Personal loan calculator that computes monthly payments, total interest, and payoff date from amount, rate, and term. Free, runs in your browser, no signup.
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$15k loan, 11%, 36 months
What this means for your numbers: The origination fee raises the worked example's true APR from 11% to about 12.5%: you borrow $15,000 but service $15,450. Fee-free offers compare only after this adjustment.
Illustrative breakdown using the worked example above. The calculator computes your own numbers with the same formula.
The payment formula, worked line by line
A $10,000 loan at 8.9% APR over 36 months with a 2% origination fee shows every step. The monthly rate is 8.9 divided by 12, or 0.7417%. The standard amortization formula is P x r / (1 - (1+r)^-n): 10,000 x 0.007417 = $74.17, and (1.007417)^-36 = 0.76641, so the denominator is 1 - 0.76641 = 0.23359. Dividing gives $74.17 / 0.23359 = $317.53 per month.
That payment stays fixed while its split changes. Month 1: interest is 10,000 x 0.007417 = $74.17, so only $243.36 cuts the balance. By month 36 interest is roughly $2.34 and principal is $315.19. After 12 payments the balance is $6,957.49, meaning you have paid $3,810.34 but retired only $3,042.51 of debt. Total of payments is $11,431.16, of which $1,431.16 is interest. The 2% fee adds $200 at signing, so the all-in cost is $11,631.16, or 16.3% of what you borrowed.
Where the sticker APR misleads
The origination fee changes the real rate. That $200 fee means you receive $9,800 but repay $11,431.16 over 3 years. Solving for the rate on $9,800 with the same $317.53 payment gives an effective APR near 10.9%, about 2 points worse than the quoted 8.9%. Lenders typically deduct the fee from proceeds, so check whether the calculator's fee field matches how your lender applies it.
Other edges the tool simplifies: it assumes equal monthly payments with no early payoff, so it cannot show that prepaying the loan in month 18 would cut remaining interest to roughly $400. It ignores payment timing within the month, late fees, variable rates that reset, and autopay discounts of 0.25 to 0.50 points many lenders offer. Balloon structures, interest-only periods, and biweekly schedules all produce different numbers. For those, treat the result as a baseline and confirm the loan's own disclosure.
Rounding is cosmetic: payments display to the cent but schedules use unrounded values, so a lender's amortization table may differ by a dollar or two at the final payment.
