Personal loan calculator: What will this loan really cost?
Enter the amount, rate, term, and fee. See your monthly payment, the full cost, and the APR once the fee is counted.
How Penny does the math
The monthly payment is the fixed amount that repays the loan at your interest rate over the term.
The origination fee comes out of the loan, so you receive the loan amount minus the fee.
APR with fee is the rate at which your payments repay only the cash you receive.
Questions, answered
What is the difference between the interest rate and the APR?
The interest rate is the cost of borrowing the money. The APR adds lender fees, such as an origination fee. Use the APR to compare offers.
What is an origination fee?
It is a fee for making the loan. It is often a percent of the loan amount, and many lenders take it out of the money you receive. Check the loan disclosure for every fee.
Is a longer term better?
A longer term lowers the monthly payment but adds interest. Change the term above to see both numbers move.
