Personal Loan Calculator – NerdWallet

A personal loan calculator can determine your monthly payment and expected loan repayment date. Use this calculator to weigh how much you can afford to borrow and how long it will take to repay, based on your credit, loan amount and repayment term.

Once you know the loan amount, rate, and repayment term you want, it’s time to shop around and compare offers. Here are the steps to get a personal loan:

1. Check your credit. Review your credit report to spot errors and correct them before applying. You can get a free copy of your report from all three credit bureaus at AnnualCreditReport.com.

2. Pre-qualified. Most lenders allow you to pre-qualify to see estimated rates without affecting your credit score. During the pre-qualification processyou will provide basic information such as employment status and annual income, as well as the reason for your loan and the loan amount requested.

3. Compare lenders. A loan’s APR, fees, and monthly payment are usually the most important features to compare. If you have two competing loan offers, consider other features of the loan such as funding time, payment flexibility, and special benefits like unemployment protection.

2. Choose the amount and duration of the loan you want. Personal loan amounts can range from $1,000 to $100,000 and repayment terms range from 12 to 84 months. A longer loan term will result in lower monthly payments, but higher interest charges.

3. Choose the start date of your loan. Enter your first scheduled payment date, which is often 30 to 45 days after signing the loan agreement. If you are unsure of your payment date, use the date that is 30 days after you need the funds.

4. Press calculate to see your results. The results are based on a survey of annual percentage rates offered by lenders in NerdWallet’s personal loan marketplace. Some of these lenders appear in the results.

Monthly payment: This is what you can expect to pay each month, depending 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 ratings generally receive APRbut lenders may also consider your debt to income ratio, among other factors. Most personal loans have fixed rates, which means your interest rate and payments won’t change for the life of the loan. APRs include assembly costsa one-time fee to cover your loan processing costs.

Source: Average rates are based on aggregated, anonymized bid data from prequalified users in NerdWallet’s Lender Marketplace from January 1, 2022 to July 31, 2022. Rates are estimates only and are not specific to any lender. The lowest credit scores – usually below 500 credit points – are unlikely to qualify. The information in this table only applies to lenders with an APR of less than 36%.

Total refunded: This is the total amount you will have repaid, including interest, at the end of the loan. A borrower with a high credit score will likely pay less interest than a borrower with bad credit (a score below 630). The longer your loan term, the more interest you will pay.

Payment date : The month you are expected to repay the loan if you make the same monthly payment for the entire term of the loan. The amortization schedule shows how much the loan balance will decrease each month and how your payments will be split between principal and interest.