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Personal loan calculator

Calculate the payment, total interest and fee-adjusted cash cost of an unsecured personal loan. Enter the exact offer you are considering; rates, terms and fees vary by lender and borrower.

2026 personal loan comparison check · CFPB APR and personal-installment-loan fee guidance

Compare the written APR, cash received and total repayment

A personal-loan offer can combine an interest rate, APR, origination fee, term and payment. These terms vary by lender and borrower, so enter the exact disclosure instead of relying on a stale tier average.

The calculator makes the fee and term trade-offs visible so two offers can be compared on the same amount received and total cost.

How to Calculate a Personal Loan Payment

Find your true monthly payment, total interest, and origination-fee-adjusted APR on any personal loan in four steps.

Step 1
Enter the loan amount
Use the principal you want to borrow (e.g., $20,000). If the lender charges an origination fee, the cash you actually receive is principal × (1 − fee%); enter the gross principal here.
Step 2
Enter the APR
Use the APR from the lender disclosure for the offer you are comparing. APR can include certain fees; do not substitute a generic rate range or a separate interest-rate quote.
Step 3
Set the term in years
Standard 2–7 years. Shorter term raises monthly payment but cuts total interest in half. 60-month vs 36-month on a $20K @ 11% loan: $435 vs $655/month, but $6,098 vs $3,605 total interest.
Step 4
Read monthly payment and total interest
The calculator shows fixed monthly principal and interest plus the amount of cash delivered after an entered origination fee. Compare the result with the competing offer's APR, fees, payment and payoff plan.

How to compare personal loan offers

Compare offers using the same borrowed amount and term. Check the APR, cash received after any origination fee, monthly payment, total of payments, late or prepayment fees, and the lender's current disclosure. The CFPB APR explanation and its personal-installment-loan fee guidance explain why a headline interest rate is not enough for a cost comparison.

APR: use the rate in the written offer, including disclosed charges where applicable.
Cash received: subtract an origination fee from the gross principal when the lender deducts it upfront.
Total cost: compare all scheduled payments and fees for the same payoff horizon.

When a personal loan makes sense

Debt consolidation: compare the loan's APR and total cost with the existing balances, transfer fees and payoff schedule.
Major home repair: compare the payment and total cost with available cash, home-equity products and contractor financing.
Medical bills: ask about provider payment plans before adding a new loan, then compare the written loan disclosure if borrowing remains necessary.
Other planned or unexpected expenses: confirm that the payment fits the budget and that the loan's total cost is acceptable.

Watch for origination fees

An origination fee may be deducted from the proceeds while the scheduled payments still repay the gross principal. Borrow $20,000 with a 5% fee and you receive $19,000 before other charges, but the payment schedule is based on the loan terms. Enter the fee here, then compare the lender's disclosed APR and net amount received. The CFPB fee guidance lists questions to ask before accepting an installment loan.

Personal Loan Calculator FAQ

How does a personal loan affect my credit score?

A lender may use a soft inquiry for prequalification and a hard inquiry for a full application; check the lender's disclosure. Opening the account can change utilization, account age and credit mix, while on-time payments and missed payments can affect your reports over time. There is no universal point or recovery timeline.

Can I get a personal loan with bad credit?

Possibly, but approval, APR, amount and fees depend on the lender and your application. Compare the complete written offer, verify the lender and avoid any product whose payment or fees do not fit your budget. A credit counselor or nonprofit adviser may help you compare alternatives before adding debt.

Personal loan vs credit card — which is cheaper?

It depends on the offers and payoff plan. Compare the personal loan's APR, origination fee, payment and total repayment with the card's APR, balance-transfer fee, promotional period and post-promotion rate. A lower headline rate does not guarantee a lower total cost.

How fast can I get a personal loan?

Timing varies by lender, verification steps, funding method, business days and your application. Read the lender's current funding disclosure and do not treat a prequalification result as an approval or guaranteed arrival date.

Is a personal loan tax-deductible?

Interest on a personal-use loan is generally not deductible. Treatment can differ when documented proceeds are used for a qualifying business or investment purpose and may be limited by separate tax rules; check IRS Publication 550 at https://www.irs.gov/publications/p550 or a tax professional before claiming it.

Can I prepay a personal loan?

Check the note and fee schedule for prepayment terms. If extra payments are allowed and applied to principal, they can shorten the term and reduce interest; confirm the lender's payment instructions before sending more than the scheduled amount.

What's a good personal loan rate in 2026?

There is no universal good rate in 2026. Compare the APR, amount received, payment, total repayment, term and fees in current written offers for your application; a lower APR can still cost more when the term or fees differ.

How does the origination fee affect my real APR?

An origination fee may be deducted from your proceeds while the repayment schedule is based on the gross principal. A $20,000 loan with a 5% fee would deliver $19,000 before other charges; compare the lender's disclosed APR, net amount received and total repayment rather than recalculating from a generic example.

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Methodology and editorial standards

Each calculator uses its own inputs and method. Review the labels, units and assumption notes shown with the result. Costs, taxes, fees, benefits and other factors are not modeled unless the page or calculator explicitly says they are. A fixed-rate projection is a scenario, not a forecast or personalized recommendation.

The editorial standards explain how Snowballr reviews calculators and sources. The sources index links to references used across the site. To report an error or suggest a correction, use the contact page.