DIY Cost Tools
Personal Loan Calculator
FINANCIAL CALCULATOR
Estimate the monthly payment, total interest, origination fee, cash received, and overall cost of a fixed-rate personal loan.
How it works
The calculator applies the standard fixed-payment amortization formula and treats the origination fee as a deduction from loan proceeds.
Formula
Payment = principal × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)
Important limits
- APR disclosures may already reflect certain fees; do not double-count them.
- Late fees, optional products, variable rates, and prepayment rules are excluded.
- Compare lender disclosures before borrowing.
Frequently asked questions
Why is cash received lower than the loan amount?
A deducted origination fee reduces the money delivered while the full principal may still be repaid.
Does a zero-interest loan work?
Yes. The calculator divides principal evenly across the term.
Comparing personal-loan offers
Use the same loan amount and repayment term when comparing lenders. The monthly payment is important, but total interest and total repayment show the longer-term cost more clearly. A lower payment can simply reflect a longer term, which may increase the amount paid overall.
Enter the annual percentage rate that applies to the offer and review whether origination fees are deducted from the proceeds or added to the balance. Late fees, optional insurance, and prepayment rules may not be included in a basic amortization estimate. Confirm the lender’s disclosures before accepting an offer, and test a few extra-payment amounts to see how faster repayment could affect interest. Calculator results are estimates and are not a lending approval or financial recommendation.
Review notes
The model uses fixed monthly payments and transparent fee handling. Last reviewed September 30, 2026.