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Mortgage & Loans
Personal Loan Calculator — Monthly Payment, Interest & APR
See your monthly payment, the total interest you'll pay, and the true cost once fees are baked in
This is the general-purpose calculator for any fixed-rate, fixed-term installment loan — the kind where you borrow a lump sum once and repay it in equal monthly installments. It works the same whether the money funds a home repair, a medical bill, a wedding, a small business purchase, or anything else, because the math doesn't care about the reason. (Debt consolidation is one common use; if that's your goal, our Debt Consolidation Calculator adds blended-APR and savings comparisons this page doesn't.) What this tool exists to do that the headline numbers won't is turn the quoted rate plus the origination fee into the true cost of the loan.
The monthly payment comes from the standard amortized-loan formula:
M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
where P is the loan amount, r is the monthly interest rate (APR ÷ 12 ÷ 100), and n is the number of monthly payments. Each installment is split between interest and principal; early on the interest share dominates, and the principal share climbs every month until the balance reaches zero.
Worked example. Borrow $10,000 at 12% APR for 36 months. The monthly rate is 0.12 ÷ 12 = 0.01. Then M = 10,000 × 0.01 × 1.01^36 ÷ (1.01^36 − 1) = $332.14 per month. Over three years that's 36 × $332.14 = $11,957.15 repaid, of which $1,957.15 is interest.
The piece that separates this calculator from a plain payment table is the origination fee. Many installment lenders charge 1%–8% up front and deduct it from what they actually hand you. A 5% fee on that $10,000 loan means $500 comes off the top — you receive $9,500 but still repay the full $10,000 plus interest. Because you're paying interest on dollars you never got to use, your effective APR is higher than the quoted rate. Two offers with identical sticker rates are not equal once one carries a fat fee; the only fair comparison is total repaid plus fee against dollars you net, which is exactly what this tool surfaces.
The term is the other lever. A longer term shrinks the monthly figure but raises the total interest, because you're paying for many more months. Enter a few term lengths and watch the payment fall while the total cost rises — then pick the shortest term whose payment you can comfortably carry.
This tool provides informational estimates only and is not financial advice. Your actual rate, fees, and payment depend on the lender and your credit; confirm the figures in your loan agreement before signing.
Calculator
Fill in the fields and click "Calculate" for instant results.
📰 Formula
• Monthly rate: r = APR ÷ 12 ÷ 100 • Number of payments: n = years × 12 (or enter months directly) • Monthly payment: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) • Total repaid = M × n • Total interest = (M × n) − P • Origination fee = P × (fee% ÷ 100); amount disbursed = P − fee
📰 Formula
• Monthly rate: r = APR ÷ 12 ÷ 100 • Number of payments: n = years × 12 (or enter months directly) • Monthly payment: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) • Total repaid = M × n • Total interest = (M × n) − P • Origination fee = P × (fee% ÷ 100); amount disbursed = P − fee
🧪 Worked examples
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Example 2
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Example 3
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Example 4
⚠️ Common mistakes
- Comparing loans by quoted APR only, ignoring the origination fee.
- Mixing up the term unit — entering years where the form wants months (or vice versa).
- Using the annual rate as the monthly rate (forgetting to divide APR by 12).
- Stretching the term to lower the payment without seeing the extra total interest.
💡 Tips
- Compare offers on total repaid plus fee, not the headline rate.
- Picking a 36-month term over 60 months raises each payment but can cut your total interest by hundreds or thousands of dollars.
- The origination fee is deducted up front, so borrow enough to net what you actually need.
Embed this calculator on your site
Copy the code below and paste it into the HTML of your site or blog.
<iframe src="https://www.calcnimbus.com/embed/personal-loan-calculator" width="100%" height="500" frameborder="0" style="border:1px solid #eee;border-radius:12px"></iframe>
❓ Frequently asked questions
How is a personal loan monthly payment calculated?
Use M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount, r is the monthly rate (APR ÷ 12 ÷ 100), and n is the number of months. A $10,000 loan at 12% APR for 36 months is $332.14 a month.
What is the difference between APR and interest rate on a personal loan?
The interest rate covers only the percentage charged on the balance you owe. The APR folds in lender fees like origination on top of that rate, so it reflects the true yearly cost. A loan with a low rate but a high fee can have a higher APR than it first appears.
How does an origination fee affect my loan?
Most lenders deduct the origination fee from the amount they disburse. A 5% fee on a $10,000 loan means you receive $9,500 but still repay the full $10,000 plus interest, which raises your effective APR.
Does a longer loan term mean lower payments?
Yes — a longer term lowers your monthly payment, but you pay it for more months, so the total interest is higher. Stretching $10,000 at 12% APR from 36 to 60 months drops the payment but adds well over a thousand dollars in interest.
How much interest will I pay on a personal loan?
Total interest = (monthly payment × number of payments) − loan amount. For $10,000 at 12% APR over 36 months, you pay about $1,957 in interest on top of the $10,000 principal.
Can I pay off a personal loan early?
Usually yes. Paying early reduces the total interest because interest accrues on the remaining balance. Check your agreement for a prepayment penalty — most reputable personal lenders don't charge one.
What is a good APR for a personal loan?
It depends on your credit. Borrowers with strong credit often see rates from about 7% to 12%, while fair or poor credit can mean 15% to 36%. Always compare total cost, not just the rate.
How much should I borrow if there's an origination fee?
Because the fee comes off the top, you receive less than the face amount. If you need $9,500 in hand and the fee is 5%, borrow about $10,000 so the net disbursement covers what you actually need. Personal loans usually run from $1,000 to $50,000.
How do I compare two loan offers with different origination fees?
Don't compare the quoted rates — compare total repaid plus fee against the dollars you actually net. A 7% loan with a 6% fee can cost more than an 8% loan with no fee. Enter each offer's amount, rate, term, and fee here and read the bottom line.