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Personal loan calculator

Personal loan calculator: the real APR once fees are counted

See the monthly payment, the total cost and the APR once the origination fee is counted.

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How this works

  • The monthly payment is a standard fixed-payment amortization at the loan's interest rate over the term.
  • Regulation Z counts loan fees as part of the finance charge, so the APR here includes the origination fee.
  • If the fee is taken from the loan, you repay the full amount but get less to use, which raises the APR above the interest rate.
  • The APR is the yearly rate at which your payments equal the money you actually receive (the actuarial method in Regulation Z Appendix J).
  • Loans at 36% APR or more are flagged: that's the cap the Military Lending Act sets for consumer credit to covered service members.

Sources

  1. Regulation Z §1026.4: finance charge (CFPB)
  2. Regulation Z §1026.22: annual percentage rate (CFPB)
  3. Regulation Z Appendix J: APR computations (Cornell LII)
  4. 32 CFR §232.4: Military Lending Act rate limit (Cornell LII)

Awaiting expert reviewPreview build. Estimates only; not financial, tax or legal advice.

Common questions

Why is the APR higher than the interest rate?

Because the APR counts the origination fee as a cost of the loan. When the fee comes out of the loan, you pay interest on money you never get to use, so the yearly cost is higher than the rate alone.

Does it matter whether the fee is taken from the loan or added to it?

Yes. Taken from the loan, you receive less than you repay. Added to the balance, you receive the full amount but pay interest on the fee too. The calculator shows the APR either way.

Why does the calculator flag loans at 36% APR or more?

36% is the cap the Military Lending Act sets for consumer credit to covered service members. A loan that costly is worth comparing with your other options before you borrow.

Is a longer term cheaper?

A longer term lowers the monthly payment, but you pay interest for more months, so the total cost is usually higher. Try different terms to see the difference.

Is the information I enter saved or sent anywhere?

No sign-up is needed. Your numbers are saved only in this browser, and the other tools on the site reuse them.