See your monthly payment, total interest and the real cost of a personal loan after origination fees.
Monthly payment
$391
After the origination fee.
Interest plus fee.
Borrowing $15,000 at 11.50% over 4 years means $391 a month and $3,784 in interest. A 3% origination fee of $450 comes out of your proceeds, so you'd actually receive $14,550 — but repay the full $15,000 plus interest, making the real cost $4,234.
Because the $450 fee is deducted upfront but you repay the whole $15,000, your effective borrowing cost is above the quoted 11.50%. Always compare loans by APR (which is supposed to include fees) and by total cost, not the note rate alone. Some lenders charge no origination fee — worth seeking out.
Personal loan terms trade monthly payment against total interest. A shorter term raises the payment but cuts interest sharply; a longer term does the reverse. Pick the shortest term whose payment fits comfortably — stretching to 7 years to lower the payment can more than double the interest.
Personal loan offers vary widely in rate and fees. Run two or three through the loan comparison tool to see which has the lowest total cost, not just the lowest payment.
Loan comparison calculatorWorked scenarios with the full analysis, so you can see how the numbers move before entering your own.
A typical personal loan for debt consolidation or a large expense, with a standard origination fee.
Monthly payment
$391
Borrowing $15,000 at 11.50% over 4 years means $391 a month and $3,784 in interest. A 3% origination fee of $450 comes out of your proceeds, so you'd actually receive $14,550 — but repay the full $15,000 plus interest, making the real cost $4,234.
Because the $450 fee is deducted upfront but you repay the whole $15,000, your effective borrowing cost is above the quoted 11.50%. Always compare loans by APR (which is supposed to include fees) and by total cost, not the note rate alone. Some lenders charge no origination fee — worth seeking out.
Personal loan terms trade monthly payment against total interest. A shorter term raises the payment but cuts interest sharply; a longer term does the reverse. Pick the shortest term whose payment fits comfortably — stretching to 7 years to lower the payment can more than double the interest.
A well-qualified borrower on a no-fee loan, showing the cleaner cost.
Monthly payment
$254
Borrowing $8,000 at 9% over 3 years means $254 a month and $1,158 in interest. A 0% origination fee of $0 comes out of your proceeds, so you'd actually receive $8,000 — but repay the full $8,000 plus interest, making the real cost $1,158.
Personal loan terms trade monthly payment against total interest. A shorter term raises the payment but cuts interest sharply; a longer term does the reverse. Pick the shortest term whose payment fits comfortably — stretching to 7 years to lower the payment can more than double the interest.
Personal loan offers vary widely in rate and fees. Run two or three through the loan comparison tool to see which has the lowest total cost, not just the lowest payment.
Loan comparison calculatorA larger loan on the longest term, illustrating how much extra interest a long term adds.
Monthly payment
$441
Borrowing $25,000 at 12% over 7 years means $441 a month and $12,071 in interest. A 4% origination fee of $1,000 comes out of your proceeds, so you'd actually receive $24,000 — but repay the full $25,000 plus interest, making the real cost $13,071.
Because the $1,000 fee is deducted upfront but you repay the whole $25,000, your effective borrowing cost is above the quoted 12%. Always compare loans by APR (which is supposed to include fees) and by total cost, not the note rate alone. Some lenders charge no origination fee — worth seeking out.
Personal loan terms trade monthly payment against total interest. A shorter term raises the payment but cuts interest sharply; a longer term does the reverse. Pick the shortest term whose payment fits comfortably — stretching to 7 years to lower the payment can more than double the interest.
A subprime rate, common with lower credit, where interest dominates the cost.
Monthly payment
$372
Borrowing $10,000 at 20% over 3 years means $372 a month and $3,379 in interest. A 5% origination fee of $500 comes out of your proceeds, so you'd actually receive $9,500 — but repay the full $10,000 plus interest, making the real cost $3,879.
Because the $500 fee is deducted upfront but you repay the whole $10,000, your effective borrowing cost is above the quoted 20%. Always compare loans by APR (which is supposed to include fees) and by total cost, not the note rate alone. Some lenders charge no origination fee — worth seeking out.
Personal loan terms trade monthly payment against total interest. A shorter term raises the payment but cuts interest sharply; a longer term does the reverse. Pick the shortest term whose payment fits comfortably — stretching to 7 years to lower the payment can more than double the interest.
A personal loan is an unsecured installment loan: you borrow a fixed amount and repay it in equal monthly payments over a set term, typically two to seven years. Because it's unsecured — not backed by a house or car — rates are higher than a mortgage or auto loan but usually far lower than a credit card, which makes personal loans a common tool for consolidating high-interest debt.
Two numbers determine the cost: the APR and any origination fee. The origination fee, often 1–8%, is deducted from the amount you receive, so on a $15,000 loan with a 3% fee you'd get $14,550 but repay the full $15,000 plus interest. That's why the effective cost is higher than the note rate, and why comparing by APR and total cost matters.
The strongest use of a personal loan is debt consolidation: replacing high-interest credit card balances with a single lower-rate, fixed-term loan. It can cut your interest sharply and give you a definite payoff date — but only if you stop adding to the cards you just paid off. Consolidating and then re-running up the cards leaves you worse off, with both the loan and new card debt.
Choose the shortest term whose payment you can comfortably afford. Lenders push longer terms because they generate more interest, but every extra year adds cost. And always shop at least a few lenders: rates and origination fees vary widely for the same borrower, and a soft-inquiry pre-qualification lets you compare without hurting your credit.
A lower payment often just means a longer term and more interest. Compare APR and total cost instead.
The fee shrinks your proceeds and raises the real rate. A no-fee loan at a slightly higher rate can cost less overall.
Paying off cards with a loan only helps if you stop using the cards. Otherwise you end up with both debts.
Longer terms lower the payment but pile on interest. Choose the shortest term you can afford.
Rates and fees vary widely for the same borrower. Pre-qualify with a few lenders using soft inquiries before applying.
It depends on the amount, APR and term. A $15,000 loan at 11.5% over four years is about $391 a month with roughly $3,750 in interest. A shorter term raises the payment but cuts interest; a longer term does the reverse. Enter your numbers above for the exact payment and total cost.
It's an upfront charge, typically 1–8% of the loan, that lenders deduct from the amount you receive. On a $15,000 loan with a 3% fee, you get $14,550 but repay the full $15,000 plus interest. Because of this, your effective borrowing cost is higher than the note rate — always compare loans by APR, which includes fees.
Often yes, if the loan's rate is meaningfully lower than your credit cards and you don't re-run up the cards. Replacing 22% card debt with an 11% fixed-term loan cuts interest and gives a clear payoff date. The risk is behavioral: consolidating and then charging the cards back up leaves you deeper in debt.
Lenders offer personal loans across a wide credit range, but the rate depends heavily on your score. Strong credit (roughly 720+) qualifies for the lowest rates and often no origination fee; lower scores get higher rates and fees. Pre-qualifying with a soft inquiry lets you see your rate without affecting your score.
Pick the shortest term whose monthly payment you can comfortably afford. A shorter term means a higher payment but substantially less total interest. Lenders promote longer terms because they earn more interest — stretching a loan to seven years can more than double the interest versus three or four years.
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