Personal Loan Calculator

See the monthly payment on a personal loan and what it really costs. Origination fees are often taken out of the money you receive, so the APR is higher than the rate. This calculator shows both, and exposes add-on interest loans that cost far more than their stated rate.

Monthly payment$494.6436 payments

APR (includes the fee): 13.63%
Cash you receive: $14,550.00
Origination fee: $450.00
Total interest: $2,807.06
Total cost of borrowing: $3,257.06
Total of payments: $17,807.04

Amortization schedule

Year	Payment	Principal	Interest	Balance
1	$5,935.68	$4,439.87	$1,495.81	$10,560.13
2	$5,935.68	$4,978.24	$957.44	$5,581.89
3	$5,935.70	$5,581.89	$353.81	$0.00

Month	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	$13,211.59
6	$494.64	$368.03	$126.61	$12,843.56
7	$494.64	$371.56	$123.08	$12,472.00
8	$494.64	$375.12	$119.52	$12,096.88
9	$494.64	$378.71	$115.93	$11,718.17
10	$494.64	$382.34	$112.30	$11,335.83
11	$494.64	$386.00	$108.64	$10,949.83
12	$494.64	$389.70	$104.94	$10,560.13
13	$494.64	$393.44	$101.20	$10,166.69
14	$494.64	$397.21	$97.43	$9,769.48
15	$494.64	$401.02	$93.62	$9,368.46
16	$494.64	$404.86	$89.78	$8,963.60
17	$494.64	$408.74	$85.90	$8,554.86
18	$494.64	$412.66	$81.98	$8,142.20
19	$494.64	$416.61	$78.03	$7,725.59
20	$494.64	$420.60	$74.04	$7,304.99
21	$494.64	$424.63	$70.01	$6,880.36
22	$494.64	$428.70	$65.94	$6,451.66
23	$494.64	$432.81	$61.83	$6,018.85
24	$494.64	$436.96	$57.68	$5,581.89
25	$494.64	$441.15	$53.49	$5,140.74
26	$494.64	$445.37	$49.27	$4,695.37
27	$494.64	$449.64	$45.00	$4,245.73
28	$494.64	$453.95	$40.69	$3,791.78
29	$494.64	$458.30	$36.34	$3,333.48
30	$494.64	$462.69	$31.95	$2,870.79
31	$494.64	$467.13	$27.51	$2,403.66
32	$494.64	$471.60	$23.04	$1,932.06
33	$494.64	$476.12	$18.52	$1,455.94
34	$494.64	$480.69	$13.95	$975.25
35	$494.64	$485.29	$9.35	$489.96
36	$494.66	$489.96	$4.70	$0.00

Origination fees and APR

Many personal loans charge an origination fee of 1% to 10%, deducted from the loan. Borrow $15,000 with a 3% fee and you receive $14,550 but repay the full $15,000 plus interest. The APR captures that by finding the rate at which your payments repay only the cash you actually got.

Simple vs. add-on interest

Most bank, credit union and online loans charge simple (amortizing) interest: interest only on the balance you still owe. Some dealer and storefront installment loans use add-on interest: the rate is applied to the full original amount for the whole term, even as you pay it down.

Add-on interest = amount × rate × years

That makes a 10% add-on loan over three years cost about the same as an 18% simple-interest loan. Always compare loans by APR.

Example

A $15,000 loan at 11.5% for 36 months has a payment of $494.64. With a 3% origination fee you receive $14,550, and the APR is about 13.6%.

Frequently asked questions

What is a good personal loan rate?

It depends heavily on credit. Compare the APR, not the interest rate, since APR includes fees. A loan is usually only worth it if its APR is below what it replaces, such as credit card debt.

Can I pay a personal loan off early?

Most simple-interest personal loans have no prepayment penalty, and paying early saves interest. On add-on interest loans, the interest is fixed up front, so early payoff may save little. Check your agreement.

Does checking my rate hurt my credit?

Many lenders prequalify with a soft credit check, which does not affect your score. Formally applying usually triggers a hard inquiry.

Sources

CFPB: Regulation Z (Truth in Lending), 12 CFR Part 1026 (APR and finance charge disclosures)

Last reviewed October 25, 2026. How we review and test pages.

PmtCalc provides estimates for education and planning only. Results are not an offer of credit, a loan approval, or financial, tax or legal advice. Actual terms depend on the lender and your situation. How we calculate and test these results.