advice. Always read the loan agreement before borrowing.