Calculate the scheduled payment for a fixed-rate personal installment loan, then check what an upfront finance fee does to the cash you receive and modeled APR. The payment uses the loan amount before the fee is withheld. The fee field reduces the proceeds, while the repayment balance stays the same. You can also add extra payments and review the complete schedule. Use the figures from the loan terms you are comparing; the starting inputs are from a CFPB sample and are not a current offer.
Worked formula check
The inputs come from CFPB installment-loan sample inputs. This check uses regular monthly periods, excludes the sample's odd first period and other charges, and calculates the outputs with the formula below. It is not a lender offer.
| Input or result | Value |
|---|---|
| Source loan amount | $5,000.00 |
| Source annual interest rate | 12% |
| Source term | 2 years, converted to 24 months |
| Calculated monthly payment | $235.37 |
| Calculated total interest | $648.82 |
| Calculated total payments | $5,648.82 |
Keep the amount borrowed and cash received separate
Start with the amount on which your lender will calculate interest. If a finance fee is withheld at funding, the amount deposited into your account can be smaller than that balance. This tool shows the difference explicitly. Enter the fee as a dollar amount, not as a percentage. If the lender instead adds the fee to the balance, include that financed charge in the amount field and do not also enter it as a withheld fee. That would count the same charge twice. The fee cannot equal or exceed the loan amount because the modeled amount financed must remain positive.
Use the payment and APR results together
The monthly payment answers a cash-flow question: how much the regular principal-and-interest installment would be under the stated assumptions. The modeled APR answers a different question: which annualized rate equates the net proceeds with the scheduled payments. Extra payments change the payoff schedule, but this page deliberately keeps the APR calculation on the original schedule. That lets you compare the underlying loan terms without mixing your optional payment plan into the rate comparison. A fee-free model with regular monthly periods has an APR equal to its annual interest rate.
Prepare a personal-loan comparison
Copy the same amount and term into the loan comparison tool if you want to compare offers on a consistent basis. Then change the rate and fee to match each set of terms. A different amount changes the payment as well as the cost, so compare cash received before deciding that one result meets the same borrowing need. Keep a copy of the lender's fee disclosure nearby and identify which fees are finance charges. This calculator has a single upfront fee field and does not classify charges for you. Optional products and recurring charges require a separate review of the agreement.
Review the schedule before planning extra payments
Open the schedule and check the first payment date. The date only places the monthly rows on a calendar; it does not add daily interest or an odd first period. The ending balance after each row reflects interest, the scheduled installment, and any additional payment in that row. If you plan to send extra principal, use an amount you can repeat and compare the payoff result after recalculating. The table is a model, not an account statement. The CFPB notes that personal installment loans can have fixed or adjustable interest rates. This tool supports a rate that stays fixed throughout the modeled repayment period.
How it works
r = annual interest rate (%) / 100 / 12
P is the interest-bearing balance, n is the number of monthly payments, r is the monthly rate, and A is the scheduled payment. At a zero interest rate, A = P / n. Each month, interest = opening balance * r; principal = payment - interest; closing balance = opening balance - principal.
This is the regular-payment form of the actuarial relationship in CFPB actuarial formulas, Appendix J. The schedule retains full precision internally and rounds amounts only for display. The model uses a fixed rate and equal monthly periods. It excludes daily accrual, irregular first periods, missed payments, and prepayment charges.
Frequently asked questions
What does a personal loan fee change?
A withheld upfront finance fee reduces cash received and changes modeled APR. It does not change the payment calculated on the full interest-bearing loan amount.
Can I add extra payments to a personal loan?
Yes. The extra-payment options model amounts applied to principal after monthly interest. Check how your lender applies extra funds and whether your agreement includes additional charges.
Is the reference rate my personal loan rate?
No. The dated Federal Reserve reference describes its stated commercial-bank loan category. Enter the contract interest rate from your own terms rather than treating the reference as an offer.
Does this tool support adjustable rates?
No. This model holds the entered interest rate fixed. A loan with future rate changes needs a payment model that includes those changes.
Why can the modeled APR differ from a disclosure?
This model assumes regular monthly periods, one upfront fee, and equal installments. Odd periods, other finance charges, or a different amount financed can change the disclosure calculation.