Personal loan calculator: payment, APR and fees
Type the amount, the rate and the term of a personal loan. Add an origination fee. The page shows the money you get, your payment and the real APR with the fee.
Payment in a month
$322.67
| Origination fee | $0.00 |
|---|---|
| Money you get | $10,000.00 |
| Total interest | $1,616.20 |
| Total of the payments | $11,616.20 |
| APR with the fee | 10% |
The APR is the yearly rate that makes your payments equal to the money you get. It uses the method of Regulation Z. A fee makes it higher than the interest rate.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $864.63 | $3,007.41 | $6,992.59 |
| 2 | $549.73 | $3,322.31 | $3,670.28 |
| 3 | $201.84 | $3,670.28 | $0.00 |
This is an estimate. It is not an offer of credit. Your lender can give other numbers.
How to use the calculator
- Type the loan amount and the interest rate.
- Choose the loan term in months.
- Type the origination fee. Choose if it is taken from the loan or added to it.
- Read your payment, the money you get and the APR.
Questions
What is the payment on a $10,000 personal loan?
At 10% for 36 months, the payment is $322.67 a month. The interest is $1,616.20. With no fee, the APR is 10%.
What is an origination fee?
It is a fee that the lender charges to make the loan. It is a share of the amount. A 5% fee on $10,000 is $500.00. Many lenders take it from the loan, so you get $9,500.00.
What is the real APR with the fee?
When the lender takes the fee from the loan, you pay $322.67 a month on $9,500.00 of money you get. The APR is then 13.56%, not 10%. The method is the one in Regulation Z.
What if the fee is added to the loan?
You get the full $10,000. The loan grows to $10,500.00, and the payment is $338.81 a month. The APR is 13.39%.
Do you want to know your pay after tax? Try the US paycheck calculator.