Personal Loan Calculator 2021

A personal loan calculator can estimate the monthly payments and total interest costs of a loan.

NerdWalletJul 19, 2021
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Use the calculator below to see estimated interest rates and payments for a personal loan.

Personal loan calculator

How to calculate loan payments

  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 annual percentage rates offered by lenders in NerdWallet’s personal loan marketplace. Some of those loan options appear with the results below.

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, one-time fees 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 (FICO below 630). 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 and annual income, 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.

Personal loan refinance 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. Some uses include debt consolidation, home improvement projects or refinancing an existing loan.

APR is the interest rate on your loan plus all fees, calculated yearly 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 that are important to you.

Some online lenders offer fast personal loans. You can apply and receive the money the same day. Other lenders take from a couple of days to a week. Watch out for lenders that promise instant loans but charge high fees.

Some lenders specifically offer bad credit loans. 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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