A walkthrough, end to end.
- 1
Enter the loan amount, APR, term, and any origination fee (typically 1–8%).
- 2
The calculator returns monthly payment, total interest, and the net cash you actually receive after the origination fee.
- 3
Compare quotes — APR alone misses origination fees; net cash + payment is the apples-to-apples view.
Personal loan with origination fee
Net cash to borrower = Loan Amount − Origination Fee (deducted upfront from disbursement). Monthly payment uses the standard amortization formula on the FULL loan amount. The fee effectively raises the true APR above quoted.
What you can do with this.
Debt consolidation personal loan
Most common use case. Pay off high-rate credit cards with one fixed-payment loan. Personal loan APRs 8–15% for prime borrowers vs 22%+ on cards. Significant savings if you stop using cards.
Major purchase (medical, wedding, home repair)
$10K medical bill: personal loan at 12% over 3 years = $332/mo. Compare against credit card at 22% — personal loan saves ~$1,500 over the term.
Online lender vs. bank
Online lenders (SoFi, LightStream, Marcus, Upstart, LendingClub) often beat traditional bank rates by 2–5% for prime borrowers. Get pre-qualified rates from 3+ lenders without hard credit pulls.
Origination fee impact
$15K loan with 5% origination fee = $750 fee, $14,250 net cash. The fee effectively raises a 10% APR loan to ~12% true cost. Always include origination in comparisons.
Credit score impact on rate
FICO 720+: 8–12% APR typical. 660–720: 12–18%. Below 660: 20%+. Run multiple pre-qualifications before applying — soft pulls don't hurt your credit and reveal which lender wants your business.
Short-term vs. long-term
Shorter term = higher monthly, less total interest. $10K at 10%: 24 months = $462/mo, $1,090 interest; 60 months = $212/mo, $2,748 interest. Pick shortest term you can comfortably afford.
Personal loan vs. balance transfer
0% balance transfer card better if you can pay off in 15–21 months. Personal loan better for longer payoff or if you don't qualify for top-tier card. Run both options through the calculator.
Personal loan calculator 2026 — what's current
Average personal loan APR ~12–13% for prime borrowers in 2026. Average origination fee 3–5%. Online-only lenders consistently beat brick-and-mortar banks by ~2% for the same borrower.
Frequently asked.
Almost always yes if the personal loan APR is meaningfully lower (5%+ spread) AND you stop using the cards. The math wins; behavior is the gotcha.
Sometimes — especially for borrowers with strong credit shopping multiple lenders. Some lenders (LightStream, Marcus) charge zero origination fees; their effective APR may be lower despite higher headline rate.
Soft pull: pre-qualification, doesn't affect score. Hard pull: actual application, drops score 5–10 points temporarily. Get rate quotes via soft pull from multiple lenders before applying.
No. Calculations run entirely in your browser.