Personal Loan Calculator

Your monthly payment is influenced by several key factors:

• Principal amount (how much you borrow)
• Annual interest rate (cost of borrowing)
• Loan term (length of repayment)
• Origination fees (if applicable)
• Whether fees are paid upfront or financed into the loan

Generally, longer terms mean lower monthly payments but more interest paid overall, while higher interest rates increase both monthly payments and total cost.

The amortization schedule shows how each monthly payment is split between principal and interest over the life of your loan. Here's what you should know:

• Early payments go mostly toward interest
• As time passes, more of each payment goes to principal
• The total payment stays the same each month (unless you have a variable rate)
• You can use this schedule to understand how extra payments could save you money

While related, APR and interest rate are different:

• Interest rate is the basic cost of borrowing money
• APR includes both the interest rate and other loan costs like origination fees
• APR is typically higher than the interest rate
• APR provides a more complete picture of loan costs

When comparing loans, look at both figures to understand the true cost of borrowing.

There are several strategies to reduce your total loan cost:

• Make extra payments toward principal when possible
• Choose a shorter loan term if you can afford higher monthly payments
• Improve your credit score to qualify for better interest rates
• Shop around with multiple lenders to find the best rates
• Consider a co-signer with excellent credit

The decision to include origination fees depends on your financial situation:

• Paying upfront reduces the total cost of your loan
• Including fees in the loan increases monthly payments and total interest
• Consider your available cash and monthly budget when deciding
• Compare offers from different lenders as fee structures vary significantly

Our calculator provides comprehensive loan insights through several features:

• Instantly calculates monthly payments based on your inputs
• Shows total interest paid over the life of the loan
• Provides detailed amortization schedule to track principal and interest payments
• Includes origination fee calculations with options for upfront or financed fees
• Allows you to compare different scenarios by adjusting terms, rates, and fees

Try different combinations of loan amounts, terms, and rates to find the best option for your budget.