Personal Loan Calculator
Estimate your personal loan's monthly payment, total interest, and true APR including any origination fee — starting from today's average bank rate.
A $15,000 personal loan over 36 months at the current 11.4% average rate costs about $494/mo ($2,781 interest). Source: FRED, as of Q2 2026.
$494
Monthly payment on $15,000 over 36 months at 11.4%
$2,781
Total interest paid over the life of that loan
11.4% APR
24-mo personal-loan average, commercial banks, FRED as of Q2 2026 — live default
What drives your personal-loan cost
The rate, the origination fee, and the term you choose.
Start from a real benchmark rate
The calculator opens with the live 11.4% commercial-bank personal-loan average (FRED, Q2 2026), so your estimate begins from current market reality instead of a guess. Adjust it to match any quote you've received.
Watch the origination fee
Many lenders deduct a 1–8% fee from the amount you receive while you still repay the full loan. That gap is why the true APR can sit noticeably above the headline rate — the calculator solves for it.
The term is a trade-off
Stretching the loan lowers each payment but adds interest over time. Use the amortization curve to see how fast the balance falls and pick a term that balances affordability against total cost.
How the Personal Loan Calculator Works
Formula
r = APR ÷ 12
monthlyPayment = principal × r ÷ (1 − (1+r)^−n) (n = term in months)
totalRepaid = monthlyPayment × n
totalInterest = totalRepaid − principal
originationFee = principal × feeRate
netDisbursed = principal − originationFee
trueAPR = rate that equates the payments to the net cash receivedEnter the loan amount
The principal you want to borrow.
Set the APR
Opens at the live 11.4% average — replace it with your own quote.
Choose the term
How many months you'll take to repay.
Add any origination fee
Deducted up front; lifts the true cost of borrowing.
Review payment and true APR
See the monthly payment, total interest, and fee-adjusted APR.
Personal loans are fixed-rate and fully amortizing, so the payment is constant and the balance falls a little faster each month as less of it goes to interest. The true APR is solved numerically: it's the rate that makes the payment stream worth exactly the cash you actually receive after the fee.
The default APR is the Federal Reserve's commercial-bank 24-month personal-loan average, 11.4% as of Q2 2026 (source: FRED, last refreshed 2026-06-08). It's a starting benchmark — your offer depends on credit, income, and lender.
Frequently Asked Questions
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