Personal Loan Calculator — Monthly Payment & Total Cost
Personal loans are unsecured (no collateral), which usually means higher rates than a mortgage or auto loan — and many carry an origination fee deducted upfront, meaning you receive less than you borrow. This calculator shows your monthly payment, total interest, and the real amount you'll actually receive after fees.
How to use this tool
- Enter the loan amount, APR and term in months.
- Add an origination fee percentage if your lender charges one — many personal loans deduct it upfront from your disbursed amount.
- Press Calculate to see your monthly payment, total interest, and (if a fee applies) what you actually receive.
Frequently asked questions
What's a good interest rate for a personal loan?
It depends heavily on credit score — excellent credit can secure single-digit to low-teens APR, while fair/poor credit often sees 20-36%. Always compare the APR (which includes fees), not just the headline rate, across multiple lenders before committing.
What is an origination fee?
A one-time fee (commonly 1-8% of the loan) that many personal loan lenders deduct from your disbursed amount upfront. If you borrow $10,000 with a 5% origination fee, you receive $9,500 but still repay the full $10,000 plus interest — factor this into how much you actually need to borrow.
Personal loan vs credit card — which is cheaper for debt consolidation?
Personal loans usually carry lower rates than credit cards (often 10-20% vs 20-30%+) and come with a fixed payoff date, which credit card minimum payments don't provide. If you can qualify for a personal loan rate meaningfully below your card APRs, consolidating can save real money and add payoff discipline.
Is a personal loan secured or unsecured?
Most personal loans are unsecured — no collateral required, which is why rates run higher than secured loans like mortgages or auto loans. Some lenders offer secured personal loans (using savings or other assets as collateral) at lower rates in exchange for that added risk to you.