Personal loan monthly payment calculator 2018 | finder.com
Personal loan monthly payment calculator

Personal loan monthly payment calculator

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Use this calculator to find out how much you might owe each month on a personal loan.

How to use this personal loan monthly payment calculator

  1. Enter the amount you want to borrow under Loan amount.
  2. Write the loan term in years (not months) under Loan terms.
  3. Enter the loan’s interest rate if there are no fees under Interest rate. Otherwise, write the annual percentage rate (APR), which includes interest and fees.
  4. Hit Calculate.
  5. Review your results.

In addition to the monthly payment, our calculator also tells you how much you’ll pay back on the principal and the total interest you’ll pay. This total interest includes fees if you use your loan’s APR instead of its interest rate.

Monthly payment calculator terms you should know

  • Loan amount. The amount of money that you borrow.
  • Loan term. The amount of time you have to pay back your loan.
  • Interest rate. A percentage of your loan balance that your lender charges over a period of time. Most lenders charge an annual interest rate, which is the percentage of your loan balance that you’d pay over a year.
  • Principal. The amount that you currently owe from the money you borrow. Your loan principal is the same as your loan amount when you first take out your loan, and it decreases every time you make a payment.
  • Monthly payment. The amount of money you’re required to pay on your loan each month. Part of your monthly payment goes toward interest and the rest goes toward your principle.

Is a lower monthly payment always better?

Not necessarily. A lower monthly payment might have less of an impact on your day-to-day expenses. But it can be more expensive in the long run.

Why’s that? To get a lower monthly payment, you need a longer loan term. And the longer you take to pay back a loan, the more time there is for interest to add up. This can get particularly pricey if you have a high interest rate.

If you want to lower your total loan cost, look at your budget and figure out how much you can comfortably afford to pay each month. Look for a loan that offers a monthly repayment around that amount.

Bottom line

Knowing how much you could expect to pay each month equips you with a crucial piece of information for comparing personal loans. Two lenders may offer the same amounts but with very different interest rates and terms, causing one to be more expensive than the other.

Our personal loan monthly payment calculator also helps you understand what loan amount you can afford to borrow.

Interested in calculating something different? Check out our full list of personal loan calculators.

Compare personal loans now

Rates last updated July 19th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
6.87%–35.97% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.575%–14.865% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
Prosper Personal Loans
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$40,000
6.95%–35.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)

Compare up to 4 providers

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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US Personal Loans Offers

Important Information*
Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

Prosper Personal Loans

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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