Personal Loan Calculator

Compare personal loan options side by side with origination fees, prepayment penalties, and APR.

100% Free No Sign-Up Calculated in Your Browser

Loan Amount ($)

Annual Interest Rate (%)

Loan Term (months)

Origination Fee (%)

Deducted from loan proceeds

Prepayment Penalty

Payoff at Month (for penalty calc)

Monthly Payment

—

Principal + Interest

Total Interest

—

Over full term

Total Cost

—

Payments + fees

Origination Fee

—

Upfront deduction

Effective APR

—

With fees

Net Proceeds

—

Received after fee

Prepay Penalty

—

Loan Amount Comparison

Metric	−10% ($)	Original ($)	+10% ($)

Compare personal loan offers side by side, factoring in the origination fee, effective APR, and any prepayment penalty.

How It Works

How Personal Loan Calculator Works

The monthly payment is calculated with the standard amortization formula using your loan amount, annual rate, and term in months. The origination fee — a percentage of the loan amount — is typically deducted from the funds you actually receive, so your net proceeds are lower than the loan amount even though you repay the full amount plus interest.

Because the fee is paid upfront but not reflected in the stated interest rate, the calculator solves for the effective APR using Newton's method, finding the rate at which the present value of your scheduled payments equals your net proceeds (loan amount minus fee) — this APR is always higher than the nominal rate whenever a fee applies.

If a prepayment penalty applies, it's calculated either as a flat fee or as a percentage of your remaining balance at the payoff month you specify, so you can see the true cost of paying the loan off early under different penalty structures.

Worked Example

See It In Action

A $15,000 personal loan at 12.5% over 48 months, with a 3% origination fee ($450 deducted upfront): the monthly payment is $398.70, and total interest over the full term is $4,137.60. Because the $450 fee is deducted from the loan before disbursement, net proceeds are only $14,550 — even though the full $15,000 (plus interest) must still be repaid.

Real-World Use Cases

Who Uses Personal Loan Calculator and Why

Comparing two personal loan offers with different origination fees to see which actually has the lower true cost.
Estimating the net cash you\'ll actually receive after an origination fee is deducted from a loan amount.
Checking the cost of a prepayment penalty before deciding to pay off a personal loan ahead of schedule.
Working out the monthly payment on a personal loan for debt consolidation or a large purchase.

Common Mistakes

Mistakes to Avoid

Comparing loan offers by nominal interest rate alone — a loan with a lower stated rate but a higher origination fee can have a higher effective APR (and higher true cost) than one with a slightly higher rate but a lower fee.
Assuming you\'ll receive the full loan amount in cash — the origination fee is typically deducted from the loan before disbursement, so your net proceeds are lower than the loan amount even though you owe and repay the full amount plus interest.
Not checking for a prepayment penalty before planning to pay the loan off early — not every personal loan has one, but some charge a flat fee or a percentage of the remaining balance, which can meaningfully offset the interest you\'d save by paying early.

Pro Tips

Tips for Best Results

Always compare effective APR, not just the stated rate, when shopping multiple personal loan offers — it\'s the only figure that properly accounts for origination fees.
If you plan to pay the loan off early, run the prepayment penalty scenario at your likely payoff month before committing, since some penalty structures front-load the cost in the early months of the loan.

Troubleshooting

Fixing Common Problems

The amount deposited into my account was less than the loan amount I agreed to. — This is expected if your loan includes an origination fee — it\'s typically subtracted from the loan proceeds before disbursement, even though you still owe and repay the full loan amount plus interest.

Glossary

Terms Explained

Net proceeds: The actual cash you receive after the origination fee is deducted from the loan amount.

Prepayment penalty: A fee, either flat or a percentage of the remaining balance, some lenders charge for paying off a loan earlier than scheduled.

FAQ

Frequently Asked Questions

Why are my net proceeds less than the loan amount?

Because the origination fee is typically subtracted from the loan before it's disbursed to you, but you still owe and repay the full loan amount — so the fee effectively increases your true cost of borrowing beyond the stated interest rate.

What is a prepayment penalty and does every loan have one?

It's a fee some lenders charge if you pay off the loan earlier than scheduled, either as a flat amount or a percentage of the remaining balance. Many personal loans have no prepayment penalty at all — always check your loan agreement.

How does the origination fee affect my effective APR?

It raises it. Since you receive less money than you're repaying, the true annualized cost of the loan (APR) is always higher than the stated interest rate whenever an origination fee is charged.

Does borrowing 10% more or less change my rate?

Not directly — the interest rate you're quoted usually stays the same regardless of the amount within a lender's range, but the comparison table shows how the payment, total interest, and fees scale proportionally with the loan amount.