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Personal Loan Calculator

April 23, 2019
Loans, Personal Loans
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Use the calculator below to see estimated interest rates and payments for a personal loan. Here’s how it works:

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. Typical personal loan amounts range from $1,000 to $50,000, while loan terms range from 12 months to 60 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 rates offered by lenders in NerdWallet’s personal loan marketplace. Some of those loan options appear with the results below.

Personal loan calculator

Readers also ask

APR is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. APR makes it easier to compare rates from multiple lenders.

» MORE: Why APRs are important for personal loans

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 important to you.

» MORE: NerdWallet’s picks for best personal loans

With some online lenders, you can apply for a loan and receive the money the same day. Other lenders take from a couple of days to a week. Just watch out for payday lenders that promise fast loans but charge high fees.

» MORE: Compare quick personal loans

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.

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. The longer your loan term, the more interest you’ll pay.

» MORE: Best personal loan interest rates

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, annual income and Social Security number, 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.

CHECK RATE on NerdWallet

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.

Refinance a personal loan calculator: Use this calculator to see whether refinancing an existing personal loan makes sense for you.