About the Personal Loan Calculator
A personal loan gives you a lump sum that you repay in equal monthly instalments over a fixed term, usually 12 to 84 months. The headline interest rate is only part of the cost: many lenders also charge an origination fee, deducted from the money you receive, which raises the true cost. This calculator works out your monthly payment, the total interest, the fee and the amount that actually lands in your account, and it computes the APR that includes the fee, so offers with different rates and fees can be compared fairly. Enter the term in months or years.
Updated October 2026
How to use the Personal Loan Calculator
- 1Enter the loan amount, interest rate and term.
- 2Enter the origination fee as a percentage, or 0 if there is none.
- 3Read the monthly payment and total interest.
- 4Check the money you receive after the fee.
- 5Compare the APR with other offers.
Worked example
Borrowing 10,000 for 36 months at 11 percent with a 3 percent fee gives a payment of 327.39. You repay 11,786 in total, of which 1,786 is interest, and you receive 9,700 after the 300 fee. Counting the fee, the effective borrowing cost is 13.1 percent APR. A competing loan at 12 percent with no fee would cost less overall, even though its headline rate is higher.
If you are using the loan to consolidate cards, add up the balances you will pay off and compare the interest you currently pay with the loan's total interest plus the fee. A loan helps only if the sum is lower and you stop adding new debt to the cards. Set up automatic payments to avoid missing one, as late fees and credit damage can quickly cancel any savings the lower rate gave you.
Before you borrow
- Compare APRs, not just interest rates.
- Check for prepayment penalties.
- Make sure the payment fits your budget with room to spare.
- Look at the total cost, not only the monthly figure.
- Avoid borrowing to cover everyday spending.
Alternatives to consider
A 0 percent balance transfer card, a credit union loan, a secured loan against savings or a payment plan from the provider can be cheaper for some needs. Using a personal loan to consolidate high-interest cards can save money if you do not run the cards up again.
Related tools
The Loan Calculator and Loan Payment Calculator offer other views, the APR Calculator compares rates and fees, the Debt Consolidation Calculator tests a consolidation plan and the Budget Calculator checks whether the payment fits.
Features
- Monthly payment and total repaid
- Total interest
- Fee and net amount received
- APR including the fee
- Term in months or years
- Works in any currency
Frequently asked questions
How is the monthly payment calculated?
The standard loan formula spreads the principal and interest evenly across the term. For 10,000 at 11 percent over 36 months, the payment is about 327.39 and the total repaid is about 11,786, which includes 1,786 of interest.
What is an origination fee?
A fee charged for processing the loan, usually 1 to 8 percent of the amount. It is normally deducted from the funds you receive, so on a 10,000 loan with a 3 percent fee you get 9,700 but repay 10,000 plus interest.
What is the APR and why does it differ from the rate?
The APR (annual percentage rate) spreads the fees over the loan and expresses the whole cost as a yearly rate. In the example above, an 11 percent rate with a 3 percent fee is a 13.1 percent APR.
Is a longer term better?
A longer term lowers the monthly payment but increases the total interest. A shorter term costs more each month but less overall. Pick the shortest term that fits your budget.
Can I repay a personal loan early?
Most lenders allow it, and it saves interest. A few charge a prepayment fee, so check before you sign. Origination fees are usually not refunded when you repay early.
What affects the rate I'm offered?
Your credit score, income, existing debts, the loan amount and term, and whether the loan is secured. Comparing quotes from several lenders, using soft credit checks where possible, helps you find the best rate.