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Personal Loan Calculator: Estimate Your Interest and Monthly Payments

March 9, 2018
Loans, Personal Loans
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

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

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 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 explained in detail below. Hitting the “compare rates” button displays estimated offers from multiple lenders.

Understanding your personal loan results

Monthly payment: This is what you can expect to pay each month toward paying back your loan, based on the loan amount, loan term and your estimated rate. Monthly payments are lower when you choose a longer loan term.

Estimated annual percentage rate: This is the interest rate plus all fees, calculated on an annual basis and expressed as a percentage. 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. The estimated rates included in our calculator are based on a survey of lenders in NerdWallet’s personal loan marketplace.

Total principal: This is the amount borrowed that you must pay back over the loan term, not including interest. Borrowers with good 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.

How to pre-qualify for a personal loan

Most lenders allow you pre-qualify and see estimated 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.

Before you shop for a personal loan: