The three numbers that compare loans honestly
Lenders advertise the payment; you should compare the APR (rate including fees), the total cost (all payments minus what you received), and the disbursed amount after the origination fee. Two loans with the same “interest rate” can differ by hundreds of dollars once a 5% fee is deducted from one of them — and if you need a specific amount in hand, you must borrow more than that amount, which this calculator makes visible.
Consolidating cards? Compare the loan’s total cost against what the cards would cost on your current path — our minimum payment calculator gives that number, and the snowball vs. avalanche tool handles multiple debts.
Frequently asked questions
What APR should I expect on a personal loan?
Personal loans are unsecured, so rates run well above mortgages and car loans and depend heavily on credit score: strong credit commonly sees single digits to low teens, average credit mid-teens to twenties, and below that the rates approach credit card territory — at which point the loan may not be worth it.
What is an origination fee?
A one-time fee, typically 1–8% of the loan, that many lenders deduct from the amount disbursed: borrow $15,000 with a 5% fee and only $14,250 arrives, but you repay interest on the full $15,000. This calculator shows the fee’s effect on your real borrowing cost — always compare loans by APR, which includes it.
Is a personal loan good for consolidating credit card debt?
Often yes: swapping 25% revolving card APR for a fixed personal loan in the low teens cuts interest and forces a payoff date. The trap is behavioral — if the freed-up cards get spent again, you end up with both debts. Consolidation works when it comes with a spending freeze.
Shorter or longer term?
Longer terms lower the payment but raise total interest — and personal loan rates are high enough that the difference stings. Pick the shortest term whose payment fits comfortably; the calculator makes the trade-off explicit.
Can I pay a personal loan off early?
Usually yes, and most reputable lenders charge no prepayment penalty — but check before signing. Early payoff on an amortizing loan saves real interest, unlike “precomputed” loans (rare, avoid) where interest is fixed upfront.