Personal Loan Calculator

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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How to use our personal loan calculator

Written by Carol Pope | Edited by Amanda Push | Reviewed November 1, 2024

LendingTree’s personal loan payment calculator can help you see how much your loan could cost, including principal and interest. To calculate your monthly payments and the cost of the loan, enter the following:

1. Loan amount

Start by entering how much you want to borrow. Lenders typically offer personal loans up to $50,000, but some offer $100,000 or more to eligible borrowers.

2. Estimated interest rate

Your interest rate measures what you’ll pay to borrow the loan. Borrowers with excellent credit may be eligible for a lender’s lowest rates, while borrowers with bad credit should expect to pay a higher rate if they qualify at all.

Interest rates are typically expressed as APR (annual percentage rate). APR includes both interest and fees.

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.

4. Compare results

Once you’re finished, click “View Personalized Offers.” You’ll see the principal amount (how much you plan to borrow), the total interest and your estimated monthly payment. Play around with the calculator to see how different interest rates and repayment terms affect your results. Choose the loan that charges the lowest total interest but still has monthly payments that fit in your budget.

Why use a personal loan calculator?

A loan calculator can help you determine whether you can afford the interest payments and fees on a personal loan. You can also use a personal loan repayment calculator to help you compare loan offers.

What is a good personal loan rate?

A “good” personal loan rate is the lowest rate you can get. If you have bad credit, you may not qualify for a personal loan at all. If you do qualify, your rate will probably not be a “good” one for someone with excellent credit.

You can use our data to see if the rate in your loan offer is competitive. Below, you’ll find average APRs for loans closed on LendingTree’s loan marketplace. Find your credit score and see how your personal loan rate compares.

Credit score rangeAverage APRAverage loan amount
720+18.68%$17,691
680-71931.21%$14,335
660-67944.70%$10,279
640-65956.94%$7,998
620-63977.41%$6,094
580-619118.66%$4,338
560-579165.39%$3,012
Less than 560184.89%$2,463

Source: LendingTree user data on closed personal loans for the second quarter of 2024.

How to calculate personal loan interest

While your monthly payments will remain the same, over time, less and less of that monthly payment will go toward interest and more will go toward your principal — the money you borrowed — until the loan is paid off.

Read these instructions on how to calculate interest on a loan to learn how much of your monthly payment will be applied to your interest versus the principal.

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What to do after you use our personal loan calculator

Now that you know how to research and understand personal loan offers, here’s what to do next.

Improve your credit

Strong credit increases your chances of being approved for a personal loan at a lower rate. In fact, a LendingTree study shows that raising your score from fair to very good could save you over $22,000. Continue to improve your credit score by paying down debts, making on-time payments and disputing any errors on your credit reports.

Read more about how to improve your credit score.

Get quotes from lenders

You could save up to $3,138 by shopping around for a personal loan, so it’s important to compare several quotes from lenders before choosing the best loan for you. You can get quotes from up to five lenders in minutes through LendingTree. Here’s how:

  1. Fill out a form. You’ll answer a few quick questions about the loan you need and your personal information.
  2. Compare offers. If you qualify, you’ll see rate quotes from up to five lenders. Compare monthly payments and rates to find the best loan for you.
  3. Apply. You’ll answer a few more questions in the lender’s application and sign a loan contract. After you sign, the lender will send you your money, typically by direct deposit.

See Personalized Results

Frequently asked questions

The monthly payment amount for a $15,000 loan depends on your interest rate and repayment term. The higher your interest rate, the higher your monthly payment will be, and the longer you stretch out payments, the lower your payment will be.
 
For instance, a three-year $15,000 loan with a 12% interest rate will come with a monthly payment of $498. The same loan with a five-year term comes with a $334 monthly payment.

Yes — most personal loan lenders allow you to pay off your loan early without charging a prepayment penalty. This fee is more common among mortgage companies, but it’s a good idea to check with your lender before repaying your personal loan early.

You may still qualify for a personal loan if your credit needs some work, but it can be difficult. If you need a loan before you have a chance to improve your credit score, you can apply for a bad credit personal loan with a reputable lender. However, you’re likely to pay a high interest rate if you’re approved.