Personal Loan Calculator
Estimate the monthly payment, total interest, and full repayment for an unsecured personal loan, with an optional origination fee and a complete amortization schedule.
Frequently Asked Questions
What APR should I enter?
Use the annual percentage rate your lender quoted you. APR reflects your interest rate and is the figure that drives your monthly payment in this calculator.
Does it account for fees?
Yes. Add an optional origination fee as a percentage and the calculator shows the net amount disbursed, noting that the fee raises your effective APR above the quoted rate.
Does it show total interest?
Yes. Along with your monthly payment you get the total interest, total repayment, and a full month-by-month amortization schedule and balance chart.
Understanding the Personal Loan Calculator
The Personal Loan Calculator estimates what an unsecured personal loan will really cost you. Enter the loan amount, the APR your lender quoted, and the term (in years or months), and it instantly returns your fixed monthly payment, the total interest you'll pay, and the full repayment amount over the life of the loan. An optional origination fee field shows the net amount actually disbursed to your account and flags that the fee pushes your effective APR above the headline rate. A balance-over-time chart and a month-by-month amortization schedule let you see exactly how each payment splits between principal and interest. Everything runs in your browser and adapts to your chosen currency.
How it works
Personal loans use standard amortization: every monthly payment is identical, but its split between interest and principal shifts over time. The tool converts your APR to a monthly rate and your term to a number of months, then solves for the level payment that fully clears the balance by the final month. Early payments are mostly interest because the balance is high; later payments are mostly principal. The calculator builds the entire schedule month by month, tracking the falling balance and the growing share of principal paid. If you add an origination fee, it subtracts that percentage from the amount you receive while keeping your repayments based on the full loan, which is why the effective APR ends up higher than quoted.
Worked example
Borrow 15,000 at an 11.5% APR over 5 years (60 months). The monthly rate is 0.1150 / 12 = 0.009583, giving a fixed payment of about 330. Over 60 months you repay roughly 19,800, meaning about 4,800 in total interest. Add a 2% origination fee and 300 is deducted up front, so only 14,700 lands in your account even though you still repay the full 15,000 plus interest. That fee nudges your effective APR above 11.5%.
Tips & common mistakes
- Use the APR your lender quoted, not just the nominal interest rate, since APR is what drives the payment and reflects compounding.
- Always enter the origination fee if there is one, the net disbursed figure tells you how much cash you actually receive.
- Shortening the term raises the monthly payment but sharply cuts total interest, compare a 3-year against a 5-year term.
- Check the amortization schedule, in the early months most of your payment goes to interest, so extra principal payments early save the most.
- A lower APR with a high origination fee can cost more than a slightly higher APR with no fee, compare total repayment, not just the rate.
- Make sure the monthly payment comfortably fits your budget before committing, lenders approve on income but you live with the cash flow.
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Reviewed by the TopOpenTools editorial team · Last updated June 2026. These tools provide general estimates for educational purposes only and are not financial, tax, insurance, investment, or medical advice. Verify important decisions with a qualified professional.