Find out how much you might be eligible to borrow based on your income and expenses.
How do I use this calculator?
Follow these steps to fill out the fields in the calculator. If a field doesn’t apply to you — for example, you’re not a landlord or don’t have a car loan — leave that section blank.
- Under Loan Details, select the amount of time you have to pay back the loan next to Term, enter an interest rate or annual percentage rate (APR) you think you can qualify for next to Interest rate and select Single or Joint next to Application type if you plan on applying with another person.
- Under Income, select your the income frequency you want to use and enter the amount you earn before taxes for Gross Income 1. If you’re applying with another person, enter their pretax income next to Gross Income 2. Finally, enter any untaxed or rental income you earn.
- Under Expenses, enter the amount you pay each month toward other personal loans, car loans and credit cards. Then enter the number of people you and/or your joint applicant count as a dependent on your taxes next to Number of dependents.
- Click Calculate.
The results show how much you may be eligible to borrow, what your monthly repayments would be based on the term and interest rate you filled in and how much you’d pay total in interest over the life of your loan.
Definitions to know
Not sure what a term means? These definitions might help.
What’s the maximum amount I could get on a personal loan?
Typically, most lenders offer personal loans up to $50,000. However, some lenders offer loans up to $100,000 to borrowers with excellent credit and high income, which is usually at least $150,000 a year. The stronger your application, the more money you’re likely to get approved for.
Lenders look at factors like your credit score, your income, your debt-to-income ratio (DTI), what you intend to use your funds for and even sometimes your level of education and career.
This calculator is a good starting point to figure out how much you could afford to borrow and how much lenders might approve you for. Keep in mind that your credit is a big factor in your eligibility as well. And when you’re ready to apply for a personal loan, compare some of the best personal loan options.