# Personal Loan Calculator

> Calculate a personal loan’s monthly payment and total interest, and see how an origination fee, deducted or added to the loan, changes the APR.

Category: Finance · Applies to: Worldwide · Last updated: 2026-10-29
Interactive calculator: https://calculators.geekmidst.com/calculators/personal-loan-calculator

Many personal loans charge an origination fee, either taken out of the money you receive or added to the balance. Either way it raises the true cost, which the APR captures.

Also called: Personal loan payment calculator.

## Inputs
- Amount you need (default 10000)
- Interest rate (per year) (unit %; default 10)
- Loan term (unit months; default 36)
- Origination fee (unit %; default 5; optional)
- The fee is (options: Taken from the money, Added to the loan; default deducted)
- Currency

## Results
- Monthly payment
- APR including the fee
- Total interest
- Origination fee
- Money you receive
- Amount borrowed
- Total of payments

## Formula

```
Payment = P × i × (1 + i)^n ÷ ((1 + i)^n − 1), i = rate ÷ 12.  APR = 12 × a, where Σ Payment ÷ (1 + a)^k = money received
```

Where:
- P: amount borrowed (including the fee if it is added)
- i: monthly interest rate
- n: number of months
- a: monthly cost of credit including the fee

## Worked example
1. Monthly rate 10% ÷ 12 = 0.8333%; over 36 months, payment on $10,000 = $322.67.
2. The 5% fee is $500, so you receive $9,500 but repay 36 × 322.67 ≈ $11,616.19.
3. The rate at which those payments are worth $9,500 is about 1.13% a month, or 13.56% APR.

**Result:** A $10,000 loan at 10% for three years costs $322.67 a month; with a 5% fee deducted, the APR is about 13.56%.

## What the result means

If you need the full $10,000 in hand and the fee is deducted, borrow a little more. Comparing offers by APR puts fee-free and fee-charging loans on the same footing.

## Assumptions and limits
- Fixed rate and equal monthly payments, with the first payment one month after the loan starts.
- Late fees, payment protection insurance and prepayment penalties are not included.

## Questions

### Is a deducted fee or an added fee better?

An added fee means you also pay interest on the fee, so your payments are higher; a deducted fee leaves you with less cash. The APR shows the overall cost either way.

### How can I lower the cost?

A shorter term cuts total interest, and a better credit score usually brings a lower rate and smaller fee.

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_This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ._

Source: GM¹X CalcVerse — https://calculators.geekmidst.com/calculators/personal-loan-calculator