How the personal loan calculator works
Enter the loan amount, APR, term in months and any origination fee as a percent. The monthly payment uses the standard fixed-payment formula. The fee is shown separately and added to the total cost, with an approximate effective rate that spreads the fee over the life of the loan.
The formula
Monthly payment M = P × r(1+r)^n / ((1+r)^n − 1); total cost = M × n + origination fee (loan amount × fee %).
The effective rate shown is an approximation for comparing offers. Your lender’s disclosed APR is the figure to rely on.
Frequently asked questions
What is an origination fee?
A one-time fee some lenders charge, as a percent of the loan. It is often taken out of the money you receive, which makes the loan cost more than its interest rate suggests.
How is the total cost calculated?
Every monthly payment added together, plus the origination fee.
Is a shorter term cheaper?
Usually. The monthly payment is higher, but you pay interest for fewer months.
Results are estimates for planning, not financial advice. Last reviewed 2026-09-28.