How it works
Calculate monthly payments and total interest for a personal loan, including origination fees.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
4-
?amount=Loan AmountNumber · Optional · Default: 15,000
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?rate=Interest RateNumber · Optional · Default: 10.5
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?term=Loan Term (Years)Number · Optional · Default: 3
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?originationFee=Origination FeeNumber · Optional · Default: 0
Outputs
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resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Calculate monthly payments for any personal loan
Description
The Personal Loan Calculator is a versatile tool for planning any fixed-term borrowing, such as a debt consolidation loan, home improvement loan, or emergency personal loan. It calculates your monthly installments and helps you understand the impact of “Origination Fees” on the actual amount of cash you receive.
Inputs
- Loan Amount: The total amount you are requesting from the lender ($).
- Interest Rate: The annual interest rate (APR) offered (%).
- Loan Term (Years): The length of time you have to repay the loan.
- Origination Fee: An upfront fee often charged by personal loan lenders, typically deducted from the loan proceeds ($).
Outputs
- Monthly Payment: Your recurring monthly obligation.
- Total Interest: The total amount you will pay in interest over the life of the loan.
- Amount Received: The actual cash you will receive in your bank account after the origination fee is deducted.
- Effective APR (Estimate): A rough approximation of your total cost of capital, including both interest and fees.
Chart
- Total Repayment Donut Chart: Visualizes the ratio of “Principal” to “Interest” in your total repayment sum.
“Good to Know”
- Many personal loan lenders charge “Origination Fees” ranging from 1% to 8%. If you need exactly $10,000 for a project, you may need to “request” more than $10,000 to account for these fees.
- Personal loans are usually “unsecured,” meaning they don’t require collateral like a house or car, which is why their interest rates are often higher than mortgages or auto loans.
- Paying back a personal loan early can save you significant interest; check to ensure your loan has no “prepayment penalties.”
Examples
Example 1: Consolidation Loan
- Input:
- Amount: $15,000
- Rate: 10.5%
- Term: 3 Years
- Output:
- Monthly Payment: ~$487
- Total Interest: ~$2,550
Example 2: Loan with High Fees
- Input:
- Amount: $10,000
- Fee: $500 (5%)
- Output:
- Amount Received: $9,500
- (Shows that you actually only get $9,500 despite borrowing $10,000).
Example 3: Small Emergency Loan
- Input:
- Amount: $2,000
- Rate: 15%
- Term: 1 Year
- Output:
- Monthly: ~$180
- Interest: ~$170