What does this tool do?
A personal loan is usually repaid in equal monthly instalments. This calculator shows the payment, interest and the effect of an upfront origination fee.
The Formula
Payment = P × r ÷ (1 − (1 + r)^−n); Fee = P × Fee %Frequently Asked Questions
Does a longer term lower the cost?
It lowers the monthly payment but usually increases total interest. Choose the shortest term whose payment you can comfortably sustain.
Why is the APR higher than the interest rate?
The APR includes fees and charges, so it reflects the true annual cost. Use it when comparing offers.