Find the monthly payment on a personal loan, see how an origination fee and insurance change the real cost, and get a full payment schedule.
A personal loan is repaid in equal monthly payments. Each month, interest is charged on the balance still owed, at one twelfth of the yearly rate, and whatever is left of the payment reduces the balance. Early payments are mostly interest and later ones mostly principal. The calculator finds the payment that brings the balance to exactly zero after the last month, and shows a schedule with a date for every payment.
The interest rate alone does not show what a loan costs. An origination fee is charged up front, either as a percentage of the loan or a fixed amount. It is often taken out of the money you receive, so you borrow the full amount but get less cash. Monthly insurance adds to every payment. Tick the box to add them. The calculator then shows the cash you receive, the total cost of the loan, and the annual percentage rate, or APR. The APR is the yearly rate that makes your actual payments repay the cash you actually received, so it is higher than the quoted rate whenever there are fees.
Compare loans by APR, not only by interest rate, and by the total cost of the loan. A longer term lowers the monthly payment but increases the interest you pay overall. The payoff date is the month after your final payment is due.
An origination fee is a charge for processing a loan, usually between 1% and 8% of the amount. Lenders often deduct it from the loan, so you receive less cash than you borrow but still repay the full amount.
The interest rate is the cost of borrowing the balance. The APR also counts fees and insurance, spreading them over the life of the loan, so it shows the true yearly cost. When there are no fees or insurance, the two are the same.
If the origination fee is deducted from the loan, the lender pays out the loan amount minus the fee. You still owe the full loan amount, and the interest is charged on that full amount. If you pay the fee separately, you receive the full loan amount in cash.
The first payment is due at the end of the start month, and the loan is paid off after the last payment. The payoff date is the month after the last payment month, counted from the start date you enter.
Yes. A shorter term means a higher monthly payment but less time for interest to build, so the total interest is lower. Try different terms in the calculator to see the trade-off.
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