Pool Loan Calculator: See Your Monthly Pool Payments

Calculate your monthly payments to see how a pool loan fits into your budget. Compare offers to find the best rate.
Jul 23, 2021

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A pool loan calculator can show you potential monthly payments and total interest costs, based on the loan amount, interest rate and repayment term you choose.

Use this calculator to see your monthly pool loan payments and determine what an affordable loan looks like.

Understanding your pool loan calculator results

Here's what the calculator will show you.

Monthly payment: What you can expect to pay each month. A longer term can lower your monthly payments, but it will also increase the total interest.

Estimated total interest: The total amount of interest you’ll pay over the lifetime of the loan. Your interest rate is based primarily on things like your credit, income and debts. The loan’s amount, term and purpose can also affect the rate.

Total amount repaid: The amount of money you'll have repaid at the end of the loan. This number depends on the amount you borrow and your interest rate.

Pool loan calculator

How much does it cost to build a pool?

An above-ground pool costs $2,500 on average, according to HomeAdvisor, while an inground pool can run you $50,000 or more. The price can vary based on the size of the pool and materials you use.

When you finance with a personal loan, your annual percentage rate can be anywhere from 6% to 36%, and some lenders will finance up to $100,000 over a two- to 12-year repayment term.

Your credit score is an important factor lenders consider when they decide your loan amount and rate. On average, NerdWallet members with excellent credit (720 or higher FICO) received pre-qualified loan offers with rates between 10.7% and 12.5% in 2020, according to marketplace data. Lenders also consider factors like your income and existing debt when you apply for a loan.

A $50,000 loan with a five-year repayment term and an 11% APR would require monthly payments of $1,087. That loan would cost $65,227 in total, and $15,227 of the total would be interest.

How to compare pool loans

Here are a few features to consider as you compare offers.

Annual percentage rates: APRs are the best apples-to-apples comparison for personal loans because they include the interest rate and other fees a lender charges. Use this number to compare offers between loans or to compare a loan with another financing option, like a home equity loan.

Repayment terms: Most personal loan terms span from about two to seven years, but some lenders offer extended repayment terms on home improvement loans. For example, online lender Lightstream lets borrowers choose a repayment term up to 12 years. Your repayment term determines your monthly payment and the loan’s total interest — the longer your repayment term, the more you pay in interest.

Funding time: Some online lenders say they can fund a loan the day your application is approved or the following day. Banks and credit unions, however, can take a few days. Most personal loans can be funded within a week, though.

Ability to pre-qualify: Many online lenders let you pre-qualify to see your potential rate, loan amount and repayment term without affecting your credit score. You can pre-qualify with multiple lenders at once on NerdWallet to nail down another estimate of your monthly pool loan payments.

More on home improvement financing

Learn more about financing options: Home equity vs. personal loans: what's the difference?.

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