Personal Loan Calculator

Calculate monthly payments, total interest, and net proceeds for personal loans including origination fees.

Loan Amount

Amount you want to borrow

Interest Rate (%)

Annual percentage rate (APR)

Loan Term (months)

How long to repay the loan

Origination Fee (%)

One-time fee deducted from loan proceeds (0–8% typical)

Monthly Payment

$473.51

Total Interest

$2,046.47

Origination Fee

$300.00

Total Cost of Loan

$2,346.47

Net Proceeds

$14,700.00

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Understand Your Personal Loan Costs

Personal loans can be great for consolidating high-interest debt or funding major expenses, but the true cost isn't just the interest rate. Origination fees, loan terms, and total interest all affect what you actually pay.

Personal Loan vs Credit Card

Personal loans typically have much lower interest rates than credit cards (8% vs 22% on average). If you're carrying credit card debt, a personal loan can save thousands in interest while giving you a fixed payoff date.

Frequently Asked Questions

What is a good personal loan interest rate?

Personal loan rates typically range from 6% to 36% depending on your credit score. Excellent credit (720+) may qualify for 6-10%, while fair credit (580-669) typically sees 15-25%.

What are origination fees?

An origination fee is a one-time charge (typically 1-8% of the loan) deducted from your loan proceeds. A $10,000 loan with a 3% origination fee means you receive $9,700 but repay the full $10,000.

How long should my personal loan term be?

Shorter terms mean higher monthly payments but less total interest. A 36-month term balances affordability with cost savings. Only choose longer terms if you need the lower monthly payment.