Personal Loan Calculator
Estimate personal loan payments, origination fees, net proceeds and total borrowing cost.
- Free to use
- No account required
- Results shown instantly
The principal you want to borrow.
Annual rate (not APR).
Percent of loan amount.
Enter your loan details and click calculate to see your payment.
How Personal Loans Work
A personal loan is typically an unsecured installment loan repaid in fixed monthly payments over a set term.
Unlike a mortgage or auto loan, most personal loans aren't backed by collateral, so the interest rate often reflects the borrower's credit profile and the lender's risk.
Secured vs. Unsecured Personal Loans
Unsecured loans don't require collateral. Secured personal loans use an asset as collateral, which may allow a lower rate but puts that asset at risk if you default.
Personal Loan Interest Rates
Rates vary widely based on credit, income, loan amount, and term. The rate you enter here is the contractual rate used to estimate principal and interest.
Understanding Origination Fees
An origination fee is a percentage of the loan charged by the lender. It can be financed into the loan, paid upfront, or deducted from the proceeds you receive.
Fees Deducted From Loan Proceeds
When a fee is deducted, the cash you receive is less than the loan amount. If you need a specific net amount, the calculator can estimate the gross loan required to deliver it after the fee.
Loan Term vs. Total Cost
A longer term lowers the monthly payment but increases total interest. A shorter term raises the payment but reduces the total cost of borrowing.
Personal Loan APR vs. Interest Rate
The interest rate is the cost of borrowing the principal. APR may include fees and can be higher than the stated rate. This calculator shows the contractual rate, not APR.
How to Compare Personal Loan Offers
Compare the monthly payment, total interest, fees, and net cash received — not just the rate. A lower rate with a high fee can cost more than a slightly higher rate with no fee.
Personal Loan Calculator Methodology
How MoneyMetric HQ estimates personal loan costs.
Loan principal. The amount you intend to borrow before fees.
Amount financed. When the fee is financed, the financed amount = principal + fee. When upfront or deducted, the financed amount equals the principal.
Monthly payment. Calculated with the standard amortization formula on the amount financed.
Origination fee. Fee = principal × fee percentage. It is never double-counted: financed fees increase principal; deducted fees reduce net proceeds; upfront fees are paid separately.
Net funds received. Principal minus any deducted fee.
Total borrowing cost. Total interest plus any fee paid upfront or deducted.
Rounding. MoneyMetric HQ performs calculations using full numerical precision internally and rounds values only for display.
See our full MoneyMetric HQ Methodology page for more.
Personal Loan Calculation Example
An illustrative personal loan before fee effects.
Loan Amount
$15,000
Interest Rate
10%
Term
36 months
At 10% over 36 months, the monthly principal-and-interest payment is approximately $484.01 before any fee effects. Origination fees change the amount financed or net proceeds depending on how they're treated. This is an illustrative example, not a lending offer.
Personal Loan Calculator FAQs
How much would a personal loan cost monthly?
Enter the amount, rate, and term. The calculator estimates the monthly principal-and-interest payment using the standard amortization formula.
What is an origination fee?
It's a charge for processing the loan, often a percentage of the amount borrowed. It can be financed, paid upfront, or deducted from the proceeds you receive.
Can fees be deducted from my loan?
Yes. When deducted, the fee reduces the cash you receive. The calculator shows net funds received and can estimate the gross loan needed for a target net amount.
How does the loan term affect interest?
A longer term lowers each payment but increases total interest; a shorter term raises the payment but reduces total interest.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR may include fees and can differ from the stated rate. This calculator shows the contractual rate, not APR.
Can I pay off a personal loan early?
Many loans allow early payoff. Extra payments reduce principal and can lower total interest, though some lenders charge prepayment fees — check your terms.
Does this calculator check my credit?
No. It estimates payments and costs from the numbers you enter. It does not access your credit report or score.
Does it guarantee approval?
No. Results are estimates only and do not represent a loan offer, approval, or eligibility decision.
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MoneyMetric HQ calculators are provided for educational and informational purposes. Results are estimates and may differ from lender, loan-servicer or other financial calculations because of loan terms, payment timing, rounding, fees, taxes, insurance and other factors. MoneyMetric HQ does not provide personalized financial, investment, tax, legal or credit advice. See our Methodology, Financial Disclaimer, and Privacy Policy.