Personal Loan Calculator
Personal Loan Calculator: Enter the loan amount, APR and term to estimate the fixed monthly payment, the total interest charged and the total amount repaid on a personal loan or installment loan.
Data as of 2026-06-14.
Estimates only — for general education, not financial advice. See our disclaimer.
The formula
M = A · r / (1 − (1 + r)⁻ⁿ)
where A is the loan amount, r is the monthly rate (APR ÷ 12) and n is the term in months. An optional origination fee (a percentage of the amount) is shown as an upfront cost on top of the repayments.
How it works
- Personal loans are usually fixed-rate and fixed-term, so the payment stays the same every month.
- An origination fee (often 1–8%) is taken upfront or added to the balance — factor it into the real cost.
- The APR is the best single number for comparing offers because it folds in most fees.
- There's usually no prepayment penalty, so extra payments shorten the term and cut interest.
Frequently asked questions
How is a personal loan payment calculated?
The loan amount is amortized over a fixed term at the monthly rate (APR ÷ 12) using the standard installment formula M = A·r/(1−(1+r)⁻ⁿ). Each payment is identical and steadily shifts from interest toward principal.
What is an origination fee?
A one-time fee, often 1–8% of the loan, charged when the loan is funded. It is either deducted from the disbursed amount or added to the balance, so it raises the effective cost — that's why APR (which includes it) is the number to compare.
Can I pay off a personal loan early?
Usually yes, and most lenders charge no prepayment penalty. Paying extra reduces the principal, which lowers the interest you'll pay over the remaining term — try our extra payment calculator.
APR or monthly payment — which should I compare?
Compare APR. Two loans can have the same monthly payment but very different total costs once fees and term length are included. APR captures both. This is an estimate, not financial advice.
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Last updated: 2026-06-14