Updated
May 09, 2023 How to use our personal loan calculator
You can use our personal loan calculator to see what the total monthly payment and total interest cost would be for different personal loan sizes you may be considering. To do this, follow the steps below.
- Enter your desired loan amount
- Enter the interest rate you were offered
- Enter the term length you were offered
- Review your results
When using this loan calculator, you can tweak each data field to get a better understanding of how different interest rates, repayment terms, and loan amounts affect both monthly payments and total repayment cost.
Why you should use a personal loan calculator
Before you take out a personal loan, it’s important to make sure you can work the loan payments into your monthly budget. Otherwise, you could find yourself in a situation where your loan isn’t affordable—which could jeopardize your financial situation and damage your credit.
By using a personal loan calculator to see what your total monthly payments would be on a loan, you can ensure the overall cost of the loan fits into your budget. You can also use the calculator to determine what the maximum interest rate you can afford is.
How to find the best rates
Lower interest rates will make your loan more affordable. You can find the best personal loan rates by comparing quotes from several lenders.