Money Anvil

Personal loan calculator

Your monthly payment, what the loan costs in total, and its true APR once an origination fee comes out of the money you receive.

Average 24-month personal loan rate at US banks: 11.90% (Federal Reserve via FRED, August 2026). Your rate depends on your credit.

Many lenders charge none; others take 1% to 10% out of the loan before paying it to you.

Monthly payment

$331.67

APR 11.90%, the yearly cost including fees.

You receive
$10,000.00
Origination fee
$0.00
Total interest
$1,939.90
Total of payments
$11,939.90
Total cost of borrowing
$1,939.90

Estimates for planning, not financial advice. Your lender's disclosure shows the binding APR.

Interest rate versus APR

The interest rate sets your monthly payment. The APR (annual percentage rate) also counts fees, so it shows what the loan really costs per year. Without fees the two are the same. With an origination fee, the lender takes the fee out of the loan: you repay the full amount with interest but receive less, so the APR is higher than the rate.

On a $10,000 loan at 10% for three years, a 5% fee means you get $9,500 but still repay $10,000 plus interest. That raises the APR to about 13.6%. Compare loans by APR, not by interest rate; the interest rate vs. APR guide explains more.

Shorter loans, less interest

A longer term lowers the monthly payment but you pay interest for longer, and lenders often charge a higher rate for longer terms. Choose the shortest term whose payment you can comfortably make, and check whether the lender charges for paying the loan off early.

How this calculator works

The payment uses the standard fixed-rate formula, amortized month by month with interest rounded to the cent. The APR is found the way US lenders must disclose it under the Truth in Lending Act: the yearly rate at which your payments are worth exactly the money you received. The methodology page shows the formula.

Questions

What interest rate should I use?

The calculator starts with the Federal Reserve's latest average rate on 24-month personal loans at commercial banks. Online lenders and credit unions quote a wide range depending on your credit, so use a prequalified offer when you have one.

Should I borrow extra to cover the fee?

If you need a set amount in hand, divide it by (1 − fee): needing $9,500 with a 5% fee means borrowing $10,000. You'll pay interest on the fee as well, which the APR includes.

Is my information saved or sent anywhere?

No. Everything is calculated in your browser. The numbers appear in the page address only so you can bookmark or share a result.