Calculate your monthly personal loan payment, total interest, and amortization schedule, including origination fees.
Rates as of Q2 2025 (example)
| Period | Date | Payment | Principal | Interest | Balance |
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A personal loan calculator estimates your monthly payment, total interest, and net amount received for an unsecured personal loan, accounting for an origination fee that many lenders deduct from the loan amount before disbursing funds. It also lets you model extra monthly payments to see how much faster you could pay off the loan and how much interest you could save.
The monthly payment uses the standard loan amortization formula, while net proceeds account for any origination fee deducted upfront.
Formula: Monthly Payment = [P × r(1+r)n] / [(1+r)n − 1], where P is the loan amount, r is the monthly interest rate, and n is the number of months. Origination Fee = Loan Amount × Fee %. Net Proceeds = Loan Amount − Origination Fee.
Example: For a $15,000 personal loan at an 11% interest rate (example rate — enter your actual rate) over 36 months with a 3% origination fee (example — check your lender's fee), the monthly payment would be roughly $491, the origination fee would be $450, and net proceeds (what you actually receive) would be roughly $14,550. (Note: all figures in this example are for illustration purposes only and do not represent your actual loan terms.)
Personal loans are typically unsecured, meaning they don't require collateral like a house or car, which generally means higher interest rates than secured loans but a faster, simpler application process. Common uses include debt consolidation, home improvement projects, medical expenses, and major purchases. Rates depend heavily on your credit score, income, and the lender — rates as of Q2 2025 (example) ranged widely from single digits for excellent credit to over 30% APR for borrowers with lower credit scores. Origination fees, when charged, are typically deducted from the loan proceeds upfront, so the amount you actually receive is less than the loan amount, even though you repay interest on the full loan amount (example fee used in this calculator — check your specific lender's terms).
An origination fee is a one-time fee charged by some lenders to process a loan, typically a percentage of the loan amount. It's usually deducted from the loan proceeds before you receive the funds, but you still repay interest based on the full loan amount.
No — the default is an example only. Personal loan interest rates vary significantly based on your credit score, income, debt-to-income ratio, and the lender. Enter the actual rate quoted to you for an accurate calculation.
If your lender charges an origination fee, that fee is typically deducted from the loan amount before disbursement. For example, on a $15,000 loan with a 3% origination fee, you'd receive about $14,550, but you'd repay interest based on the full $15,000.
Most personal loans are unsecured, meaning they don't require collateral like a house or car. This generally makes them faster to obtain but typically results in higher interest rates than secured loans, since the lender takes on more risk.
Extra monthly payments go directly toward reducing your principal balance, which reduces the interest charged in future months. This can significantly shorten your loan term and reduce total interest paid, as shown in the "time saved" and "interest saved" results when you enter an extra payment amount.
Most personal loans in the US don't have prepayment penalties, but it's not universal — check your loan agreement or ask your lender before making extra payments to confirm there's no penalty for early payoff.
Disclaimer: The information, rates, fees, and figures provided on this page are for educational and illustrative purposes only. All rates and examples shown are sample values and do not reflect the actual rate, fees, or terms offered by any specific lender. Financial rules and lending terms change frequently. Always consult your lender or a qualified financial advisor before making any financial decisions.