Personal Loan Calculator
Personal loans often carry an origination fee that quietly raises the real cost. This calculator shows your monthly payment, how much you'll actually receive, and the true APR once that fee is baked in.
Estimates are for illustration and education only — not a loan offer or financial advice. Actual terms, fees and APR vary by lender and credit profile.
Personal loan payment on $15,000
The monthly payment on a $15,000 personal loan by rate and term. Rates depend heavily on your credit score.
| Rate | 2 years | 3 years | 5 years | 7 years |
|---|---|---|---|---|
| 7% · excellent | $671 | $463 | $297 | $226 |
| 11.5% · good | $702 | $495 | $330 | $260 |
| 15% · fair | $727 | $520 | $357 | $289 |
| 20% · poor | $764 | $557 | $397 | $331 |
| 28% · subprime | $825 | $620 | $467 | $406 |
Payments exclude origination fees, which the calculator above adds to the real APR. Rate tiers are illustrative; actual offers depend on your credit and lender.
What makes a personal loan cost what it does
A personal loan is an unsecured, fixed-rate installment loan — no collateral, equal monthly payments, a set term. Because there's no asset backing it, rates run higher than a mortgage or auto loan and hinge on your credit. Two things drive the real cost: the interest rate and the origination fee.
The origination fee trap
Many lenders charge a 1–8% origination fee, deducted from your loan before it hits your account. Borrow $15,000 with a 3% fee and you receive $14,550 — but you still repay the full $15,000 with interest. That gap is why the APR is always higher than the quoted interest rate, and the APR is the number that lets you compare offers honestly.
Rate follows credit score
Personal loan pricing is tiered by credit. Excellent credit might see high-single-digit rates; fair or poor credit can push well past 20%. Before applying, check your score — even a small improvement can move you into a cheaper tier and save hundreds over the term.
Shorter terms, less interest
As with any loan, a longer term lowers the monthly payment but raises the total interest. Personal loans usually run two to seven years; pick the shortest term whose payment you can comfortably afford.
When a personal loan makes sense
Consolidating high-interest credit-card debt into a lower fixed rate is the classic win — compare the numbers with our loan calculator and effective annual rate calculator. For discretionary spending, though, borrowing at these rates rarely pays off.
Payment, and the APR the fee hides
The monthly payment comes from the standard amortising-loan formula. But an origination fee means you receive less than you borrow — so your true APR is higher than the quoted rate.
What to compare between offers
Two loans with the same headline rate can cost very different amounts. Always compare on APR and total repaid, not the monthly payment alone.
Signs of a good deal cheaper
- Low or zero origination fee
- A fixed rate, so the payment never rises
- No prepayment penalty for paying early
- A shorter term you can comfortably afford
Watch out for pricier
- A big origination fee inflating the real APR
- A long term that quietly doubles total interest
- "Low payment" framing that hides the total cost
- Add-on insurance or fees bundled into the loan
APR is the great equaliser. Because APR folds the origination fee into a single yearly cost, it lets you line up offers fairly even when their rates and fees differ. A loan with a slightly higher rate but no fee can easily beat a "lower-rate" loan carrying 5% up front.
Match the term to the purpose. For a one-off need like consolidating debt, the shortest term you can afford minimises interest. Stretching the term to shrink the payment feels easier month to month but costs far more by the end.