Personal loan calculator
A $10,000 personal loan at 12% for 36 months costs $332.14 a month and $1,957 in interest. Now add a 5% origination fee. You'd receive $9,500, and the effective APR becomes about 15.61%. That fee is not a small detail.
Total interest $1,957 · Origination fee $0 (you receive $10,000) · Total cost of borrowing $1,957
How the payment is calculated
Personal loans are fixed-rate installment loans. So the payment uses the standard amortization formula: Payment = P × r ÷ (1 − (1 + r)^−n). Here r = APR ÷ 12 and n = months.
- Monthly rate: 12% ÷ 12 = 1%.
- Payment: $10,000 × 0.01 ÷ (1 − (1 + 0.01)^−36) = $332.14.
- First month: $100.00 interest and $232.14 principal.
- Total paid: $332.14 × 36 = $11,957; interest = $1,957.
- The 5% fee ($500) comes out of the loan. So you get $9,500 but repay as if you got $10,000. Solving for the rate that makes 36 payments of $332.14 worth $9,500 today gives 15.61%.
Under the Truth in Lending Act, lenders must disclose the APR. The APR already includes an origination fee. Some offers quote only an "interest rate." In that case, enter the fee here to compare offers on equal terms.
$10,000 at 12% by term
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 12 months | $888.49 | $662 | $10,662 |
| 24 months | $470.73 | $1,298 | $11,298 |
| 36 months | $332.14 | $1,957 | $11,957 |
| 48 months | $263.34 | $2,640 | $12,640 |
| 60 months | $222.44 | $3,347 | $13,347 |
| 72 months | $195.50 | $4,076 | $14,076 |
| 84 months | $176.53 | $4,828 | $14,828 |
Payment by loan amount (12%, 36 and 60 months)
| Amount | 36 months | 60 months |
|---|---|---|
| $2,000 | $66.43 | $44.49 |
| $5,000 | $166.07 | $111.22 |
| $10,000 | $332.14 | $222.44 |
| $15,000 | $498.21 | $333.67 |
| $20,000 | $664.29 | $444.89 |
| $25,000 | $830.36 | $556.11 |
| $35,000 | $1,162.50 | $778.56 |
| $50,000 | $1,660.72 | $1,112.22 |
What's a typical personal loan rate?
The Federal Reserve's G.19 consumer credit release shows commercial banks charging about 11.5% to 12% on 24-month personal loans in 2026. That's why this calculator starts at 12%. Online lenders quote a much wider range. It depends on credit score, income and debt-to-income ratio.
Credit cards cost more. Card accounts that pay interest averaged about 22% in the same release. Say you move a $10,000 card balance into a 12% loan over 36 months. You'd save about $1,791 in interest versus paying the card off on the same schedule.
Frequently asked questions
What is an origination fee?
A one-time charge, usually a percentage of the loan. Most lenders take it out of the money you receive. On $10,000, a 5% fee means you get $9,500. But you repay the full $10,000 plus interest.
Is APR the same as the interest rate?
Not always. The interest rate sets the payment. The APR adds required fees like origination fees. So the APR shows the real yearly cost. Compare offers by APR.
Is a longer personal loan term better?
It lowers the payment. It also costs more. $10,000 at 12% costs $1,298 in interest over 24 months. Over 60 months it costs $3,347.
Can I pay a personal loan off early?
Most personal loans have no prepayment penalty. Check your loan agreement anyway. Paying early cuts the interest you owe. The reason is simple: interest is charged on the remaining balance.
Should I use a personal loan to pay off credit cards?
It can save money. The loan APR needs to be well below your card APR. You also need to stop adding new card debt. Use the credit card payoff calculator to compare.
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Updated: October 2, 2026 · Sources and methodology