Can this calculator show me my exact monthly payment from a lender?

No, it provides estimates based on the inputs you provide; actual lender rates and fees may vary based on your credit profile and specific loan terms.

What is included in the total cost of the loan figure?

The total cost includes the original loan amount plus all interest paid over the full repayment term, and it can include an estimated origination fee if selected.

How does adding an origination fee change the results?

When the origination fee option is enabled, the calculator shows the amount you would receive after the fee is deducted, alongside the total cost of the loan including that fee.

Can I use this to compare different loan terms side-by-side?

Yes, by adjusting the loan term and interest rate inputs, you can see how changing the repayment length impacts the monthly payment and total interest paid.

Loans & MortgagesTool Review

Personal Loan Calculator

Provided byNerdWallet Financial Calculatorsnerdwallet.com

Computes personal loan payments and total interest from principal, APR, and term.

One of 5 options for Personal Loan Calculator

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Finance calculator free Debt management calculators personal loan loan calculator amortization monthly payment calculators loans

Screenshot of Personal Loan Calculator on NerdWallet Financial Calculators — nerdwallet.comOpen the live tool →

About this tool

What Personal Loan Calculator does

A personal loan calculator that estimates monthly payments and total borrowing costs based on principal, interest rate, and repayment term. It outputs the monthly payment, total interest paid, and the full cost of the loan, with an option to include an estimated origination fee to show the amount received versus the total loan amount. The interface presents a clear payment breakdown and allows users to adjust inputs to see how different terms or rates affect their overall debt structure.

Step by step

How to use the NerdWallet Financial Calculators Personal Loan Calculator

1
Enter the desired loan amount in the loan amount field
2
Input the annual percentage rate (APR) or interest rate in the interest rate field
3
Select the repayment term in years using the loan term field
4
Click Calculate to view the estimated monthly payment, total interest, and total cost of the loan

Is it right for you

Best for

Individuals comparing loan options or budgeting for a personal loan who want a quick estimate of monthly payments and total interest before committing to a lender.

Limitations

Estimates are based on input rates and terms and do not guarantee actual lender offers
Includes a standard 5% origination fee estimate unless manually adjusted
Does not perform a hard credit check or provide pre-approval decisions

Questions

Personal Loan Calculator FAQ

Can this calculator show me my exact monthly payment from a lender?: No, it provides estimates based on the inputs you provide; actual lender rates and fees may vary based on your credit profile and specific loan terms.
What is included in the total cost of the loan figure?: The total cost includes the original loan amount plus all interest paid over the full repayment term, and it can include an estimated origination fee if selected.
How does adding an origination fee change the results?: When the origination fee option is enabled, the calculator shows the amount you would receive after the fee is deducted, alongside the total cost of the loan including that fee.
Can I use this to compare different loan terms side-by-side?: Yes, by adjusting the loan term and interest rate inputs, you can see how changing the repayment length impacts the monthly payment and total interest paid.

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