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How to Use the Personal Loan Calculator
Our personal loan calculator makes it simple to estimate your monthly payment in just four steps.
1. Enter your loan amount.
Personal loans usually come with shorter terms (typically no more than seven years), so the amount you borrow has a big impact on your monthly payment. Be as accurate as possible when entering the amount you need.
2. Choose your loan term.
Many lenders offer repayment terms between two and five years, though some may range from one to seven years. The term you qualify for will depend on factors like your income and credit profile.
3. Enter an interest rate.
If you don’t have a specific rate in mind, you can enter a number within a typical personal loan range. This will give you a good estimate of how different interest rates affect your payment.