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Personal Loan Calculator: Estimate Your Payments On a Loan

Before you take out a personal loan, it’s important to consider how much it will cost you. You can use our personal loan calculator to estimate your future costs.

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By Taylor Medine

Written by

Taylor Medine

Writer

Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.

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Edited by Meredith Mangan

Written by

Meredith Mangan

Senior Editor

Meredith Mangan is a Senior Editor for Personal Finance, specializing in personal loans. Since 2011, she’s helped steer content creation in the areas of mortgages and loans, insurance, credit cards, and investing for major finance verticals, including Investopedia, Money Crashers, Credible, and The Balance Money.

Updated June 14, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

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You can use the personal loan calculator to estimate your payments for a loan as well as the overall cost. Several factors influence your estimated payment, including the loan amount, repayment terms, and the APR. For example, the higher the APR, the more you’ll pay in interest.

If you prequalify, you can see your estimated APR before you sign for the loan. The average APR in October of 2023 was 16.66%, according to Credible prequalified data. However, prequalification is not an offer of credit, and your final rate may differ depending on your credit profile.

How to use our personal loan calculator

To use the calculator, just enter the following into the fields above:

  1. The amount you want to borrow
  2. What the interest rate will be
  3. The length of repayment terms

Then you can see what your total payment will be, including interest, as well as your monthly payment.

Learn More: How Do Personal Loans Work?

How to get a personal loan

If you’re ready to take out a personal loan, follow these four steps:

  • Research and compare lenders. Be sure to shop around and compare as many personal loan lenders as possible to find the right loan for you. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.
  • Pick a loan option. After comparing lenders, choose the personal loan option that best suits your needs.
  • Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
  • Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.

Check Out: Best Fast Personal Loans

Top personal loan lenders to consider

If you’re ready to compare loan options, consider the following lenders.

Advertiser Disclosure
4.24.2

Credible rating

Fixed (APR)

6.99% - 25.49%

Loan Amounts

$5000 to $100000

Min. Credit Score

700

Check Rates

on Credible’s website

View Details

3.93.9

Credible rating

Fixed (APR)

7.80% - 35.99%

Loan Amounts

$1000 to $50000

Min. Credit Score

620

Check Rates

on Credible’s website

View Details