Personal Loan Calculator
Enter the loan amount, interest rate, term and origination fee to see your monthly payment, total interest, total repaid, the money you actually receive and the effective cost once the fee is counted.
Last updated November 4, 2026
Deducted from the money you receive.
Result
Monthly payment = $322.67
| Measure | Value |
|---|---|
| Monthly payment | $322.67 |
| Total interest | $1,616.19 |
| Total repaid | $11,616.19 |
| Origination fee | $500.00 |
| Net proceeds (money you receive) | $9,500.00 |
| Effective APR with the fee | 13.56% |
The fee is deducted from your proceeds while interest runs on the full amount. The effective APR is a nominal yearly rate (monthly rate × 12) on the money you actually receive; lenders’ official APR may differ slightly.
Show the work
Formula: payment = P × r ÷ (1 − (1 + r)^−n); net proceeds = P − P × fee%.
- Monthly rate r = 10% ÷ 12 = 0.8333%; n = 36. Payment = $10,000.00 × 0.008333 ÷ (1 − (1 + 0.008333)^−36) = $322.67.
- Total repaid: $322.67 × 36 = $11,616.19; total interest = $11,616.19 − $10,000.00 = $1,616.19.
- Fee: $10,000.00 × 5% = $500.00; net proceeds = $10,000.00 − $500.00 = $9,500.00.
- Effective APR: the yearly rate (monthly rate × 12) at which 36 payments of $322.67 repay $9,500.00, which is 13.56%. Cost of borrowing = $1,616.19 + $500.00 = $2,116.19.
Result: Monthly payment = $322.67
How the payment and the fee are calculated
payment = P × r ÷ (1 − (1 + r)^−n)
net proceeds = P − P × fee%
P is the amount you borrow, r is the yearly rate divided by 12 and n is the number of monthly payments. At 0% the payment is P divided by n. Total repaid is the payment times n, and total interest is that minus P.
This calculator deducts the origination fee from the loan, which is how some lenders pay it out: you owe interest and repayment on the full amount but receive the amount minus the fee.
The effective APR is the yearly rate (monthly rate times 12) at which your payments exactly repay the money you received. It is always at or above the stated rate, and equal to it when there is no fee.
See how we calculate for the formulas, sources and review schedule behind every calculator.
What this estimate assumes
The loan has a fixed rate and equal monthly payments with no late fees or prepayment changes. The effective APR here is a simple nominal rate, so the APR on a lender’s disclosure can differ slightly.
General information, not financial advice
This calculator gives a general estimate from the numbers you enter. It is not financial or tax advice, and your actual results can differ. Check important decisions with a qualified professional or the official source.
Sources
Official and primary sources for the statements on this page. Their authors have not reviewed or endorsed this page.
- Consumer Financial Protection Bureau, What is amortization and how could it affect my auto loan?. Explains that in an amortizing loan each payment is split between principal and interest, with more going to interest early in the term. The page is filed under auto loans but describes amortizing loans in general.
How to use the Personal Loan Calculator
- Enter the loan amount and the interest rate per year.
- Enter the term and choose months or years.
- Enter the origination fee as a percentage of the amount, or 0 if there is none.
- Read the payment, interest, net proceeds and effective APR, then Copy, Print or Share.
Worked example
You borrow $10,000 at 10% for 36 months. The payment is $322.67 and you repay $11,616.19, which is $1,616.19 of interest. The table shows how the fee changes what you receive and the effective APR.
| Fee | Net proceeds | Cost of borrowing | Effective APR |
|---|---|---|---|
| 0% | $10,000 | $1,616.19 | 10.00% |
| 2% | $9,800 | $1,816.19 | 11.39% |
| 5% | $9,500 | $2,116.19 | 13.56% |
| 8% | $9,200 | $2,416.19 | 15.83% |
Frequently asked questions
What is an origination fee on a personal loan?
It is a one-time charge for processing the loan, usually a percentage of the amount. Most lenders take it out of the money they pay you, so you receive less than you borrow.
Why is the effective APR higher than my interest rate?
You pay interest on the full amount but receive less after the fee. The same payments cover a smaller sum, which raises the true yearly cost.
How much should I borrow if I need a set amount in hand?
Divide the amount you need by 1 minus the fee as a decimal. For $9,500 with a 5% fee, borrow $9,500 ÷ 0.95 = $10,000.
Does a shorter term save money?
Usually yes. Payments are higher, but the balance falls faster and total interest is lower. The fee stays the same, so its effect on the APR is larger on short loans.