Find out how much you’ll pay with a personal loan and how much you could save.
It’s not always possible to pay in cash for every expense that comes your way, sometimes you need financing. This is why many people choose to take out personal loans at one point or another. Before applying for a personal loan, it’s important to know how much you’ll be expected to pay each month — and if you’re consolidating debt, exactly how much you could save in interest.
To to work this out, you can use a personal loan calculator.
Debt consolidation calculator
See how much you could save on your existing debt and what your monthly payment would be when you consolidate credit card balances and/or other loans into one personal loan.To use this calculator, simply:
- Input your outstanding balance on a credit account and the APR.
- Click ‘Add card’.
- Add as many balances as you plan to consolidate.
- Choose your desired repayment term from the dropdown menu to see how much you could save and what your estimated monthly payment on a new loan could be.
- Click ‘Next’ if you’re ready to apply.
(Estimates are calculated by Even Financial, a loan matching service.)
I want to borrow money for something else. What will my estimated monthly payment be?
Your estimated monthly payment depends on several main factors, including: the amount you want to borrow, the APR you’re approved for and the loan term. Many lenders have calculators on their website specific to their loan offerings. Here’s how much you could expect to pay with three leading online lenders:
|Max loan amount||Starting APR||Estimated monthly payment on a $20,000 loan with a 3-year term||Estimated monthly payment on a $35,000 loan with a 5-year term|
(Calculations are based on the lender’s starting APR, which requires you to have excellent credit.)