loan calculator

Personal Loan Calculator

The Personal Loan Calculator estimates a fixed monthly payment and a fee-adjusted borrowing-cost view from loan amount, interest rate, term years and months, start date, origination fee, origination fee type, fee handling, and optional monthly insurance. It reports payment, cash received after fees, total borrower outflows, an internal effective APR estimate, and the payoff month.

Result

Result summary: Monthly payment is $599.42, with an effective APR of 7.05% after fees.
Monthly payment: $599.42
Monthly cost with insurance: $599.42
Total of loan payments: $21,579.05
Total interest: $1,579.05
Origination fee amount: $600.00
Net amount received: $19,400.00
Total cost: $22,179.05
Effective APR: 7.05%
Payoff date: May 2029
What this means: Payment estimate excludes late fees, prepayment rules, credit insurance changes, and tax effects.

Scenario nameNotes

Save this result, then use saved scenarios to switch between assumptions.

Before you calculate

Use this calculator when a personal-loan scenario needs more than the three-input Loan Payment Calculator: origination fees, optional insurance, net amount received, total cost, and an APR-style estimate from cash flows. Use lender disclosures and official documents for legal APR, finance charges, approval, credit-score pricing, credit insurance, late fees, prepayment terms, debt-consolidation suitability, or product-specific loan terms.

Formula summary

The app rounds the payment count with termYears * 12 + termMonths, converts the entered Interest rate to a monthly decimal rate with annualRate / 100 / 12, then uses the fixed-payment formula PMT = P * m / (1 - (1 + m)^-n). If the monthly rate is 0, payment equals loanAmount / paymentCount. Origination fee amount is either loanAmount * originationFee / 100 when originationFeeType is percent, or the flat fee amount. Net proceeds equal max(0, loanAmount - originationFeeAmount). Monthly cost with insurance equals monthly payment plus monthlyInsurance. Total payments equal monthly payment times payment count, total interest equals total payments minus loan amount, total cost equals total payments plus origination fee plus monthlyInsurance times payment count, effective APR is solved from net proceeds versus monthly cost with insurance, and payoff date adds payment count months to the start month and year.

Worked example

Example: $20,000 loan with a 3 percent fee

With the default inputs, a $20,000 loan amount, 5 percent interest rate, 3 years, 0 extra months, May 2026 start, 3 percent origination fee, and $0 monthly insurance become 36 monthly payments. The calculator reports a $599.42 monthly payment, $599.42 monthly cost with insurance, $21,579.05 total of loan payments, $1,579.05 total interest, $600.00 origination fee, $19,400.00 net amount received, $22,179.05 total cost, 7.05% effective APR estimate, and a May 2029 payoff date. In the zero-rate fixture, a $12,000 loan at 0 percent for 2 years with a $250 flat fee and $15 monthly insurance reports a $500.00 monthly payment, $515.00 monthly cost with insurance, $12,000.00 total payments, $0.00 interest, $11,750.00 net amount received, $12,610.00 total cost, and a 4.91% effective APR estimate.

The examples show why payment, cash received, monthly insurance, total outflows, and an APR-style estimate need to be read together. They are mechanical estimates from entered assumptions, not lender quotes, approval decisions, legal disclosures, or borrowing advice.

Assumptions

The calculator models a fixed-rate amortizing personal loan with level monthly payments. It does not model variable rates, promotional rates, interest-only periods, balloon payments, extra payments, payment holidays, refinancing, debt-consolidation outcomes, lender underwriting, approval, denial, credit score pricing, or contract terms.
Origination fee handling is a cash-position field in the current implementation. The calculation helper does not branch on deducted versus paid-upfront timing; both reduce net proceeds for the internal effective APR estimate and both are included in this app's total cost. Monthly insurance is optional and user-entered; the app does not determine whether real credit insurance is optional, required, refundable, fairly priced, lawful, included in disclosures, or suitable for a borrower.
The entered Interest rate is converted to a monthly payment rate and is not automatically a lender APR. The Effective APR output is an internal numerical solve from modeled cash flows, not a Truth in Lending disclosure, legal APR, finance-charge classification, amount-financed disclosure, or regulatory determination. Scoped independent comparator checks pass 4 of 4 scoped fixtures for overlapping payment, fee, cash-received, insurance-included monthly cost, and effective APR outputs. CFPB personal-loan fee guidance, CFPB APR guidance, Regulation Z, FTC scam guidance, lender disclosures, and local regulatory sources are needed before making legal, jurisdiction-specific, product-specific, fee-disclosure, prepayment, late-fee, approval, eligibility, or credit-insurance claims. Results are educational estimates, not financial, tax, legal, lending, credit, debt-consolidation, consumer-rights, regulatory, or personalised advice.

Common mistakes to avoid

Comparing only monthly payment. A lower payment can come from a longer term, but total interest, fees, insurance, cash received, and payoff date may tell a different story.
Treating the entered interest rate, the calculator's effective APR estimate, and a lender's legal APR disclosure as interchangeable. Real disclosures can depend on finance-charge rules, amount financed, timing, and product terms this page does not model.
Assuming the fee-handling selector changes the calculation today, or reading total cost as only interest plus fees. The form exposes deducted and paid-upfront labels, but the current helper gives both the same modeled cash-position effect; this app's total cost includes principal payments, interest, origination fee, and monthly insurance. Do not use the page as a lender quote, approval screen, credit-insurance recommendation, debt-consolidation recommendation, prepayment analysis, late-fee estimate, legal disclosure, or consumer-credit advice.

Methodology and sources

This calculator is an original implementation based on documented formulas, app-specific assumptions, deterministic fixtures, edge cases, rounding policy tests, and internal validation. It is not copied from a single source.

Outputs are checked with deterministic fixtures, edge cases, rounding policy tests, and internal independent comparator checks where overlapping outputs are available. The result remains an educational estimate, not a quote, approval, tax answer, or personalised advice.

Formula version 2026.05.22-generic-personal-loan. The version marks the calculation logic and validation fixture set used for this estimate.

CFPB personal installment loan fee guidance should be used when copy discusses origination fees, documentation fees, optional credit insurance, disability insurance, non-filing insurance, late fees, lender disclosures, or comparing offers.
CFPB APR versus interest-rate guidance and Regulation Z sections 1026.18 and 1026.22 should be used when copy discusses APR, finance charge, amount financed, payment schedule, total of payments, or Truth in Lending disclosure terminology.
FTC advance-fee loan guidance, lender disclosures, and relevant local regulator sources should be used when copy discusses upfront-fee warnings, lender legitimacy, prepayment penalties, eligibility, approval, credit-score pricing, debt-consolidation claims, or jurisdiction-specific lending rules.

Estimate only

The result is educational and is not financial, tax, legal, lending, investment, or regulated advice. Real provider terms, fees, rates, taxes, and personal circumstances can change the final answer.

Formula and help: read the full personal loan calculator methodology notes.