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Calculation Machine

Personal Loan Calculator

Unsecured loan payment and interest.

Reviewed by the Calculation Machine team · How we check our maths

Your values

ⓘ Live results

Results
Monthly payment
$394.27
Cash you receive
$14,550.00
Total interest
$3,925.03
Total cost with fee
$4,375.03
Total repaid
$18,925.03

Quick answer

Personal loans are fixed-rate instalment loans, usually 2–7 years, priced on your credit score.

Worked example

Worked example

Using the values the calculator loads with.

Inputs

  • Loan amount15000 $
  • Interest rate11.9 %
  • Term4 years
  • Origination fee3 %

Result

  • Monthly payment$394.27
  • Cash you receive$14,550.00
  • Total interest$3,925.03
  • Total cost with fee$4,375.03
  • Total repaid$18,925.03

How to use the Personal Loan Calculator

  1. 1Enter the amount you want to borrow.
  2. 2Enter the quoted rate and term.
  3. 3Add the origination fee if the lender charges one.

Frequently asked questions

Do personal loans have prepayment penalties?

Most reputable lenders do not — check before signing.

Is a personal loan better than a credit card?

Usually yes for large balances: fixed rate, fixed end date, lower APR.

About this calculator

The real cost of a personal loan

A personal loan's monthly payment depends on the amount, rate and term. The calculator adds the origination fee, which is often deducted from the money you receive, so you can see both the payment and the true cost.

Compare loans by APR, which includes fees, rather than by the headline interest rate.

Example

Borrowing $15,000 at 11% over 4 years costs $388 a month and $3,600 in interest. A 5% origination fee means you receive only $14,250 while repaying the full $15,000.

Choosing a loan

  • Shorter terms cost more per month but much less in total interest.
  • Check for prepayment penalties if you plan to pay early.
  • Prequalify with a soft credit check to compare rates without hurting your score.

Sources

More questions

What is a good personal loan rate?

It depends heavily on credit; borrowers with excellent credit may see single-digit APRs.

Does an origination fee count toward APR?

Yes, which is why APR is higher than the stated rate when there is a fee.