Free Personal Loan Calculator
Calculate the monthly payment and total cost of a personal loan, including any origination fee. Free. No signup required.
- Principal$12,000.00 · 83%
- Total Interest$2,143.13 · 15%
- Origination Fee$360.00 · 2%
For every dollar borrowed, you pay back $1.18 — interest adds 18% on top.
- Origination Fee$360.00
- You Receive$11,640.00
- Total Cost of Loan$14,143.13
About the Free Personal Loan Calculator
The amount you're approved for on a personal loan and the amount that actually lands in your account are often two different numbers, because many lenders subtract an origination fee before disbursing the rest — a detail that's easy to miss when you're comparing a rate on a lender's landing page. This calculator shows all three figures at once: your monthly payment, what you'll actually receive after the fee, and the total cost of the loan over its full term.
It's built for the moment you're comparing personal loan offers — often for debt consolidation, an unexpected expense, or a big purchase you'd rather not put on a credit card — and want to see past the advertised rate to what a specific offer really costs.
You can run the exact numbers from an offer you got in your inbox or through a lender's site without creating an account or triggering a credit check — this calculator works entirely from what you type in, right in your browser.
Frequently asked questions
Do personal loans have prepayment penalties?
Most don't — the majority of personal loan lenders let you pay off the balance early with no penalty, but it's not universal, so check your specific loan agreement before assuming you can pay it off ahead of schedule without a fee.
What's a good interest rate for a personal loan?
It depends heavily on your credit score — borrowers with excellent credit often see rates in the high single digits, while fair or below-average credit can push rates into the 20-30%+ range. Compare any offer you get against your own credit tier rather than a flat market average.
Does the origination fee come out of my loan balance or get charged separately?
Typically it's subtracted from the loan before you receive it — you're still on the hook for repaying the full loan amount, including the fee, even though you never actually see that portion of the cash. This calculator's "You Receive" figure reflects that gap.
Is a personal loan better than a credit card for consolidating debt?
Usually, if your credit card APRs are high and variable — a personal loan gives you a fixed rate and a fixed payoff date, which most revolving credit cards don't. Compare the personal loan's total cost here against what continuing to carry the card balances would actually cost you in interest.
Will checking my rate for a personal loan hurt my credit score?
Many lenders offer a rate check using a soft credit pull that doesn't affect your score — it's only the formal application, after you accept an offer, that typically triggers a hard inquiry. Confirm which type of check a lender is doing before you submit anything.
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