How to use this calculator
Compare the payment with the total cost before you review lender offers. This estimator uses a fixed-rate amortization formula and does not check eligibility.
How the personal loan payment is estimated
The calculator applies a standard fixed-rate amortization formula to the loan amount, APR and number of monthly payments. Each payment includes interest on the outstanding balance and a portion of principal. If APR is zero, it divides the principal evenly across the term.
The origination-fee input is shown separately. The “cash received” estimate assumes the fee is deducted from the amount borrowed. A real lender may deduct the fee, finance it or use another disclosed method, so compare the output with the lender’s final Truth in Lending disclosure.
Example: payment and proceeds are different
Suppose a loan is $10,000, the fixed APR is 18%, the term is 36 months and the origination fee is 5%. The estimated monthly payment is about $361.52, while estimated proceeds after a deducted fee are $9,500. That difference is why it is important to compare APR, total payments and net proceeds—not only the advertised loan amount.
How to compare two loan offers
- Use the same amount and repayment term for both scenarios.
- Enter the APR, not only the interest rate.
- Confirm whether the fee is deducted or financed.
- Compare the monthly payment, total repayment and cash received.
- Review late fees, prepayment terms and optional products separately.
The CFPB explains that a loan APR can include the interest rate plus certain lender fees. Read its APR and interest-rate explanation, then see our new borrower comparison guide.
What can change the real payment
Payment dates, daily-interest conventions, rounding, optional insurance, variable rates and fee treatment can change a lender’s figures. This calculator does not check credit, income, state availability or immigration-document eligibility.
What the estimate cannot tell you
This tool does not access a credit report, verify income, collect identity information, predict approval or replace provider disclosures. Rates, fees, screening rules and eligibility are controlled by the relevant provider.
Frequently asked questions
Does the calculator check my credit?
No. It runs only in your browser and does not contact a credit bureau, lender or partner.
Is APR the same as the interest rate?
Not always. A loan APR can include the interest rate plus certain finance charges, so use the lender’s disclosed APR for comparison.
Does the monthly payment include an origination fee?
The payment is calculated on the entered loan amount. The separate proceeds estimate assumes the entered fee is deducted; a lender may treat the fee differently.