Personal Loan Calculator
Monthly payment · Total interest · Effective APR with origination fees
A personal loan is an unsecured fixed-rate loan repaid in equal monthly installments over 1–7 years. This calculator computes your exact monthly payment, total interest cost, and effective APR (including origination fees) — the number lenders are required to disclose under the Truth in Lending Act. Average rates in 2026 range from 9% (excellent credit) to 36% (fair credit).
How Personal Loan Payments Are Calculated
Personal loans use standard amortization — the same formula as mortgages and auto loans. Each monthly payment covers interest on the remaining balance plus a portion of principal, with more of each payment going toward principal over time.
| Variable | Definition |
|---|---|
| M | Monthly payment |
| P | Principal — full loan amount (you repay this even if a fee was deducted) |
| r | Monthly interest rate = Annual APR ÷ 12 |
| n | Total number of monthly payments (term in months) |
Example: A $15,000 loan at 11.5% APR for 36 months produces a monthly payment of $494.64. Total interest = $2,807. With a 3% origination fee ($450), your effective APR rises to ~13.5% because you receive only $14,550 but repay $17,807 total.
⚠️ Expert Pro-Tip
Always compare effective APR — not stated rate. A lender advertising 8.99% with a 5% origination fee has an effective APR of 11.8%. Another lender at 12% with no fee is cheaper. The effective APR is the only apples-to-apples comparison metric. Under the Truth in Lending Act (TILA/Regulation Z), lenders must disclose APR in their loan offer — but "APR" in marketing often excludes fees. Always ask: "What is the APR including all origination and closing fees?" Then use this calculator to verify.
Personal Loan Calculator
Loan Details
Your Results
Amortization Schedule (First 12 Months)
| Mo | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $494.64 | $350.89 | $143.75 | $14,649.11 |
| 2 | $494.64 | $354.25 | $140.39 | $14,294.86 |
| 3 | $494.64 | $357.65 | $136.99 | $13,937.21 |
| 4 | $494.64 | $361.08 | $133.56 | $13,576.13 |
| 5 | $494.64 | $364.54 | $130.10 | $13,211.60 |
| 6 | $494.64 | $368.03 | $126.61 | $12,843.57 |
| 7 | $494.64 | $371.56 | $123.08 | $12,472.01 |
| 8 | $494.64 | $375.12 | $119.52 | $12,096.90 |
| 9 | $494.64 | $378.71 | $115.93 | $11,718.19 |
| 10 | $494.64 | $382.34 | $112.30 | $11,335.84 |
| 11 | $494.64 | $386.00 | $108.64 | $10,949.84 |
| 12 | $494.64 | $389.70 | $104.94 | $10,560.14 |
Showing first 12 of 36 months. Export CSV for full schedule.
Based on your results — what to do next:
Using this loan for debt consolidation?
Your $494.64/mo payment replaces multiple minimums. See if the snowball or avalanche method clears debt faster.
Also financing a vehicle?
A $15,000 personal loan at 11.5% costs $2,807.04 in interest. Compare vs. a secured auto loan which typically runs 3–5% cheaper.
What if you saved instead?
Paying $494.64/mo toward a loan at 11.5% costs $2,807.04 over 36 months. See what that same payment grows to at 7% return.