How to use this personal loan calculator
Choose Estimate one loan when you already know the loan amount you are considering. Enter the loan principal, annual interest rate, term in months, and any origination fee charged as a percentage of the loan.
If an origination fee applies, the amount of cash you receive can be lower than the amount you borrow. The calculator shows both the loan amount and the estimated cash received so you can see that difference.
Choose Compare two loan offers when you want to evaluate two offers based on the same amount of usable cash. Enter the cash you need, then enter the interest rate, term, and origination fee for each offer.
The comparison accounts for differences in origination fees so the two offers can be evaluated on a more consistent cash-needed basis.
Understanding your single-loan results
The estimated monthly payment is the regular payment associated with the loan principal, interest rate, and term you enter.
Loan principal is the amount borrowed under the scenario. Origination fee is the upfront percentage-based fee associated with the loan.
Estimated cash received shows the amount of usable proceeds remaining after the entered origination fee is taken into account. This can be lower than the stated loan principal.
Total interest estimates the interest paid over the loan term. Total of payments shows the combined amount of the scheduled loan payments.
Total financing cost combines estimated interest and the origination fee, providing a broader view of borrowing cost than the monthly payment alone.
The results also show the loan term and an estimated final payment. The final payment may differ slightly from the regular monthly payment as the remaining balance is completed.
What affects your personal loan estimate
Loan amount
The amount you borrow directly affects the size of the monthly payment and the total amount that must be repaid.
If an origination fee is charged, remember that borrowing a certain amount does not necessarily mean you will receive that same amount in usable cash.
Interest rate
The interest rate affects both the estimated monthly payment and the amount of interest paid over the repayment period.
All else being equal, a higher interest rate generally increases borrowing costs, while a lower rate generally reduces them.
Loan term
The repayment term determines how long the loan is scheduled to remain outstanding.
A longer term can reduce the monthly payment by spreading repayment over more months, but it can also increase the amount of interest paid over time.
A shorter term may require a larger monthly payment but can reduce the length of the repayment period.
Origination fee
An origination fee is an upfront borrowing cost that can reduce the usable proceeds you receive from the loan.
A loan with an origination fee may therefore require you to borrow more than the amount of cash you actually need.
The calculator includes the entered origination fee in the total financing-cost estimate so you can consider the fee alongside interest.
Interest rate vs. APR
The rate field in this calculator is an annual interest rate. It is not intended for an APR that already incorporates loan fees.
If a lender gives you both an interest rate and a separate origination fee, enter the interest rate in the rate field and the fee separately.
Do not enter a fee-inclusive APR as the interest rate and then enter the same origination fee again, because that could effectively count the fee twice in your comparison.
This calculator does not calculate a legally compliant disclosure APR. It is designed to help you compare payments, interest, fees, and broader financing costs using the assumptions you enter.
Comparing two personal loan offers
Comparison mode starts with the amount of cash you need rather than requiring both offers to use the same stated loan principal.
This is useful when the offers have different origination fees, because a fee can reduce the usable proceeds available from a loan.
The results show each offer's estimated loan principal, origination fee, monthly payment, total interest, total payments, financing cost, and repayment term.
The comparison also highlights differences between the offers so you can see how their payments, fees, costs, and terms vary.
Why the lowest monthly payment may not mean the lowest cost
A lower monthly payment can make a loan easier to fit into a budget, but it does not automatically mean the loan is less expensive overall.
A longer term can reduce the monthly payment while increasing the amount of time you remain in debt and potentially increasing total interest.
A loan with a relatively low interest rate can also carry a meaningful origination fee that adds to its overall cost.
When comparing personal loans, consider the monthly payment together with the repayment term, total interest, origination fee, and total financing cost rather than relying on a single number.
Important assumptions and limitations
This calculator is a borrowing-planning illustration, not a lender quote, approval decision, or loan offer.
The estimates are based on the loan amount, interest rate, repayment term, and origination fee you enter.
The calculator does not account for late fees, optional add-on products, prepayment penalties, or other lender-specific charges that are not included in your inputs.
Actual lender payment schedules, fee treatments, available loan amounts, and other loan terms may differ from the estimates shown here.
The calculator does not determine credit eligibility or predict the interest rate, loan amount, or terms a lender may actually offer you.
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Learn more about personal loans
Explore MarketReview's Loans section for more information about personal loans, borrowing costs, interest rates, repayment terms, and other factors to consider before taking out a loan.