Personal Loan Calculator
Enter the loan amount, rate, term, and any origination fee. See the monthly payment, total interest, and what the fee does to your real cost.
| Cash you actually receive | — |
| Origination fee | — |
| Total interest | — |
| Total you repay | — |
| Effective cost of cash received | — |
Full payment schedule (year by year)
Quick answer: At 11% APR over 36 months, about $491/month with roughly $2,680 total interest. Longer terms lower the payment but raise total interest.
The origination fee trick
Many lenders deduct the origination fee from the payout: borrow $15,000 with a 3% fee and only $14,550 hits your account — but you repay interest on the full $15,000. That quietly raises your true cost above the quoted rate. This calculator shows the effective cost against the cash you actually received.
Worked example: $15,000 at 11% for 36 months
- Monthly payment: about $491
- Total interest: about $2,680
- With a 3% fee ($450), cash received is $14,550 — total cost is about $3,130 on that cash, an effective ~21.5% total, not just "11%"
When a personal loan makes sense
| Use | Verdict |
|---|---|
| Consolidating 20%+ credit card debt at ~11% | Often smart — fixed payoff date, big rate cut |
| Emergency expense with no emergency fund | Acceptable — cheaper than cards |
| Vacations, weddings, wants | Risky — paying interest on memories |
| Investing the proceeds | Bad — guaranteed cost vs uncertain return |
Frequently asked questions
What is the monthly payment on a $15,000 personal loan?
At 11% APR over 36 months, about $491/month with roughly $2,680 total interest. Longer terms lower the payment but raise total interest.
What is an origination fee?
A one-time fee of 0–10% of the loan, usually deducted from your payout. You repay the full amount but receive less — always compare loans by APR including fees, not by interest rate alone.
Is a personal loan cheaper than a credit card?
Usually yes: personal loans for good credit run 8–14% vs 20–30% on cards, with a fixed payoff date. Consolidating card debt into a lower-rate loan is one of the best uses.
Does a personal loan hurt credit?
A small temporary dip from the hard inquiry, then often a net gain: it adds installment credit mix and slashes card utilization if used for consolidation — provided the cards stay paid off.
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Last updated: 2026-07-07