Written by Carol Pope | Edited by Amanda Push and Stephanie Cervone | Reviewed February 23, 2024
LendingTree’s personal loan calculator can help you see how much your loan could cost, including principal and interest. To use this powerful tool, input the following:
1. Loan amount
Start by entering how much you want to borrow. Many lenders offer personal loans up to $50,000, while some offer $100,000 or more to eligible borrowers.
2. Interest rate
Your interest rate is the percentage you’ll pay to borrow the loan amount. Borrowers with strong credit may be eligible for a lender’s lowest rates, while borrowers with bad credit can expect to pay a higher rate.
Interest rates are typically expressed as APR (annual percentage rate). APR includes both interest and any fees the lender charges.
3. Loan term
Your loan term is how long you have to repay your personal loan. Generally, it’s smart to select the shortest loan term you can comfortably afford. The longer your term, the more you’ll pay in total interest over the life of the loan.
3. Compare results
Once you’re finished, our personal loan calculator shows your principal amount, the total interest and your estimated monthly payment. For instance, let’s say you want to calculate your monthly payment on a $50,000 personal loan over seven years with a 12% rate. You can input those numbers and see that it comes out to a monthly payment of $883 and $24,141 in interest charges.
As you adjust your budget and shop for loans, you can play around with the calculator and compare offers. Use these numbers to determine which one is the best for you.
Why use a personal loan calculator?
A loan calculator can help you determine whether you can afford to take out a personal loan. Not only will borrowers have to repay the amount they borrowed, but they’ll have to pay their lender interest and fees. A personal loan calculator can break down how much interest you’ll pay over the loan term and help you compare offers.