Personal Loan Calculator
Estimate your monthly payment and explore how small changes to your loan amount, term or rate can impact what you’ll pay
Not sure what estimated interest rate to use?
Personal loan rates depend on your credit score, annual income, current debt and other factors unique to you. Your rate might not match exactly, but using average LendingTree personal loan rates as a reference is better than guessing if you haven’t yet prequalified for personal loan offers.
Find your credit tier in the table below. Then, enter its corresponding average annual percentage rate (APR) in the calculator to see how much a personal loan could potentially cost you.
| Credit tier | Average APR |
|---|---|
| Excellent (800 and above) | 15.75% |
| Very good (740-799) | 17.89% |
| Good (670-739) | 23.27% |
| Fair (580-669) | 27.79% |
| Poor (under 580) | 30.25% |
Check out our Average LendingTree Personal Loan Rates and Marketplace Data to explore more real borrower data, including the average credit score for LendingTree users who received at least one offer.
Try adjusting your loan term to see how cost changes
Your loan term is the length of time you have to repay what you borrowed. Unlike credit cards (which remain open until either you or the issuer closes them), loans have a predetermined end date.
Adjusting your loan term can dramatically impact how much you pay, even if your loan amount and rate stay the same. Go back to the personal loan calculator above and change the loan term to see how the payment and total interest shift.
If you need a lower monthly payment, increase your loan term
Monthly payments are typically lower on long-term loans because there’s more time to spread the loan balance. However, the longer your loan is open, the more total interest you’ll pay. Longer loan terms also generally carry higher rates.
If you want to pay less total interest, decrease your loan term
As long as you can comfortably afford a higher monthly payment, a short-term loan usually results in less total interest. Interest on most personal loans is based on your loan balance, or principal. The faster you pay off the principal, the less interest you’ll pay. Plus, lenders usually charge lower rates on shorter loan terms.
Decide if your estimated loan payment fits your budget
Now, you have an idea of how much a personal loan might cost. Do you know if it’s something you can afford? Here are some things to think about to help you decide.
- For budgeting purposes, keep debt payments to no more than 10% of your monthly take-home income (not including housing expenses).
- A personal loan will increase your debt-to-income ratio (DTI). Generally, a DTI of 35% or less is considered “good,” but this varies by lender and type of loan. A higher DTI could mean higher rates on future credit.
- It’s a good idea to save 20% of your paycheck, but even small amounts make a difference over time. Consider how a loan payment could affect your ability to save for your emergency fund or retirement.
Ready to see real offers based on your numbers?
If the payment you calculated feels high, comparing lenders could significantly lower your total cost.
Tell us what you need
Take two minutes to tell us who you are and how much money you need. It’s free, simple and secure.
Shop your offers
LendingTree users get 11 personal loan offers on average. Compare your offers side by side to get the best deal.
Get your money
Pick a lender and sign your loan paperwork. You could see money in your account in as soon as 24 hours.
LendingTree users save an average of $3,138 in total interest by comparing at least six personal loan offers
Frequently asked questions
The results from this calculator are based on information that you enter. It’s possible that the estimated rate used in the calculator was not exactly the same as the APRs offered to you. Your offers may also reflect different loan amounts and/or have varying loan terms.
Actual personal loan offers are typically based on a soft credit inquiry and factor in your annual income, the reason for the loan and more. A personal loan calculator is a great research tool when first shopping, but prequalifying and comparing offers are more accurate.
Not separately, but the fees are included if you enter your estimated APR in the interest rate box. The annual percentage rate includes both interest and any origination fees. The calculator will factor those fees into your monthly payment and total interest.
Keep in mind that lenders typically deduct applicable origination fees from your loan before sending you the funds. For example, if you’re approved for a $10,000 loan with a 5% origination fee, you will only receive $9,500. You may need to request a slightly higher loan amount to cover this fee, depending on your needs.
No, LendingTree is not a lender. LendingTree is an online financial services marketplace that connects borrowers with its network of partner lenders. Instead of funding loans directly, it helps you compare offers from its network so you can shop for competitive rates and choose the option that works best for you.