{"id":67293,"date":"2026-10-21T09:43:19","date_gmt":"2026-10-21T06:43:19","guid":{"rendered":"https:\/\/wpcalc.com\/en\/?p=67293"},"modified":"2026-10-21T09:43:19","modified_gmt":"2026-10-21T06:43:19","slug":"personal-loan-calculator","status":"publish","type":"post","link":"https:\/\/wpcalc.com\/en\/finance\/personal-loan-calculator\/","title":{"rendered":"Personal Loan Calculator"},"content":{"rendered":"<section class=\"not-prose calculator-box\" aria-labelledby=\"calculator-title\"><div class=\"flex items-baseline sm:items-center justify-between gap-2 sm:gap-3\"><div class=\"flex flex-col sm:flex-row sm:items-center gap-2\"><span class=\"icon icon-calculator text-primary-700! text-base! dark:text-primary-300!\" aria-hidden=\"true\"><\/span><h2 id=\"calculator-title\" class=\"text-lg font-display font-bold\">Estimate Your Monthly Payment, Interest and Total Loan Cost<\/h2><\/div><div class=\"calcdash-favorite group\">\n  <button type=\"button\" class=\"favorite\" id=\"favorite\" data-favorite-id=\"67293\" data-favorite-title=\"Personal Loan\" data-favorite-url=\"https:\/\/wpcalc.com\/en\/finance\/personal-loan-calculator\/\" data-favorite-excerpt=\"Estimate a personal loan&#039;s monthly payment, total interest, effective APR including the origination fee, and payoff date. Enter the loan amount, APR, term, and fee to see a full amortization schedule.\" aria-label=\"Add to Favorites\" data-favorite-icon=\"icon icon-loan\">\n    <span class=\"icon icon-shape-star-empty\" aria-hidden=\"true\"><\/span>\n  <\/button>\n  <div class=\"calcdash-favorite__tip\" aria-hidden=\"true\">\n   <span class=\"favorite-tooltip\" id=\"favorite-tooltip\"><\/span>\n  <\/div>\n  <span class=\"sr-only\" role=\"status\" id=\"favorite-status\"><\/span>\n<\/div><\/div><form action=\"https:\/\/wpcalc.com\/en\/finance\/personal-loan-calculator\/\" method=\"POST\" class=\"calculator\" id=\"calculator-67293\" data-post=\"67293\"><fieldset class=\"fieldset-input is-2\"><legend class=\"sr-only\">Input Fields<\/legend><div class=\"field\" id=\"input-1\"><label for=\"field-1\">Loan amount<\/label><input type=\"text\" name=\"loan_amount\" id=\"field-1\" aria-describedby=\"calc-unit-1 calc-info-1\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"100\" value=\"15000\"\/><div class=\"unit\" id=\"calc-unit-1\">$<\/div><small id=\"calc-info-1\">The principal you want to borrow.<\/small><\/div><div class=\"field\" id=\"input-2\"><label for=\"field-2\">Interest rate (APR)<\/label><input type=\"text\" name=\"interest_rate_apr\" id=\"field-2\" aria-describedby=\"calc-unit-2 calc-info-2\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" max=\"100\" value=\"11.5\"\/><div class=\"unit\" id=\"calc-unit-2\">%<\/div><small id=\"calc-info-2\">Annual rate quoted by the lender, before the origination fee.<\/small><\/div><div class=\"field\" id=\"input-3\"><label for=\"field-3\">Term entered in<\/label><div class=\"grid grid-cols-1\"><select id=\"field-3\" name=\"term_entered_in\"><option value=\"months\" selected>Months<\/option><option value=\"years\">Years<\/option><\/select><svg class=\"pointer-events-none col-start-1 row-start-1 mr-2 size-5 self-center justify-self-end text-gray-500 sm:size-4\" viewBox=\"0 0 16 16\" fill=\"currentColor\" aria-hidden=\"true\" data-slot=\"icon\">\n              <path fill-rule=\"evenodd\" d=\"M4.22 6.22a.75.75 0 0 1 1.06 0L8 8.94l2.72-2.72a.75.75 0 1 1 1.06 1.06l-3.25 3.25a.75.75 0 0 1-1.06 0L4.22 7.28a.75.75 0 0 1 0-1.06Z\" clip-rule=\"evenodd\" \/>\n            <\/svg><\/div><\/div><div class=\"field\" id=\"input-4\"><label for=\"field-4\">Loan term<\/label><input type=\"text\" name=\"loan_term\" id=\"field-4\" aria-describedby=\"calc-info-4\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"1\" value=\"48\"\/><small id=\"calc-info-4\">Personal loans typically run 12\u201384 months (1\u20137 years).<\/small><\/div><div class=\"field\" id=\"input-5\"><label for=\"field-5\">Origination fee<\/label><div class=\"field-group\"><input type=\"text\" name=\"origination_fee\" id=\"field-5\" aria-describedby=\"calc-info-5\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"1\"\/><div class=\"grid grid-cols-1\"><select id=\"field-6\" name=\"fee_as\" aria-label=\"Fee as\"><option value=\"pct\" selected>% of loan<\/option><option value=\"usd\">flat $<\/option><\/select><svg class=\"pointer-events-none col-start-1 row-start-1 mr-2 size-5 self-center justify-self-end text-gray-500 sm:size-4\" viewBox=\"0 0 16 16\" fill=\"currentColor\" aria-hidden=\"true\" data-slot=\"icon\">\n              <path fill-rule=\"evenodd\" d=\"M4.22 6.22a.75.75 0 0 1 1.06 0L8 8.94l2.72-2.72a.75.75 0 1 1 1.06 1.06l-3.25 3.25a.75.75 0 0 1-1.06 0L4.22 7.28a.75.75 0 0 1 0-1.06Z\" clip-rule=\"evenodd\" \/>\n            <\/svg><\/div><\/div><small id=\"calc-info-5\">Typical personal loan fees run 1%\u201310% of the amount.<\/small><\/div><div class=\"field is-single\" id=\"input-6\"><label for=\"field-7\">How the fee is charged<\/label><div class=\"grid grid-cols-1\"><select id=\"field-7\" name=\"how_the_fee_is_charged\"><option value=\"deducted\" selected>Deducted from funds (you receive less)<\/option><option value=\"financed\">Added to the balance (financed)<\/option><\/select><svg class=\"pointer-events-none col-start-1 row-start-1 mr-2 size-5 self-center justify-self-end text-gray-500 sm:size-4\" viewBox=\"0 0 16 16\" fill=\"currentColor\" aria-hidden=\"true\" data-slot=\"icon\">\n              <path fill-rule=\"evenodd\" d=\"M4.22 6.22a.75.75 0 0 1 1.06 0L8 8.94l2.72-2.72a.75.75 0 1 1 1.06 1.06l-3.25 3.25a.75.75 0 0 1-1.06 0L4.22 7.28a.75.75 0 0 1 0-1.06Z\" clip-rule=\"evenodd\" \/>\n            <\/svg><\/div><\/div><div class=\"field\" id=\"input-7\"><label for=\"field-8\">First payment date<\/label><input type=\"date\" name=\"first_payment_date\" id=\"field-8\" aria-describedby=\"calc-info-8\" step=\"any\"\/><small id=\"calc-info-8\">Leave empty to assume the first payment one month from today.<\/small><\/div><div class=\"field\" id=\"input-8\"><label for=\"field-9\">Extra monthly payment<\/label><input type=\"text\" name=\"extra_monthly_payment\" id=\"field-9\" aria-describedby=\"calc-unit-9 calc-info-9\" data-number inputmode=\"decimal\" autocomplete=\"off\" spellcheck=\"false\" min=\"0\" value=\"0\"\/><div class=\"unit\" id=\"calc-unit-9\">$<\/div><small id=\"calc-info-9\">Optional amount added to every payment; savings and the schedule reflect it.<\/small><\/div><\/fieldset><div class=\"buttons\"><button type=\"submit\" data-text=\"Re-Calculate\" id=\"calculate-button\" data-post=\"67293\">Calculate<\/button><button type=\"reset\">Reset<\/button><\/div><div class=\"field is-checkbox hidden!\" id=\"field-auto-calc\"><input type=\"checkbox\" id=\"auto-calc\"><label for=\"auto-calc\">Calculate automatically<\/label><small>If enabled, the result will update automatically when you change any value.<\/small><\/div><div class=\"fieldset-result is-hidden\" aria-labelledby=\"result-title\" aria-live=\"polite\" role=\"region\"> <h3 class=\"result-title bg-gradient-to-r from-primary-50 to-gray-50 dark:from-primary-900 dark:to-gray-800\" id=\"result-title\"><span class=\"icon icon-s-pulse\" aria-hidden=\"true\"><\/span> Personal Loan Results<\/h3><div class=\"result-box\"><div class=\"field-result\" id=\"output-1\"><span class=\"field-title\"><span>Monthly payment<\/span><\/span><span class=\"field-value\" id=\"result-1\" data-unit=\"$\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result\" id=\"output-2\"><span class=\"field-title\"><span>Total interest<\/span><\/span><span class=\"field-value\" id=\"result-2\" data-unit=\"$\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result\" id=\"output-3\"><span class=\"field-title\"><span>Total cost incl. fee<\/span><\/span><span class=\"field-value\" id=\"result-3\" data-unit=\"$\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result\" id=\"output-4\"><span class=\"field-title\"><span>Net funds received<\/span><\/span><span class=\"field-value\" id=\"result-4\" data-unit=\"$\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result\" id=\"output-5\"><span class=\"field-title\"><span>Effective APR incl. fee<\/span><\/span><span class=\"field-value\" id=\"result-5\" data-unit=\"%\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result is-column\" id=\"output-6\"><span class=\"field-title\"><span>Payoff date<\/span><\/span><span class=\"field-value\" id=\"result-6\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result is-column\" id=\"output-7\"><span class=\"field-title\"><span>Extra payment savings<\/span><\/span><span class=\"field-value\" id=\"result-7\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result is-column\" id=\"output-8\"><span class=\"field-title\"><span>Where your money goes<\/span><\/span><span class=\"field-value\" id=\"result-8\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><div class=\"field-result is-column\" id=\"output-9\"><span class=\"field-title\"><span>Amortization schedule<\/span><\/span><span class=\"field-value\" id=\"result-9\"><\/span><button type=\"button\" class=\"copy-result\" data-tooltip=\"Copy Result\" aria-label=\"Copy Result\"><span class=\"copy-icon icon icon-document-copy\" aria-hidden=\"true\"><\/span><\/button><\/div><\/div><div class=\"result-actions\"><button type=\"button\" class=\"copy-link\"><svg viewBox=\"0 0 20 20\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M12.232 4.232a2.5 2.5 0 0 1 3.536 3.536l-1.225 1.224a.75.75 0 0 0 1.061 1.06l1.224-1.224a4 4 0 0 0-5.656-5.656l-3 3a4 4 0 0 0 .225 5.865.75.75 0 0 0 .977-1.138 2.5 2.5 0 0 1-.142-3.667l3-3Z\"\/><path d=\"M11.603 7.963a.75.75 0 0 0-.977 1.138 2.5 2.5 0 0 1 .142 3.667l-3 3a2.5 2.5 0 0 1-3.536-3.536l1.225-1.224a.75.75 0 0 0-1.061-1.06l-1.224 1.224a4 4 0 1 0 5.656 5.656l3-3a4 4 0 0 0-.225-5.865Z\"\/><\/svg><span class=\"copy-link__text\">Copy link to this calculation<\/span><\/button><span class=\"sr-only\" role=\"status\" id=\"copy-link-status\"><\/span><\/div><\/div><a href=\"#respond\" class=\"hidden transition-opacity duration-300 opacity-0 w-50 text-sm justify-center items-center gap-2 px-4 py-2 rounded bg-gray-200 text-gray-700 hover:bg-gray-300\" id=\"leave-comment\"><span class=\"icon icon-comments\" aria-hidden=\"true\"><\/span>Leave a Comment<\/a><\/form><\/section><section id=\"calc-reactions\" class=\"not-prose hidden my-12 bg-gradient-to-r from-primary-50 to-gray-50 border border-indigo-100 rounded-xl px-6 py-4 shadow-sm\" data-post=\"67293\" aria-live=\"polite\" aria-labelledby=\"calc-reactions-title\"><p id=\"calc-reactions-title\" class=\"text-sm text-gray-500 text-center mb-2\">How did this result make you feel?<\/p><div role=\"group\" aria-labelledby=\"calc-reactions-title\" class=\"grid grid-cols-3 sm:flex sm:flex-row sm:justify-around gap-4 sm:items-center sm:flex-wrap\"><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"like\"><span class=\"reaction-count\" data-reaction-count=\"like\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude00 <\/span><span class=\"reaction-description font-medium\">Like <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"helpful\"><span class=\"reaction-count\" data-reaction-count=\"helpful\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\udca1 <\/span><span class=\"reaction-description font-medium\">Helpful <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"confused\"><span class=\"reaction-count\" data-reaction-count=\"confused\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude15 <\/span><span class=\"reaction-description font-medium\">Confused <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"disappointed\"><span class=\"reaction-count\" data-reaction-count=\"disappointed\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\ud83d\ude1e <\/span><span class=\"reaction-description font-medium\">Disappointed <\/span><\/button><button type=\"button\" aria-pressed=\"false\" class=\"reaction-btn flex flex-col items-center gap-1 text-sm text-gray-700 hover:text-primary-600 cursor-pointer transition-transform hover:scale-105\" data-reaction=\"inaccurate\"><span class=\"reaction-count\" data-reaction-count=\"inaccurate\">0<\/span><span class=\"reaction text-3xl\" aria-hidden=\"true\">\u274c <\/span><span class=\"reaction-description font-medium\">Inaccurate <\/span><\/button><\/div><div id=\"reaction-message\" class=\"hidden mt-8 rounded-md border border-primary-100 bg-white\/50 backdrop-blur-sm px-4 py-2 text-sm text-center shadow-sm\"><\/div><\/section><div class=\"calcdash-ad not-prose calcdash-ad--calc_result calcdash-ad--in-article\"><ins class=\"adsbygoogle\" style=\"display:block\" data-ad-client=\"ca-pub-1721569815777345\" data-ad-slot=\"6317458308\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\"><\/ins><script>(adsbygoogle = window.adsbygoogle || []).push({});<\/script><\/div>\n<style id=\"wpcoderpro-inline-1\">.formula-box {\r\n\tborder-bottom: none !important;\r\n}<\/style><section class=\"formula-box\" aria-labelledby=\"formula-title\">\r\n\t<div id=\"formula-title\" class=\"not-prose font-display mb-4\"><span class=\"icon icon-formula\" aria-hidden=\"true\"><\/span><h2>Personal Loan Formula<\/h2><\/div>\r\n\t<figure class=\"not-prose formula\">\r\n\t\t<figcaption class=\"formula-title\">Formula<\/figcaption>\r\n\t\t<div class=\"text-base text-gray-800\" id=\"formula\">\n\\[ M = P \\times \\frac{r}{1 - (1 + r)^{-n}} \\]\n<\/div>\r\n\t<\/figure>\r\n\t<\/p>\n<p><strong>Where:<\/strong><\/p>\n<ul>\n<li>\\(P\\) \u2014 loan amount (the balance being repaid)<\/li>\n<li>\\(r\\) \u2014 monthly interest rate: the annual rate divided by 12, expressed as a decimal, so \\(r = \\frac{APR}{1200}\\)<\/li>\n<li>\\(n\\) \u2014 total number of monthly payments (loan term in months)<\/li>\n<li>\\(M\\) \u2014 fixed monthly payment<\/li>\n<\/ul>\n<p>This is the standard amortization formula: it produces the level payment that exactly pays off the balance \\(P\\) with interest over \\(n\\) equal monthly installments, leaving a zero balance after the last payment.<\/p>\n<p>\r\n<\/section>\n<style id=\"wpcoderpro-inline-459\">.calculation-box {\r\n\tborder-bottom: none !important;\r\n}<\/style><section id=\"calculation\" class=\"calculation-box\" aria-labelledby=\"calculation-title\">\r\n\t<div id=\"calculation-title\" class=\"not-prose font-display\"><span class=\"icon icon-unordered-list\" aria-hidden=\"true\"><\/span><h2>Personal Loan \u2013 Calculation Example<\/h2><\/div>\r\n\r\n<\/p>\n<p><strong>Example:<\/strong> you borrow $15,000 at an APR of 11.5% for 48 months, with a 1% origination fee deducted from the funds. The monthly rate is \\( r = 0.115 \/ 12 = 0.0095833 \\).<\/p>\n<p>\\[ M = 15000 \\times \\frac{0.0095833}{1 - (1.0095833)^{-48}} = 15000 \\times \\frac{0.0095833}{0.3673} \\approx 391.27 \\]<\/p>\n<p>\\[ \\text{Total interest} = 391.27 \\times 48 - 15000 \\approx 3780.96 \\]<\/p>\n<p>\\[ \\text{Fee} = 15000 \\times 0.01 = 150, \\quad \\text{net funds received} = 15000 - 150 = 14850 \\]<\/p>\n<p><strong>Result:<\/strong> the monthly payment is <strong>$391.27<\/strong>. Total interest is about <strong>$3,781<\/strong>, the origination fee is <strong>$150<\/strong>, and the total cost including the fee is roughly <strong>$18,931<\/strong>. Because you receive only $14,850 but repay on the full $15,000, the effective APR including the fee rises to about <strong>12.04%<\/strong>, and the loan is paid off after <strong>48 monthly payments<\/strong>.<\/p>\n<p>\n\r\n<\/section>\n<h2>How to Use the Personal Loan Calculator<\/h2>\n<ol>\n<li>Enter the <strong>Loan amount<\/strong> \u2014 the principal you want to borrow.<\/li>\n<li>Enter the <strong>Interest rate (APR)<\/strong> your lender quoted, before any origination fee.<\/li>\n<li>Choose the <strong>Term entered in<\/strong> \u2014 months or years \u2014 and type the <strong>Loan term<\/strong> (anywhere from 12 to 84 months).<\/li>\n<li>Enter the <strong>Origination fee<\/strong> and set whether it is a percentage of the loan or a flat dollar amount using the <strong>Fee as<\/strong> selector.<\/li>\n<li>Set <strong>How the fee is charged<\/strong>: \"Deducted from funds\" if the lender keeps the fee out of the money you receive, or \"Added to the balance\" if the fee is financed into the loan.<\/li>\n<li>Optionally set a <strong>First payment date<\/strong>; leave it empty to assume the first payment one month from today.<\/li>\n<li>Add an <strong>Extra monthly payment<\/strong> to see how much interest you'd save and how many months earlier you'd be debt-free.<\/li>\n<\/ol>\n<p>The results show the monthly payment, total interest, total cost including the fee, the net funds that actually hit your bank account, the effective APR with the fee included, and the payoff date \u2014 plus a pie chart and a year-by-year amortization schedule you can expand to see every month.<\/p>\n<h2>What This Calculator Tells You<\/h2>\n<p>A personal loan gives you a fixed amount of money that you repay in equal monthly installments over a set term. Each payment is split between interest (the lender's charge on the remaining balance) and principal (the amount that reduces what you owe). Early in the loan, most of each payment goes to interest; later on, most goes to principal. The amortization schedule shows this split for every single month.<\/p>\n<p>The advertised APR is not always the full story. Most personal lenders charge an origination fee of 1%\u201310%, usually withheld from the funds disbursed to you: borrow $15,000 with a 5% fee and you receive $14,250, yet you repay interest on the full $15,000. The <strong>effective APR including the fee<\/strong> answers the natural question \"what am I really paying?\" by finding the rate that makes the payment stream match what you actually received. Two loans with the same APR but different fees can differ meaningfully in true cost.<\/p>\n<p>Use the <strong>total cost incl. fee<\/strong> to compare offers: it is everything you'll pay minus what you borrowed \u2014 principal plus interest plus fees. When comparing lenders, always compare this figure or the effective APR rather than the headline rate alone. If you are weighing a loan against other debts, tools like our <a href=\"https:\/\/wpcalc.com\/en\/finance\/credit-card-interest-calculator\/\">credit card interest calculator<\/a> or the <a href=\"https:\/\/wpcalc.com\/en\/finance\/debt-consolidation\/\">debt consolidation payment calculator<\/a> can show what you currently pay and whether a loan would save money.<\/p>\n<h2>Loan Term, Extra Payments, and the True Cost of Interest<\/h2>\n<p>The trade-off in choosing a term is simple: a shorter term means higher monthly payments but far less interest; a longer term smooths the budget but costs more overall. For example, a $15,000 loan at 11.5% costs about $3,781 in interest over 48 months \u2014 stretching it to 84 months lowers the payment but adds well over $1,000 in interest. Before committing, check that the payment fits comfortably in your budget; our <a href=\"https:\/\/wpcalc.com\/en\/finance\/debt-to-income-ratio-calculator\/\">debt-to-income ratio calculator<\/a> can help you gauge how much debt you can safely carry.<\/p>\n<p>The <strong>extra monthly payment<\/strong> field is where real savings live. Because extra amounts go straight to principal, even $50\u2013$100 a month on a typical loan can cut several months off the term and save hundreds of dollars in interest \u2014 the calculator quantifies exactly how much. The same principle applies to larger debts: see our <a href=\"https:\/\/wpcalc.com\/en\/finance\/mortgage-payoff-calculator-with-extra-payments\/\">mortgage payoff calculator with extra payments<\/a> and the <a href=\"https:\/\/wpcalc.com\/en\/finance\/debt-snowball-calculator-snowball-vs-avalanche\/\">debt snowball vs. avalanche calculator<\/a> for strategies across multiple debts.<\/p>\n<h2>Assumptions and Limitations<\/h2>\n<ul>\n<li>The calculator assumes a <strong>fixed rate<\/strong> and equal monthly payments on a fully amortizing loan; it does not model variable-rate or interest-only loans.<\/li>\n<li>Interest is compounded monthly on the outstanding balance, the standard convention for personal loans.<\/li>\n<li>Only the <strong>origination fee<\/strong> is modeled. Late fees, prepayment penalties, or returned-payment fees are not included; many lenders charge no prepayment penalty, so extra payments usually cost nothing.<\/li>\n<li>When the fee is <strong>deducted from funds<\/strong>, interest accrues on the full loan amount even though you receive less \u2014 this is why the effective APR exceeds the quoted rate. When the fee is <strong>financed<\/strong>, it is added to the balance and amortized along with the principal.<\/li>\n<li>Personal loans typically run 12\u201384 months; the calculator rejects terms outside that range.<\/li>\n<li>The effective APR is calculated for the scheduled term and does not reflect the effect of extra payments.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Estimate a personal loan's monthly payment, total interest, effective APR including the origination fee, and payoff date. Enter the loan amount, APR, term, and fee to see a full amortization schedule.<\/p>\n","protected":false},"author":3168,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[30],"class_list":["post-67293","post","type-post","status-publish","format-standard","hentry","category-finance","tag-mortgage"],"acf":[],"_links":{"self":[{"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/posts\/67293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/users\/3168"}],"replies":[{"embeddable":true,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/comments?post=67293"}],"version-history":[{"count":1,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/posts\/67293\/revisions"}],"predecessor-version":[{"id":67294,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/posts\/67293\/revisions\/67294"}],"wp:attachment":[{"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/media?parent=67293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/categories?post=67293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wpcalc.com\/en\/wp-json\/wp\/v2\/tags?post=67293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}