Personal Loan Calculator

Estimates only — your lender's disclosure governs. LoanMatchers is not a lender. Rates and terms vary by lender and creditworthiness. This page provides general educational information, not financial advice — consult a qualified professional before making financial decisions.

How it works

The payment amortizes the full balance, but the fee is deducted from disbursement — so net proceeds = amount × (1 − fee%). Effective APR is the rate at which the payment amortizes the net proceeds, solved by bisection.

Need a realistic rate? See the current personal loan rate benchmarks (cited official benchmarks).

Frequently asked questions

How is a personal loan monthly payment calculated?

With standard amortization: M = P·r·(1+r)^n / ((1+r)^n − 1), where r is the monthly rate (APR ÷ 12) and n is the number of payments. Our calculator above applies exactly this formula.

What is an origination fee and how does it affect cost?

Some lenders deduct a fee (often 1–8% of the loan) from the amount disbursed. You still repay the full balance, so the fee raises the effective APR — the personal loan calculator shows net proceeds and effective APR.

Does checking my rate hurt my credit score?

Comparing estimates with a calculator never affects credit. A formal application may trigger a hard inquiry; pre-qualification checks with lenders are typically soft inquiries.

What APR will I actually get?

It depends on creditworthiness, income, and term. The Federal Reserve G.19 24-month commercial-bank rate on the rates page is a national benchmark, not an offer — your lender discloses your APR before you sign.