Debt, budgeting and life insurance
Personal & Auto Loan Calculator With True APR
Estimate the monthly payment, total interest, cash you receive after fees and true APR for a personal or auto loan that charges an origination fee.
Loan Payment and True APR
EstimateHow This Calculator Works
This calculator estimates your monthly payment, the total interest you will pay and the cash you actually receive after the lender takes out an origination fee. It also works out the loan's true APR, which counts that fee as part of the cost, the way the Truth in Lending Act defines APR.
Many personal lenders advertise a low interest rate and then take an origination fee, often 1% to 8%, out of the loan when it is funded. You repay the full amount but get less cash, so the true APR is higher than the stated rate.
Frequently Asked Questions
Why is the APR higher than the interest rate on my personal loan?
APR counts upfront fees as well as interest. Under the Truth in Lending Act (Regulation Z), a prepaid finance charge such as an origination fee has to be spread over the loan term. A $20,000 48-month loan at 9.50% with a 3.0% ($600) origination fee has a true APR of 11.11%.
Do personal loans have prepayment penalties?
Usually not. Most reputable online banks, credit unions and fintech lenders charge $0 in prepayment penalties, so you can pay the loan off early and save interest. Check your loan agreement before you sign.
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