Free Personal Loan Calculator
Estimate your personal loan payments, total interest, origination fees, and potential savings from making additional monthly payments.
Enter Your Personal Loan Information
Your Personal Loan Results
Estimated Monthly Payment
$424.94
Original Loan Amount
$20,000.00
Origination Fee
$400.00
Net Loan Proceeds
$19,600.00
Standard Total Interest
$5,496.45
Standard Total Repayment Including Fee
$25,896.45
Standard Repayment Time
5 years, 0 months
Monthly Payment With Extra
$524.94
Total Interest With Extra Payments
$4,162.65
Total Repayment Including Fee With Extra Payments
$24,562.65
Repayment Time With Extra Payments
3 years, 11 months
Estimated Interest Savings
$1,333.80
Estimated Time Saved
1 years, 1 months
This estimate assumes the origination fee is deducted from the loan proceeds rather than financed into the loan balance. Your lender may handle fees differently.
Personal Loan Calculator — Frequently Asked Questions
How is a personal loan payment calculated?
Monthly payments depend on the amount borrowed, interest rate, and repayment term. A longer loan term generally reduces monthly payments but increases total interest.
What is a personal loan origination fee?
An origination fee is a charge some lenders deduct from your loan proceeds. For example, a 2% fee on a $20,000 loan equals $400, leaving you with $19,600 in net proceeds.
Can extra payments save money?
Yes. When additional payments are applied to principal, they can reduce total interest and shorten the time needed to repay the loan.
Is the interest rate the same as APR?
Not necessarily. APR can include certain loan fees and reflects a broader measure of borrowing costs. This calculator uses the entered interest rate to estimate payments and displays origination fees separately. It does not calculate APR.
Are the results guaranteed?
No. Actual payments and costs depend on the lender's terms, fees, payment dates, and interest calculation method.
Educational estimates only, not financial advice. Assumes a fixed interest rate, monthly amortization, no prepayment penalties, and extra payments applied toward principal. Fees are assumed to be deducted from the loan proceeds. Actual lender terms may differ.