Personal Loan Calculator
Calculate monthly personal loan payments, total finance charges, and effective APR including origination fees across 12 to 84-month terms.
Fixed Installment Amortization Formula
PMT = P × [ r(1 + r)^n ] / [ (1 + r)^n − 1 ] | Total Interest = (PMT × n) − P | Net Proceeds = P − OriginationFee- P (Principal): Total loan amount borrowed.
- r: Monthly interest rate (Annual APR / 100 / 12).
- n: Total loan term in months (e.g. 36, 48, 60).
- Effective APR: Expresses true borrowing cost by incorporating upfront origination fee deductions.
Step-by-Step Worked Example
Calculation Steps:
How to Use This Calculator
Assumptions & Limitations
- Assumes a fixed interest rate with standard monthly compounding and equal monthly amortization payments.
Frequently Asked Questions
How do origination fees affect my personal loan?
Lenders often deduct origination fees (typically 1% to 8%) directly from loan proceeds. If you borrow $10,000 with a 5% fee, you receive $9,500 in your bank account but must repay the full $10,000 plus interest.
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