👤 Personal Loan Calculator
Calculate personal loan payments, true APR with origination fees, prepayment impact, and compare vs credit cards and HELOC.
Loan Details
Estimated APR: 12-18%
Advanced
Monthly Payment · True APR (with fees): 8.96%
$304.15
⚖️ Borrowing Comparison
vs Credit Card saves: $6,158
Amortization Schedule
| # | Monthly Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $304.15 | $204.15 | $100.00 | $14,795.85 |
| 7 | $304.15 | $212.45 | $91.70 | $13,542.08 |
| 13 | $304.15 | $221.09 | $83.06 | $12,237.31 |
| 19 | $304.15 | $230.08 | $74.06 | $10,879.47 |
| 25 | $304.15 | $239.44 | $64.71 | $9,466.40 |
| 31 | $304.15 | $249.18 | $54.97 | $7,995.87 |
| 37 | $304.15 | $259.31 | $44.83 | $6,465.52 |
| 43 | $304.15 | $269.86 | $34.29 | $4,872.93 |
| 49 | $304.15 | $280.84 | $23.31 | $3,215.56 |
| 55 | $304.15 | $292.26 | $11.89 | $1,490.78 |
| 60 | $304.15 | $302.13 | $2.01 | $0.00 |
How Personal Loan Works
Formula
Monthly Payment = P × r × (1+r)^n / ((1+r)^n - 1) True APR = Rate including origination fee effect Effective Loan = Amount - Origination Fee
📊 Example
• $15,000 loan, 8% rate, 3% origination fee, 5 years: Monthly = $304, True APR = 9.2%, Total interest = $3,240
• Vs credit card at 22%: Personal loan saves $6,800 over 5 years
• Prepay at month 24: saves $890 in interest
❓ FAQ
What is a good APR for a personal loan?＋
Excellent credit (720+): 7-12%. Good credit: 12-18%. Fair credit: 18-25%. Rates vary by lender. Always compare the true APR including origination fees.
How is personal loan APR different from interest rate?＋
APR includes origination fees and other costs. A 8% loan with 3% origination fee has a true APR of ~9.2%. Our calculator shows both.
Should I get a personal loan to pay off credit cards?＋
If the personal loan APR is significantly lower than your credit card APR, yes. Moving 22% credit card debt to a 10% personal loan saves thousands.
What happens if I pay off a personal loan early?＋
You save on interest. Some lenders charge prepayment penalties (1-3% of balance). Use our prepayment calculator to see your net savings.
Secured vs unsecured personal loan: which is better?＋
Secured loans have lower rates but require collateral (car, savings). Unsecured loans are faster but have higher rates. Choose based on your risk tolerance.
How does a co-applicant affect my loan?＋
A co-applicant with good credit and income can help you qualify for a lower rate or higher loan amount. Both parties are equally responsible for repayment.
What is a typical origination fee?＋
Origination fees range from 1-8% of the loan amount. Some lenders offer no-fee loans. The fee is usually deducted from the loan proceeds.
Can I skip a personal loan payment?＋
Some lenders offer skip-a-payment options, but interest continues to accrue. Skipping one payment can add months to your payoff timeline. Use our calculator to see the impact.