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Personal Loan Calculator
Personal loans often carry an origination fee that quietly raises the real cost. This calculator folds fees into the picture so you see what you actually pay.
Your personal loan
All calculations stay on your device.
See what rate you would actually be offered
The rate you entered is an assumption. Your real rate depends on your credit profile, income and the lender's own criteria. Pre-qualification checks with most marketplaces use a soft search, which is visible only to you.
Why the advertised rate is not the real cost
A personal loan is usually advertised with an APR and nothing else. But most lenders also charge an origination fee — typically 1% to 8% of the amount borrowed — which is deducted from what you receive or added to what you owe. Two loans with the same advertised rate can cost very different amounts once fees are included.
Example: A $15,000 loan at 15.5% APR over 4 years costs about $13,340 in interest. Add a 3% origination fee ($450) and your total cost of credit rises to roughly $13,790 — about 3% more than the headline figure suggests.
What to compare between offers
| Item | Why it matters |
|---|---|
| APR (not the interest rate) | The APR includes fees, so it is the fairer number to compare |
| Origination fee | Charged up front; it reduces the money you actually get |
| Prepayment penalty | If you plan to pay early, a penalty can wipe out your savings |
| Late payment fees | Often a fixed amount plus a raised rate |
| Fixed vs variable rate | A variable rate can rise and increase your payment mid-term |
How to use this calculator
- Enter the amount you need.
- Enter the APR your lender quoted — not the "from" rate in the advert.
- Set the term you are considering.
- Enter the origination fee as a percentage (use 0 if there is none).
- Compare the effective annual rate across offers, not the headline rate.
Remember: The rate shown when the page loads is an indicative average for the currency you selected, not a quote. Personal loan rates vary widely with credit history, income and lender. Replace it with your real offer before making any decision.
Frequently asked questions
What is a good APR for a personal loan?
It depends heavily on your country, credit profile and the lender. The only reliable comparison is between offers you have actually been given — use the effective rate this tool shows to compare them fairly.
Should I accept a longer term to lower the payment?
Longer terms reduce the monthly payment but increase total interest, often substantially. If cash flow is tight, a longer term can be the only option — but check the total cost figure before agreeing.
Does the calculator handle early repayment?
Not directly. If you plan to pay the loan off early, check the lender's prepayment terms first, then use the Debt Payoff Calculator to see the effect of extra payments.
Methodology and sources
The total-cost formula is standard amortisation mathematics, documented by the Federal Reserve and used by lenders worldwide.
- Federal Reserve — Consumer Credit (G.19)Board of Governors of the Federal Reserve System
- CFPB — What is a debt-to-income ratio?Consumer Financial Protection Bureau
Last reviewed . If you find an error on this page, tell us.
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