Estimate your monthly payment, total interest, origination fee, net funds received and complete cost of a personal loan.
Adjust the figures to compare borrowing costs.
A personal loan calculator estimates the payment and total cost of a fixed-rate installment loan. It uses the amount financed, APR and repayment term to calculate a regular monthly payment.
The origination fee matters because it may be deducted from the money you receive, financed into the loan or paid separately. Two loans with the same advertised rate can therefore have different effective costs.
Add the amount requested and the lender’s quoted annual percentage rate.
Choose the repayment period and how the origination fee will be handled.
Compare monthly payment, total interest, net proceeds and total repayment.
Most personal loans use amortization. Each payment covers accrued interest and reduces principal. Early payments contain more interest, while later payments apply more toward principal.
If an origination fee is deducted, the amount deposited into your account can be lower than the amount you must repay. Check both figures before accepting an offer.
A longer term commonly lowers the monthly payment but can increase total interest. A shorter term may cost less overall but requires a larger monthly payment.
The payment is generally calculated using the financed principal, monthly interest rate and number of monthly payments.
It is a lender charge commonly expressed as a percentage of the loan amount. It may be deducted, financed or paid separately.
Usually yes, but extending the term may increase the total interest paid over the life of the loan.
Not always. APR is intended to reflect the yearly borrowing cost and may incorporate certain lender fees in addition to interest.
No. Approval, rate, fees and terms depend on the lender’s underwriting requirements and your financial profile.