Enter your personal loan amount, interest rate, repayment term, and origination fee to calculate your monthly payment, net cash disbursed, and total interest paid.
How to use this calculator
Enter the requested loan amount.
Enter the interest rate (APR) offered by your lender.
Select your loan term in years (typically 1 to 7 years).
Enter any lender origination fee percentage deducted at disbursement.
Read your exact monthly payment, net funds received, and total interest costs.
P = loan amount, r = monthly APR, n = total months in loan term.
Example
$15,000 personal loan @ 11.5% (3 yrs) with 2% fee ($300) → Net Cash: $14,700. Monthly Payment: $494.67 (Total Interest: $2,808.12).
Key insights
Unsecured personal loans require no collateral (like a home or car), making approval dependent on credit score and income.
Lender origination fees (typically 1% to 8%) are deducted upfront from your loan proceeds, so requesting $15,000 with a 2% fee yields $14,700 net cash.
Shorter loan terms (e.g. 3 years vs 5 years) increase monthly payments slightly but cut total interest charges dramatically.
Personal loans have fixed rates and fixed monthly payments, unlike variable-rate credit cards.
How to interpret your result
Monthly Payment
The fixed monthly amount owed to your lender over the loan term.
Net Cash Received
The actual loan funds deposited into your bank account after deducting lender origination fees.
Total Finance Cost
The combined sum of all interest charges and origination fees paid over the loan term.
Frequently asked questions
What can I use a personal loan for?
Personal loans can be used for almost any legitimate purpose, including debt consolidation, home improvements, medical bills, or major purchases.
How does an origination fee affect my personal loan?
An origination fee is deducted upfront from your loan amount; if you need $10,000 cash and have a 5% fee, you must request $10,526 to receive $10,000.
What credit score is needed for a personal loan?
Most online lenders require a credit score of at least 600, while prime rates under 10% require scores of 720 or higher.
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