№ 043 · Debt & loans cluster
Personal Loan Calculator
The real cost of an unsecured loan — payment, total interest, and the effective APR once the origination fee is deducted from what actually lands in your account. See where every payment goes.
Origination fee + true APR
The loan01
$
Rate & fees02
%
%
Monthly payment
$329.76
$10,000.00 borrowed$1,871.36 interest
Amount disbursed$10,000.00
Origination fee$0.00
Effective APR11.50%
Total interest$1,871.36
Total of payments$11,871.36
PayoffOct 2029
Total paid$11,871.36
- Principal$10,000.00
- Interest$1,871.36
| Principal | $10,000.00 |
|---|---|
| Interest | $1,871.36 |
- Balance remaining
| Start | $10,000.00 |
|---|---|
| Year 0.3 | $9,050.76 |
| Year 0.7 | $8,064.60 |
| Year 1.0 | $7,040.09 |
| Year 1.3 | $5,975.74 |
| Year 1.7 | $4,870.00 |
| Year 2.0 | $3,721.26 |
| Year 2.3 | $2,527.85 |
| Year 2.7 | $1,288.03 |
| Year 3.0 | $0.00 |
Amortization · by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,959.90 | $997.22 | $7,040.09 |
| 2 | $3,318.82 | $638.30 | $3,721.26 |
| 3 | $3,721.26 | $235.86 | $0.00 |
How it works · methodology
The math, in the open.
payment = P · [ r(1+r)^n ] / [ (1+r)^n − 1 ] disbursed = P − origination fee effective APR = nominal rate that equates disbursed to the payment stream
- P
- Loan amount you borrow and repay
- r
- Monthly interest rate (APR ÷ 12)
- n
- Number of monthly payments (term)
Assumptions & limits
- Fixed APR for the full term, with equal monthly payments that fully amortize the loan.
- The origination fee is deducted from your disbursement, not financed — it leaves the payment unchanged but raises your effective APR.
- Effective APR follows the U.S. convention: the nominal annual rate (periodic rate × 12) that equates the amount disbursed to your payment stream.
- An estimate, not a loan offer — your real APR depends on your credit and the lender.
By the MintNumber Editorial Team·Reviewed
Frequently asked
Questions about personal loans
How is my personal loan payment calculated?
We amortize the full amount you borrow over your term at your APR. The monthly payment is the fixed amount that pays the loan down to zero by the last payment — early payments are mostly interest, later ones mostly principal.
What is an origination fee, and how does it affect my loan?
Many lenders charge an origination fee (commonly 1%–10% of the loan) that is deducted from the money they send you. You still repay the full loan amount, so the fee does not change your monthly payment — but because you received less cash, your true cost of borrowing (the effective APR) is higher than the quoted rate. This calculator shows both.
What is the difference between the interest rate and the APR?
The interest rate is the cost of the loan principal alone. The APR (annual percentage rate) folds in fees like origination, so it reflects the all-in cost of the cash you actually receive. With no fee, the two are equal; with a fee, the APR is higher. APR is the number to compare across lenders.
What APR should I expect on a personal loan?
Personal loan APRs swing widely with your credit score, income, and the lender — from single digits for excellent credit to the mid-30s for poor credit. Pre-qualifying with a few lenders (a soft pull) shows your real rate without affecting your score. This tool is an estimate, not a loan offer.