Personal Loan Calculator with True APR

Monthly Payment · Origination Fee · True APR (IRR) vs Nominal APR · Amortization Schedule

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Loan Inputs

Typical personal loans: $1,000 – $100,000
The rate the lender quotes; 2026 personal loans typically run 7%–36% APR
Common terms: 12 / 24 / 36 / 48 / 60 months
One-time fee charged by many lenders; 0 if none. Set the handling method below
Deducted: the fee comes out of what lands in your account, but you still repay the full amount

Loan Cost Summary

How the true APR (IRR) is calculated

Monthly payment uses standard amortization: payment = amount × (monthly rate × (1+monthly rate)^N) ÷ ((1+monthly rate)^N − 1), computed on the full loan amount regardless of the fee.
True APR is the internal rate of return (IRR) of your actual cash flows, solved by Newton iteration: with the fee deducted from proceeds, month 0 cash flow = amount − fee, followed by N monthly payments of −payment; with the fee paid upfront, month 0 = amount and month 1 adds the upfront fee to the payment. The monthly IRR is annualized as (1+r)^12 − 1.
If the nominal APR alone produced these cash flows, the discounted value would equal zero exactly at that rate β€” any gap between nominal and true APR is the cost of the fee.
All amounts are computed in whole cents (integer arithmetic) to avoid floating-point errors.

Amortization Schedule

No. Payment Principal Interest Remaining
Showing the first 5 and last 5 periods; middle rows are collapsed.
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❓ Personal Loan FAQ

What is an origination fee?
An origination fee is a one-time charge (typically 1%–12% of the loan amount) that lenders take for processing and underwriting your loan. Most lenders deduct it from your loan proceeds β€” borrow $15,000 with a 2% fee and $300 is withheld, so you receive $14,700 but still repay the full $15,000 plus interest. Some lenders let you pay it upfront instead. It appears on your Loan Estimate as an "origination charge" and directly raises your effective borrowing cost.
What is the difference between true APR and nominal APR?
The nominal APR is the interest rate the lender quotes on the loan balance. The true APR measures your actual cost of borrowing by comparing what you really receive (amount minus any fee) against what you really pay (all payments plus upfront fees). Because the fee shrinks the money you get while your payments stay based on the full amount, the true APR is always higher than the nominal APR when a fee exists. Lenders' advertised "APR" usually already includes mandatory fees β€” verify it with the IRR calculation above.
Do personal loans have prepayment penalties?
Most reputable US personal loan lenders in 2026 charge no prepayment penalty β€” you can pay off early and save the remaining interest, since interest accrues only on the outstanding balance. A minority of lenders (especially subprime or some credit unions) charge a fee if you repay within the first 12–24 months. Always check the loan agreement for a "prepayment penalty" clause before signing; a true no-penalty loan lets extra payments cut total interest dollar-for-dollar.
Is debt consolidation with a personal loan worth it?
It can be, under three conditions: (1) the personal loan APR is meaningfully lower than your current debts β€” typically replacing 20%–29% credit card balances with an 8%–15% loan; (2) the origination fee doesn't eat the savings β€” run both scenarios through the true APR above; (3) you don't run the paid-off cards back up. Consolidation also converts revolving debt into fixed payments with a hard end date, which many borrowers find easier to manage. If your loan rate wouldn't beat your existing rates, consolidation just moves the problem.
What is the difference between a hard and soft credit check?
A soft check (pre-qualification) lets lenders show you estimated rates without affecting your credit score β€” use it to shop around. A hard check happens when you formally apply; it may drop your score by a few points for up to a year. Multiple hard inquiries for the same loan type within a 14–45 day window are typically treated as one inquiry, so rate-shopping several lenders quickly is safe. Never submit formal applications to many lenders months apart β€” that stacks hard pulls.
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