Calculate your monthly personal loan payment, total interest, and true APR including origination fees. Compare loan offers side-by-side on an equal basis before borrowing.
Monthly payment, total interest & true APR
A personal loan calculator is essential for comparing loan offers because lenders quote rates in different ways. The stated interest rate and the APR (Annual Percentage Rate) can be very different numbers. A lender offering 10% with a 5% origination fee on a $15,000 loan for 36 months has an effective APR closer to 14%–15%. This calculator computes the true APR so you can compare Lender A (9% rate, 3% fee) against Lender B (11% rate, no fee) on an equal basis. In 2025, average personal loan APRs in the US ranged from about 8% for excellent-credit borrowers to 25%+ for those with fair credit.
Loan term is another major factor. A shorter term means higher monthly payments but dramatically less total interest. A $15,000 personal loan at 12% APR over 36 months costs about $2,900 in interest; stretched to 60 months, the same loan costs nearly $4,900 — an extra $2,000 paid just for the longer timeline. For debt consolidation purposes, the personal loan APR needs to beat the weighted average APR of the debts being consolidated to produce real savings. This calculator helps you verify that before you sign.
APR includes origination fees rolled into the annual cost. A 10% loan with a 4% fee has an APR of roughly 12.5%–13% over 36 months. Always compare APR, not the stated rate, when evaluating competing offers.
Origination fees typically run 1%–8% of the loan amount. On a $20,000 loan, a 5% fee is $1,000 deducted upfront but you still owe the full $20,000. Factor this into your comparison — the net amount you receive matters.
Shorter terms (24–36 months) cost less total interest but require higher monthly payments. Longer terms (60–84 months) free up monthly cash flow but can cost 50%–75% more in total interest over the loan life.
Borrowers with 760+ FICO scores get the best personal loan rates (7%–12%). Scores in the 640–699 range often see 18%–25% APR. Improving your credit score before applying can save hundreds or even thousands over the loan term.