Finance & business
Personal Loan Calculator
How to use this tool
- 1
Enter the loan amount, the rate and the term.
- 2
Add the origination fee and insurance if your offer includes them.
- 3
Compare the monthly payment, the total cost and the effective annual rate.
- 4
Print the amortization schedule or export it as CSV.
Help
- Enter the amount, the nominal annual rate, the term and, if your lender charges them, the origination fee as a percentage and borrower insurance.
- The origination fee is withheld from the funds paid out: you receive less than you repay. The tool shows the amount actually received and factors it into the effective annual rate.
- The effective annual rate (the equivalent of the European APRC or of APR) combines interest, fees and insurance: it is the figure that lets you compare two offers fairly.
- The amortization schedule details interest and principal for each payment and can be printed or exported as CSV. Maths in whole cents, last payment adjusted.
Frequently asked questions
What is the difference between nominal and effective rate?
The nominal rate counts interest only. The effective rate adds fees and insurance and accounts for the payment calendar: it is always at least the nominal rate and is the one to compare offers with.
Is the origination fee added to the principal?
Here it is withheld when the funds are released: the payment is still calculated on the amount requested, but you receive the amount minus the fee. That is the most common practice; check how your offer treats it.
Is this calculation a credit offer?
No, it is an indicative simulation. Only your lender's written offer is binding, with its own calendar and conditions.
Written and verified by the MaxyTools team · Updated on
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