Personal Loan Calculator (with Fees and APR)
Find the payment and the real APR of a personal loan once fees are included.
The rate is not the whole cost
Many personal loans charge an origination fee that is taken out of the money you receive. You repay the full loan, but you get less, so the real yearly cost (the APR) is higher than the interest rate.
Example
A 15,000 loan at 11% for 4 years with a 5% fee has a payment of about 387.68. You receive 14,250 after the 750 fee, so the real cost works out to an APR of about 13.76%.
Compare offers using the APR and the total cost, not just the monthly payment. Late fees, prepayment charges and insurance add-ons are not included.
Frequently asked questions
What is a good APR for a personal loan?
It depends on your credit and the market. Compare several lenders using the APR.
Is the fee paid up front?
Usually it is deducted from the loan, so you receive less than you borrow.
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