Personal Loan Calculator

Quick Answer

Last updated: 2 November 2026 ·How we calculate this: fixed-rate loan payment formula and APR with fees

How This Personal Loan Calculator Works

Enter how much you want to borrow, then the rate, term and fee for each offer. The calculator shows the monthly payment, the full cost and the APR once the fee is included. Leave the Offer B rate empty to check just one offer.

How to Use the Personal Loan Calculator

1. Enter the amount you want to borrow.
2. Enter Offer A's interest rate, term in months and origination fee from the lender's quote.
3. Add a second quote as Offer B, or leave its interest rate empty to check one offer.
4. Press Calculate and compare the monthly payment, total cost and APR with fee.
5. Try a shorter or longer term to see how it changes the payment and the total interest.

Core Formulas

• Monthly rate: r = interest rate ÷ 12
• Monthly payment: M = P × r ÷ (1 − (1 + r) ^ −n)
• Total interest: M × n − P
• APR with fee: the rate where the payments repay P − fee over n months

P is the loan amount and n is the number of months. The APR with fee is found step by step, as there is no simple formula.

Worked Example

You borrow $15,000 at 9% for 60 months, with a 4% origination fee.

• Monthly payment = $311.38
• Total interest = $3,682.52
• Fee = $600, so you receive $14,400
• Total cost = $4,282.52
• APR with fee = 10.76%

Real-Life Examples

• Paying off a credit card: $8,000 on a card at 22%, paid over 36 months, costs $305.52 a month and $2,998.85 in interest. A 36-month personal loan at 12% with a 3% fee costs $265.71 a month and $1,805.72 in total, including the fee. That saves about $1,193.13, as long as you do not run the card balance up again.
• Home repair: $20,000 at 9.5% costs $640.66 a month over 36 months, with $3,063.72 interest. Over 60 months the payment drops to $420.04, but interest rises to $5,202.23.
• Low rate, high fee: for $12,000 over 48 months, 7.99% with an 8% fee has an APR with fee of 12.40%. A 10.5% loan with no fee is 10.50%, so the higher rate is the cheaper loan.

Personal Loan vs Credit Card

• End date: a personal loan has fixed payments and a set end date. A card balance can last for years if you pay only the minimum.
• Rate: personal loan rates are often lower than card rates for borrowers with good credit, but fees can close the gap.
• Flexibility: a card lets you borrow again as you repay. A loan is paid out once.
• When a card can win: a 0% promotional rate can be cheaper if you clear the balance before the offer ends.

Monthly Payment on a $10,000 Loan

Monthly payments with no fee, by interest rate and term. Use it to see quickly what a quote means for your budget, then enter the exact offer above.

What Changes Your Loan Cost

• Credit score: better credit usually means a lower rate and fee.
• Term: a longer term lowers the payment but adds interest.
• Fees: check for origination, late and prepayment fees.
• Debt-to-income ratio: lenders check how much of your income goes to debt.

Common Mistakes to Avoid

• Comparing interest rates only. Compare the APR with fee and the total cost.
• Forgetting the fee is taken out. To get $10,000 in hand with a 5% fee, borrow about $10,526 (10,000 ÷ 0.95).
• Picking the longest term for a low payment. It can add hundreds or thousands in interest.
• Skipping the small print. Check for prepayment penalties and late fees.
• Applying everywhere at once. Use prequalification, which usually uses a soft credit check, before a full application.

Frequently Asked Questions

References & Sources