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Calculate how much you could expect to pay each month
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charged, with a total cost of $Compare personal loans now
Follow these steps to calculate the monthly payment and total cost of a personal loan:
This personal loan calculator gives you three numbers:
Select your credit score and where you live to see what types of loans are available to you online. Prequalify with these providers or use the range of rates and loan amounts available in the personal loan calculator.
Use these answers to help you predict how much a new personal loan might cost.
A good interest rate on a personal loan is generally any rate under 12% APR. But the best interest rate available to you depends on factors like your credit score, income and debt-to-income ratio.
With excellent credit score over 720, the average interest rate is just under 8%, according to a lending LendingTree analysis of consumer data in 2019. But even with a fair credit score of 640 to 659, the average interest rate is over 26%. The highest rate personal loan providers can charge is 36% APR.
The monthly payment on a $10,000 loan usually costs between around $184 to $590, depending on the loan term and interest rate. But the best way to tell how much a loan of this size will cost you is to prequalify with a lender. This gives you an estimate of the rates, fees and terms you can use to expect, which you can use in this personal loan calculator. Read our guide to $10,000 loans to compare providers.
The estimated monthly payment on a $20,000 loan can range from $368 and $1,181 per month, depending on your interest rate and term. Loans of this size are on the higher end of what some lender offer and could be eligible for longer loan terms, which can lower your monthly payments — but increases the amount you pay in total interest.
You can lower your monthly payments by applying for a longer loan term, lower loan amount, interest rate or fees. The easiest way to lower your monthly payments is to go for a longer loan term. But a longer loan term can increase the amount you pay in total interest. Consider taking steps to increase your credit score or rethinking how much you want to borrow to lower your interest rates.
You can get a personal loan from an online lender, bank, credit union or peer-to-peer platform. Different types of lenders are better for different types of borrowers. Banks and credit unions usually offer the least-expensive options, but are usually only available to people with a credit score over 670.
Online lenders are usually easier to qualify with and can get your funds as soon as the next business day. But they can charge higher interest rates than more traditional options. Peer-to-peer platforms work similarly to online lenders but usually take longer to fund and to charge a higher origination fee than online lenders.
You can prequalify for a personal loan by filling out a quick online application with many lenders to get an estimate of the interest rate, terms and loan amount you're eligible for. Follow these steps to prequalify:
While you can find funding options from a variety of sources, these are three of the most common alternatives to personal loans.
Read these guides to better understand personal loans and how to compare your options:
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