Crunch Personal Loan Calculator
A personal loan is more than its headline APR: an origination fee quietly raises the real cost, and one extra payment a month quietly lowers it. This calculator counts both — fee, true APR, payoff date and interest saved.
How it works
The monthly payment uses the standard amortization formula on the financed balance — the amount you ask for plus the origination fee. The true APR then works backwards: it is the rate at which those payments are worth exactly the cash you receive, so a fee always pushes the true APR above the stated one. Extra payments go straight to principal, which is why they cut both the term and the total interest.
Formula & worked example
Formula: Payment = P × r ÷ (1 − (1 + r)−n), where P is the financed balance (loan amount + origination fee), r is the APR ÷ 12, and n is the term in months. The true APR works backwards: it is the rate at which the payments are worth exactly the cash you receive, so any fee pushes it above the stated APR.
Worked example: Borrow $10,000 at 10% APR over 36 months: the payment is $322.67, you repay $11,616.19 in total, and $1,616.19 of that is interest. Add $50 a month extra and the loan clears in 31 months with $1,366.31 of interest — $249.87 saved.
Frequently asked questions
How much is the payment on a $10,000 personal loan?
At 10% APR over 36 months it is $322.67 a month, $11,616.19 paid in total and $1,616.19 of interest. Add $50 a month extra and the loan clears in 31 months with $1,366.31 of interest — $249.87 saved. Try your own numbers above.
What does an origination fee do to my APR?
It raises it. A 5% fee on that same $10,000 loan lifts the financed balance to $10,500 and the payment to $338.81 — but you only receive $10,000, so the true APR is about 13.39%, not 10%. That gap is exactly why comparing APRs (which include fees) beats comparing interest rates.
Should the fee be financed or paid upfront?
Financing it keeps cash in your pocket today but you pay interest on the fee itself for the whole term. Paying it upfront costs less overall. Either way, judge the loan by the true APR and the total of payments, not the monthly figure alone.
Do extra payments really help on a short loan?
Yes — every extra dollar skips all future interest on that dollar. On a 36-month loan the effect is modest but real; on longer terms it compounds. Check that your loan has no prepayment penalty first — most personal loans do not.
🎓 Student debt instead?
The Student Loan Calculator stacks up to five loans and shows the fastest way through all of them.