Personal loan calculator
The advertised interest rate isn't the whole cost of a personal loan — an origination fee is usually deducted from what actually lands in your account before you see a dollar of it. See your real monthly payment, the total interest over the loan, and what you actually receive after fees.
Monthly payment
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Total interest
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Origination fee
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What you actually receive
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Last updated: September 2026 · Verified by Hugo Cardozo.
The rate isn't the whole story
Personal loans are typically fixed-rate installment loans — you borrow a lump sum and repay it in equal monthly payments over a set term, so the payment itself is predictable. What trips people up is the origination fee, a one-time charge (commonly 1-8% of the loan amount depending on credit and lender) that most lenders deduct directly from the loan before it's disbursed, rather than adding it to the balance.
Why "amount received" and "amount owed" are different numbers
If a $15,000 loan carries a 3% origination fee, you owe the full $15,000 (plus interest) but only about $14,550 actually reaches your account. If you need a specific dollar amount for a purchase, you may need to borrow slightly more than that amount to cover the fee — otherwise you'll come up short after the fee is taken out.
Worked example
A $15,000 loan at 11% APR over 48 months carries a monthly payment of about $388, with roughly $3,609 in total interest over the loan. A 3% origination fee ($450) is deducted upfront, so the amount actually received is about $14,550 — while the full $15,000 principal plus $3,609 in interest, about $18,609, is what gets repaid over the 4 years.
Why loan term changes more than the payment
A longer term lowers the monthly payment but increases total interest paid, since the balance sits outstanding (and accruing interest) for longer — the reverse is true for a shorter term. Comparing a few different term lengths at the same rate is usually worth doing before committing, since the "affordable" monthly payment and the "cheapest overall" term are often not the same choice.
Frequently asked questions
Is a lower advertised rate always the better deal?
Not necessarily — a lower rate with a higher origination fee can end up costing about the same as, or more than, a slightly higher rate with a lower fee. Comparing the total cost (interest plus fees) rather than the rate alone is the more reliable way to compare offers.
Can the origination fee be added to the loan balance instead of deducted upfront?
Some lenders offer this option, which means you receive the full amount you asked for but the fee then accrues interest along with the rest of the balance, slightly increasing the total interest paid compared to a fee that's deducted upfront. This calculator assumes the fee is deducted from the amount disbursed, which is the more common structure.
Does a personal loan affect my credit score?
Applying triggers a hard inquiry, which can cause a small, temporary dip, and opening a new installment loan changes your credit mix and average account age. Making payments on time consistently tends to help build credit over time, while missed payments have the opposite effect — same as any other installment loan.
📘 Related guide
Read the full guide: "Personal Loans: What the Origination Fee Really Costs You".
Personal Loans: What the Origination Fee Really Costs You