Personal loan calculator
See your payment, total interest, and proceeds after an origination fee.
Your numbers
Rates shown are editable examples, not current offers.
Estimated monthly payment
$445A fixed payment over 5 years.
- Cash received after fee
- $19,400
- Origination fee
- $600
- Total interest
- $6,693
- Total loan payments
- $26,693
- Interest plus origination fee
- $7,293
Understand this estimate
Uses a fixed interest rate and equal monthly payments. The origination fee is deducted from proceeds rather than financed separately; interest is calculated on the full loan amount. This tool does not calculate the legally disclosed APR. Compare the lender’s APR and Truth in Lending disclosure, including actual fees, before applying.
How the calculation works
The calculator finds an equal monthly payment for the full loan amount at a fixed interest rate over the term you choose, using standard amortization.
An origination fee is modeled as a deduction from the money you receive, so interest is charged on the full amount even though you get less cash. That is why the calculator shows the cash received after the fee and the combined cost of interest and the fee.
Worked example: a $20,000 loan
A $20,000 loan at a 12% interest rate over five years has a monthly payment of $444.89. A 3% origination fee of $600 means you receive $19,400. You would repay $26,693 in total, including $6,693 of interest, so interest plus the fee comes to $7,293. The same loan over three years costs $664.29 a month but only $3,914 in interest.
Common questions
What is the difference between the interest rate and the APR?
The interest rate determines the payment. The APR is an annualized measure that also reflects certain loan charges, such as an origination fee, so it is usually higher when a fee applies. Compare the lender’s disclosed APR, not only the rate.
Why would I receive less than I borrow?
Some lenders deduct an origination fee from the loan proceeds. If you need a specific amount of cash, check how much you would actually receive before choosing the loan amount.
Should I choose a shorter or longer term?
A longer term lowers the monthly payment but usually increases the total interest, as the example shows. Choose a payment you can make reliably, then compare the total cost of each term.
Related guides
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