Loan Calculator
Estimate your monthly payment, total interest, and find the best loan terms.
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This calculator does more than basic monthly payment math. It is designed to show you the real cost of borrowing after accounting for origination fees, which many simple calculators ignore entirely.
Start with three core inputs: loan amount, interest rate (APR), and repayment term. These drive your baseline monthly payment. But don’t stop there.
Most personal loans charge an origination fee between 1% and 8% of the loan amount, deducted upfront from your disbursement. Enter your expected fee percentage to see two critical numbers update instantly: the cash you actually receive and the effective APR, which reflects the true annual cost once that fee is factored in. For example, a $10,000 loan at 10% APR with a 3% origination fee means you only receive $9,700, pushing the effective rate above 12%.
Open the “Optional: extra payments and fees” panel and enter an additional monthly amount. The amortization schedule recalculates in real time, showing exactly how many months you shave off the loan and how much total interest you save. Even an extra $50 per month can reduce a 36-month loan’s interest cost significantly.
Pro tip: Use the Compare Terms feature below the calculator to see 12-, 24-, 36-, and 48-month scenarios side by side. A shorter term raises your monthly payment but dramatically cuts your total interest.
The sticker rate on a loan offer rarely tells the whole story. Two loans with an identical interest rate can cost hundreds of dollars apart once fees and repayment timelines are considered. Below are the two metrics that matter most.
Your interest rate is the annual percentage the lender charges on your outstanding balance. The effective APR, on the other hand, folds in the origination fee and recalculates the rate based on the money you actually receive. Because the fee is subtracted from your disbursement while you still repay the full loan amount, the effective rate is always higher than the advertised rate.
For instance, a lender may advertise 9.99% APR, but after a 5% origination fee on a $15,000 loan, you receive only $14,250 while repaying the full $15,000 plus interest. Your effective APR climbs above 12%. Always compare offers using effective APR rather than the headline rate.
- Headline APR — the rate in the lender’s marketing materials.
- Effective APR — the rate that reflects all upfront costs, showing what the loan truly costs you on an annualized basis.
- Total interest paid — the cumulative dollar amount of interest over the full term, visible in the Cost Breakdown chart above.
Lenders use your debt-to-income ratio to gauge whether you can comfortably handle a new monthly obligation. It is calculated by dividing your total monthly debt payments (including the proposed loan) by your gross monthly income.
Most personal loan lenders prefer a back-end DTI below 36%, though some will approve applicants up to 50% with strong credit. A high DTI signals that a large share of your income is already committed to debt, which increases the risk of missed payments.
This calculator’s Affordability Check section automatically computes your DTI based on the income and existing debt you enter. If your ratio lands in the “stretched” or “high-risk” zone, consider reducing the loan amount or extending the term to lower the monthly payment before applying.
Quick check: Enter your monthly income and current debt payments above. If the DTI badge turns green (“Comfortable”), you are in a strong position to get approved at competitive rates.
No. Most reputable lenders use a soft credit inquiry (also called a soft pull) when you prequalify for a personal loan. A soft pull lets the lender estimate your rate and terms without affecting your credit score at all. The hard inquiry, which can temporarily lower your score by a few points, only happens after you formally accept an offer and submit a full application. You can safely compare rates from multiple lenders during the prequalification stage without any impact on your credit.
It depends on the lender. Many online lenders and credit unions do not charge a prepayment penalty, meaning you can pay off the balance ahead of schedule and save on interest without any extra fees. However, some traditional banks and certain subprime lenders include a prepayment clause that charges a percentage of the remaining balance or a flat fee if you pay early. Always read the loan agreement’s fine print before signing. Use the Extra Monthly Payment field in this calculator to see exactly how much interest you could save by paying ahead of schedule.
Personal loan APRs typically range from about 6% to 36%, depending on your credit profile, income, and the lender. Borrowers with excellent credit (720+) generally qualify for rates under 12%, while those with fair credit (640–699) might see rates between 15% and 24%. Any offer below your credit card’s APR is usually a win, since the average credit card rate hovers around 22%. The best way to find your rate is to prequalify with three to five lenders and compare their effective APRs, not just headline rates, using the calculator above.