Number Personal Loan Calculator
A personal loan is more than its headline APR: an origination fee quietly raises the real cost, and one extra payment a month quietly lowers it. This calculator counts both — fee, true APR, payoff date and interest saved.
How it works
The monthly payment uses the standard amortization formula on the financed balance — the amount you ask for plus the origination fee. The true APR then works backwards: it is the rate at which those payments are worth exactly the cash you receive, so a fee always pushes the true APR above the stated one. Extra payments go straight to principal, which is why they cut both the term and the total interest.
Formula & worked example
Formula: Payment = P × r ÷ (1 − (1 + r)−n), where P is the financed balance (loan amount + origination fee), r is the APR ÷ 12, and n is the term in months. The true APR works backwards: it is the rate at which the payments are worth exactly the cash you receive, so any fee pushes it above the stated APR.
Worked example: Borrow $10,000 at 10% APR over 36 months: the payment is $322.67, you repay $11,616.19 in total, and $1,616.19 of that is interest. Add $50 a month extra and the loan clears in 31 months with $1,366.31 of interest — $249.87 saved.
When to use this
- You are consolidating card balances into one fixed loan and want the honest monthly cost, fee included.
- An online lender pre-approves you at one APR but charges an origination fee that is financed into the balance.
- You can afford a little more than the required payment and want to know what a fixed extra amount actually buys.
- You are comparing a fee-charging loan against a no-fee loan at a slightly higher stated APR.
How to use it, step by step
- Enter the cash amount you need to receive.
- Enter the stated APR from the offer.
- Set the term in months.
- Enter the origination fee as a percentage of the loan — it is added to the balance, the way most lenders finance it.
- Add any extra monthly payment you can commit to, and read the true APR and the interest saved together.
What the inputs mean
| Input | What it is | Typical values |
|---|---|---|
| Loan amount | Cash you receive; the fee is financed on top of this | $1,000–$50,000 covers most personal loans |
| APR | The stated annual rate on the offer | Excellent credit: single digits to low teens; weaker credit: 20% and up |
| Term (months) | How long the loan runs | 24–84 months; 36 and 60 are the common offers |
| Origination fee (% of loan) | Fee added to the financed balance | 0% on no-fee lenders; 1–10% elsewhere |
| Extra payment per month | Amount added to every payment, straight to principal | Even $50–$100 shortens a mid-size loan by months |
Another worked example
Borrow $15,000 at 9% over 48 months with a 2% origination fee ($300.00) and $100 a month extra. The financed balance is $15,300.00 and the base payment is $380.74 — and because you receive only $15,000, the true APR is 10.04%, not 9%. With the extra $100 the loan clears in 37 months instead of 48, total repaid is $17,546.94, and interest is $2,246.94 — $728.64 less than the $2,975.58 the same loan costs with no extra payments.
Frequently asked questions
How much is the payment on a $10,000 personal loan?
At 10% APR over 36 months it is $322.67 a month, $11,616.19 paid in total and $1,616.19 of interest. Add $50 a month extra and the loan clears in 31 months with $1,366.31 of interest — $249.87 saved. Try your own numbers above.
What does an origination fee do to my APR?
It raises it. A 5% fee on that same $10,000 loan lifts the financed balance to $10,500 and the payment to $338.81 — but you only receive $10,000, so the true APR is about 13.39%, not 10%. That gap is exactly why comparing APRs (which include fees) beats comparing interest rates.
Should the fee be financed or paid upfront?
Financing it keeps cash in your pocket today but you pay interest on the fee itself for the whole term. Paying it upfront costs less overall. Either way, judge the loan by the true APR and the total of payments, not the monthly figure alone.
Do extra payments really help on a short loan?
Yes — every extra dollar skips all future interest on that dollar. On a 36-month loan the effect is modest but real; on longer terms it compounds. Check that your loan has no prepayment penalty first — most personal loans do not.
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What APR should I expect on a personal loan?
It is set mostly by credit score, income and the loan's size and term. Borrowers with strong credit are routinely offered single-digit or low-teen APRs; fair credit lands in the high teens and twenties; poor credit can mean 30% or more, at which point the interest can rival a credit card and consolidation stops making sense. Get quotes from more than one lender — the spread for the same borrower is often several points.
Does choosing a longer term ever make sense at the same APR?
Only when the shorter payment genuinely does not fit the budget. The APR stays the same, but more months of payments means more total interest, and the balance falls slowly enough that you can owe most of the loan for years. If you do take the longer term for breathing room, an extra payment habit is what stops the cheap monthly figure from becoming an expensive loan.