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.

personal loan calculator

How to shop for a personal loan

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

  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.

See if you’re pre-qualified for a personal loan – without affecting your credit score

How to use this personal loan calculator

  1. 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.

  2. 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.

  3. 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.

Understanding Your Personal Loan Calculator 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.

Other personal loan calculators

Frequently Asked Questions

The best personal loan rate is the lowest you qualify for. Borrowers with good or excellent credit (credit score of 690 or higher) can expect the lowest rates. Borrowers with lower credit scores and high debt ratios often pay higher APRs.

Where to get a personal loan depends on factors such as the lender’s minimum qualifications, the rates and fees they charge, and the loan amounts, terms and other features that are important to you.

Choose a lender that offers fast personal loan. Many of these lenders can fund a loan the same day or the next day after approval. To speed up the process, gather documents such as W-2s, pay stubs, and bank statements before applying.

First, compare loans for bad credit to find the one with a low APR and affordable monthly payments. To improve your chances of qualifying, consider adding a co-applicant or collateral to the loan application. Co-signed and secured loans often have more relaxed qualification requirements.


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