CalcDime

Personal Loan Calculator

The monthly payment on a personal loan, what it costs in interest and fees, and the true APR once an origination fee comes out of the money you receive.

Reviewed November 2026How we calculate

Deducted from the amount you receive. Enter 0 if none.
Monthly payment$0
Amount borrowed$0
Total interest$0
Origination fee$0
Total cost of borrowing$0
APR including fee0%
Paid off—

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Same amount, rate and fee

TermMonthly paymentTotal interestInterest + fee
Month-by-month payoff schedule
PaymentPrincipalInterestBalance

How the payment and APR are calculated

Personal loans are repaid in equal monthly installments. The payment is based on the full amount borrowed, the interest rate and the number of months:

M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

The APR answers a different question: what rate would produce that same payment if the loan were only the money you actually received? With a $15,000 loan at 12% for three years and a 4% fee, you receive $14,400 but repay $15,000 plus interest, so the APR is about 14.9%, not 12%.

Before you take the loan

  • Prequalify with several lenders. Most show your rate with a soft credit check that does not affect your score.
  • Compare APRs, not rates. The APR includes the origination fee.
  • Choose the shortest term you can afford. The comparison table shows how quickly interest adds up on longer terms.
  • Check what the fee does to the cash you receive. If you need a set amount, borrow enough to cover the fee.

Using a loan to consolidate debt

A personal loan at a lower APR can replace high-interest credit card balances with one fixed payment and a payoff date. It only helps if the cards stay paid down. Use the credit card payoff calculator to see what your cards would cost on their own, then compare. For a vehicle, the auto loan calculator handles sales tax and trade-ins.

Common questions

What is the difference between the interest rate and the APR?

The interest rate sets your monthly payment. The APR also counts fees such as an origination fee, so it reflects the full cost of borrowing. When you compare offers, compare APRs — a loan with a lower rate but a high fee can be the more expensive one.

How does an origination fee work?

Most lenders take the fee out of the loan before sending the money, so you receive less than you borrow but repay the full amount. Fees commonly range from 0% to around 10% of the loan, depending on the lender and your credit. If you need a specific amount in hand, borrow enough to cover the fee.

Is a personal loan a good way to pay off credit cards?

It can be, if the loan APR is clearly lower than your card rates and you stop adding new card balances. The fixed term also gives you a set payoff date. Run both options through this calculator and the credit card payoff calculator to compare total interest.

Can I pay a personal loan off early?

Most personal loans have no prepayment penalty, so paying early saves the remaining interest. Check the loan agreement for a prepayment clause before you sign.

Sources

Results are estimates for educational use and are not financial, tax or legal advice. Confirm figures with your lender, plan administrator or a tax professional before you act. Spotted an error? Tell us.