Personal Loan Calculator

Use a personal loan calculator to determine the monthly payments and total interest costs on a loan.

NerdWalletFeb 20, 2021
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Use the calculator below to see estimated interest rates and payments for a personal loan. Here's how it works:

1. Choose your credit score range. For example, if your credit score is 740, you’re in the excellent range. If you don’t know your credit score, you can get a free credit score on NerdWallet.

2. Choose your desired loan amount and loan term. Personal loan amounts can range from $1,000 to $100,000, while loan terms range from 12 months to 84 months. A longer loan term will result in lower monthly payments, but higher interest costs.

3. Hit calculate to see your results. Results are based on a survey of rates offered by lenders in NerdWallet’s personal loan marketplace. Some of those loan options appear with the results below.

Personal loan calculator

Understanding your personal loan results

Monthly payment: This is what you can expect to pay each month, based on the loan amount, loan term and your estimated rate. Monthly payments are lower when you choose a longer loan term.

Estimated APR: Borrowers with higher credit scores typically receive lower APRs, but lenders may also take into account your debt-to-income ratio, among other factors. Most personal loans carry fixed rates, meaning your interest rate and payments won’t change over the life of the loan. APRs include origination fees, a one-time fee to cover the cost of processing your loan.

Total principal: This is the amount borrowed that you must pay back over the loan term, not including interest. Borrowers with good to excellent credit can usually secure higher loan amounts.

Total interest: This is the total amount of all interest payments you’ll make over the life of the loan. A borrower with a high credit score will likely pay less interest than someone with bad credit. The longer your loan term, the more interest you’ll pay.

How to pre-qualify for a personal loan

Most lenders let you pre-qualify and see estimated interest rates without affecting your credit score. You typically need to provide basic personal information, including your employment status, annual income and Social Security number, as well as your reason for borrowing and requested loan amount.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to fill out a pre-qualification form and receive personalized rates from multiple lenders.

Other personal loan calculators

Debt-to-income ratio calculator: Determine your debt-to-income ratio, which is your total monthly debt payments divided by your income.

Debt consolidation calculator: Learn how debt consolidation works and calculate how much consolidating could save you.

Credit score personal loan calculator: Find out what personal loan options your credit score can get you.

Refinance a personal loan calculator: Use this calculator to see whether refinancing an existing personal loan makes sense for you.

Frequently asked questions

You can use a personal loan for almost any reason. Common uses include debt consolidation, home improvement projects or refinancing an existing loan.

APR is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. APR makes it easier to compare rates from multiple lenders. APRs on personal loans typically range from 6% to 36%, and consumer advocates agree APRs should not exceed 36%.

Where to get a personal loan depends on factors including the lender’s minimum qualifications, the rates and fees it charges, and the loan amounts, terms and other features important to you.

With some online lenders, you can apply for a loan and receive the money the same day. Other lenders take from a couple of days to a week. Just watch out for lenders that promise instant loans but charge exorbitant fees.

Some lenders cater specifically to borrowers with bad credit. These lenders consider other factors on your application, like your income, education and where you live. Make sure to compare lenders to get the best rate possible.

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