Personal loan calculator
Includes what most calculators skip: the origination fee, and the effective APR that tells you which offer is actually cheaper.
Balance over time
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | $4,440 | $1,496 | $10,560 |
| Year 2 | $4,978 | $957 | $5,582 |
| Year 3 | $5,582 | $354 | $0 |
How this is calculated
Payments use the standard fixed-rate amortization formula on the full loan amount. When an origination fee applies, we also solve for the effective APR — the rate that makes your payment stream equal in value to the cash you actually received. Federal Truth in Lending rules require lenders to disclose APR this way, and it's the only fair basis for comparing offers with different fees.
Frequently asked questions
What is an origination fee on a personal loan?
An origination fee is a one-time charge, usually 0%–10% of the loan amount, that most online lenders deduct from your disbursement. If you borrow $10,000 with a 5% fee, you receive $9,500 but repay interest on the full $10,000. Always compare loans by effective APR, which accounts for the fee.
What credit score do I need for a personal loan?
Many lenders approve scores from around 580–600, but rates improve sharply above 670 and again above 740. If your score is borderline, compare offers from credit unions, which often price more favorably than online lenders for fair-credit borrowers.
Is a personal loan better than a credit card?
For carrying a balance, usually yes: personal loan APRs are typically well below credit card rates, payments are fixed, and there's a defined payoff date. For purchases you can pay off within a month, a card with no interest charged is cheaper.
Can I pay off a personal loan early?
Most personal loans have no prepayment penalty, so extra payments go straight to principal and shorten the loan. Use the extra payment field above to see the exact interest saved — but confirm your lender's prepayment terms first.