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.
» MORE: Compare personal loans for pools
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?.
Which is right for me?: Use our decision tool to find the best way to pay for your home improvement project.
What rate should you expect?: Learn about your loan options, based on your credit score.