Personal Loan Calculator
Enter an amount, a term, an interest rate, and an origination fee to see the monthly payment, the amount you would receive, and the true APR. It is an example built from your numbers, not an offer.
Estimated payment $127.23 a month for 24 months. APR 25.39% on $2,375 received.
Example, not an offer
This link contains the numbers you entered.
| Item | Amount |
|---|---|
| Loan amount | $2,500.00 |
| Origination fee | $125.00 |
| Amount you receive | $2,375.00 |
| Amount financed | $2,375.00 |
| Total interest | $553.45 |
| Finance charge (fee plus interest) | $678.45 |
| Total of payments | $3,053.45 |
| Last payment | $127.16 |
| Final payment due | Month 24 |
Bars for each year of the loan, split into principal and interest.
| Item | Principal | Interest |
|---|---|---|
| Year 1 | $1,127 | $400 |
| Year 2 | $1,373 | $153 |
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $127.23 | $85.58 | $41.65 | $2,414.42 |
| 2 | $127.23 | $87.01 | $40.22 | $2,327.41 |
| 3 | $127.23 | $88.46 | $38.77 | $2,238.95 |
| 4 | $127.23 | $89.93 | $37.30 | $2,149.02 |
| 5 | $127.23 | $91.43 | $35.80 | $2,057.59 |
| 6 | $127.23 | $92.95 | $34.28 | $1,964.64 |
| 7 | $127.23 | $94.50 | $32.73 | $1,870.14 |
| 8 | $127.23 | $96.08 | $31.15 | $1,774.06 |
| 9 | $127.23 | $97.68 | $29.55 | $1,676.38 |
| 10 | $127.23 | $99.30 | $27.93 | $1,577.08 |
| 11 | $127.23 | $100.96 | $26.27 | $1,476.12 |
| 12 | $127.23 | $102.64 | $24.59 | $1,373.48 |
Show the other 12 payments
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 13 | $127.23 | $104.35 | $22.88 | $1,269.13 |
| 14 | $127.23 | $106.09 | $21.14 | $1,163.04 |
| 15 | $127.23 | $107.86 | $19.37 | $1,055.18 |
| 16 | $127.23 | $109.65 | $17.58 | $945.53 |
| 17 | $127.23 | $111.48 | $15.75 | $834.05 |
| 18 | $127.23 | $113.34 | $13.89 | $720.71 |
| 19 | $127.23 | $115.22 | $12.01 | $605.49 |
| 20 | $127.23 | $117.14 | $10.09 | $488.35 |
| 21 | $127.23 | $119.09 | $8.14 | $369.26 |
| 22 | $127.23 | $121.08 | $6.15 | $248.18 |
| 23 | $127.23 | $123.10 | $4.13 | $125.08 |
| 24 | $127.16 | $125.08 | $2.08 | $0.00 |
These results are an illustration based only on the numbers you enter. They are estimates for general information, not a quote, an offer, or financial, legal, or tax advice, and no lender has reviewed them. Actual rates, fees, and terms are set by each lender and vary by state.
Frequently Asked Questions
How is the monthly payment on a personal loan calculated?
For a fixed-rate loan with equal payments, the payment is the loan amount times the monthly rate, divided by one minus the monthly rate plus one raised to the negative number of months. The monthly rate is the annual interest rate divided by 12. This calculator rounds the payment up to the next cent and lets the last payment absorb the leftover cents, so the schedule adds up to the exact amount borrowed. At very high rates that extra fraction of a cent compounds and would pay the loan off early, so the longest term the calculator allows gets shorter as the rate rises.
Why is the APR higher than the interest rate?
The interest rate prices the money you borrow. The APR also counts certain fees, most often the origination fee, and restates the whole cost as a yearly rate against the amount you actually receive. When a fee is taken out of your proceeds, you pay interest on money you never got to use, so the APR comes out higher than the rate.
What is the difference between a fee deducted from the loan and a fee added to the loan?
If the fee is deducted, you borrow the full amount, the lender keeps the fee out of the proceeds, and you receive less than the loan amount. If the fee is added, you receive the full amount you asked for and the fee is rolled into the balance, so you pay interest on it. Both count as finance charges under Regulation Z. Your lender's loan disclosure shows which one applies.
Does an extra monthly payment always save interest?
Extra payments applied to principal shorten the loan and reduce the interest paid, which the comparison above estimates. Whether you can make them without a penalty depends on the lender and the loan agreement, and any origination fee you already paid is not refunded when you finish early. Check your own agreement before relying on the estimate.
Are these numbers an offer from a lender?
No. The calculator illustrates the numbers you type in. It is not a quote or an offer, and no lender has reviewed it. Real rates, fees, and terms depend on the lender, your state, and your application.
How we calculate
The payment is the standard level-payment formula for a fixed-rate loan: the amount times the monthly rate, divided by one minus the monthly rate plus one raised to the negative number of months. The monthly rate is the annual interest rate divided by 12. All money is held as whole cents. The payment is rounded up to the cent, each month's interest is rounded to the nearest cent, and the last payment absorbs any leftover cents so the principal paid adds up to the loan exactly. At high rates the rounded-up cent compounds and would pay the loan off before the term ends, so the longest term offered shortens as the rate rises.
An origination fee is a finance charge under 12 CFR 1026.4(b)(3), and because it is withheld from the proceeds or paid at closing, it is a prepaid finance charge under 1026.2(a)(23). When the fee is deducted, the amount financed is the loan minus the fee, which is what you receive. When the fee is added to the loan, you receive the amount you entered and the fee is part of the balance. Either way, the finance charge is the total of payments minus the amount financed, so it holds both the fee and the interest.
The APR is the rate that makes the present value of every payment equal the amount financed, solved by the actuarial method in Appendix J to Regulation Z with payments one month apart. The accuracy tolerance lenders work within is in 12 CFR 1026.22(a)(2). It can differ from a lender's disclosure, for example when the first payment is due more or less than a month after the loan is funded. The CFPB lists the common fees on personal installment loans in Do personal installment loans have fees?
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