Personal Loan Calculator
Payment, total cost, and total interest, including the origination fee.
What is a personal loan calculator?
A personal loan calculator works out the monthly payment on a personal loan, the total interest and the true total cost including any origination fee.
How to use the personal loan calculator
Enter the loan amount, the annual interest rate, the number of years and the origination fee, then click Calculate. The calculator shows the monthly payment, the total interest and the total cost including the fee.
Personal loan formula
Monthly payment M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly rate and n is the number of payments. Total cost = total paid + origination fee.
Example
A $10,000 personal loan at 8% per year over 3 years with a $100 fee gives a monthly payment of $313.36, total interest of $1,281.09 and a total cost of $11,381.09.
Frequently Asked Questions
What is the monthly payment on a $10,000 personal loan at 8% for 3 years?
The monthly payment is $313.36. Try it on the calculator above.
How much interest will I pay on a $10,000 personal loan at 8% for 3 years?
You will pay $1,281.09 in interest over the 3 years.
What is the total cost including the fee?
The total cost is $11,381.09: $10,000 borrowed + $1,281.09 interest + $100.00 origination fee.
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