A Personal Loan calculator will help you to determine the interest charges, the finance charges, the amount of each installment as well as the total cost of your Personal Loan. These calculations are an essential tool used to compare the lenders and to plan the repayment so that borrowing money would turn into an easy affordable process.
Table of Contents:
Personal Loan payment calculator
Unsecured Personal Loan calculator
Personal Loan interest rate calculator
How to choose a suitable Personal Loan calculator?
What should you do before applying for a Personal Loan?
Why use a personal loan calculator?
Average Personal Loan interest rate
Average loan interest rate from the best Personal Loan lenders
Discover Personal Loan calculator
Wells Fargo Personal Loan calculator
What is a Personal Loan payment calculator?
Personal Loan Calculator is an essential must-have tool that gives you a clear understanding of your cash advance rates and fees and helps to determine monthly payments and total costs. The calculator takes into account all the financial charges, interest, and additional fees to figure out what APR (annual percentage rate) for the loan is. And the APR in its turn may become a very important criterion for Personal Loans comparison.
The data used by most Personal Loan calculators include:
- The principal or the amount of the loan
- The equated monthly installment
- The interest rate
- The number of monthly installments that you will pay within the repayment term
Estimated Payment
$1,264.14
| Total Principal Paid: | $ 1,000.00 |
|---|---|
| Total Interest Paid: | $ 387.42 |
| Loan Term: | 471.36 % |
Select the amount for the loan you want in order to get the principal, which is the basis that we use to calculate the interest and the total cost of the cash advance.
The number of days within that you will be ready to repay the loan. It’s used to count the total cost of cash advance by multiplying the days by the amount of interest.
To calculate the total cost of your loan, we take the minimal average APR legal in all States, which is 36%. This figure is only a representative, providing you with general information on how much the loan may cost. To find out a more accurate total, fill in the Annual Percentage Rate required by the lender you want to apply to.
It’s the money charged by the lender for doing all the necessary paper work, bank transactions, etc., connected with lending you the money.
What information will the Personal Loan Calculator provide?
Spending just a few minutes on entering the required information into the calculator you’ll be able to answer a great number of questions:
- How many payments will you have?
- How long will it take to pay off the Personal loan?
- How much will each installment be?
- What might the payments be at different interest rates?
- How much can you save if you pay off the loan earlier?
- What kind of repayment plan should you choose to make the loan more affordable?
Unsecured Personal Loan calculator
Unsecured Personal Loan differs from a secured one by the absence of any collateral or co-signer. It makes an unsecured Personal Loan easier and quicker to get but a bit more expensive. Use any of free online Personal Loan calculators to estimate the cost of your cash advance and see if you can afford it or you’d better apply for a secured loan.
How does an unsecured Personal Loan calculator work?
- Get a free credit score report online to see what your credit rating is.
- Decide on the loan amount you need and loan term which will be convenient and affordable for your budget. Most of direct lenders offer Personal Loans from $5000 to $35000 for a period of 7 months – 7 years.
- Hit calculate to see the total cost of the loan and the cost of each installment.
Personal Loan interest rate calculator
To choose low-interest Personal Loans you need to check your rates at first. If you have a question of what your Personal Loan installment or monthly payment will be and how much interest you’ll pay in total, you should use a Personal Loan interest rate calculator.
It will answer these questions in a minute. You just need to state the loan amount, down payment, APR, and the number of monthly payments – and let the calculator do the work for you.
How to calculate a personal loan cost?
- At first, choose the type of calculator depending on what information you would like to get:
- The total cost
- The finance charges
- The interest
- The APR
- Enter the required information: the amount, the terms, the frequency of payment, the APR, etc.
- Simulate the repayment period and see how the cost changes.
- Find out how much you will pay in principal and interest.
- Compare the APRs of other lenders and find the cheapest loan.
Besides, you can use the amortization schedule option and get the timetable of your installments. Or add some extra payments and see how the price of the loan changes if you pay it off earlier.
How is total interest calculated?
The interest you pay for your loan depends on the interest rate and the term. The interest rate or APR is usually stated by the law and varies from lender to lender. It also depends on the amount you need, on the terms, on your credit score.
Though Personal Installment Loans are highly available even for bad credit borrowers, it’s better to take care of your FICO score in advance. The higher it is the better rates you can expect.
To calculate the interest rate for the specific amount of Personal Loan you need:
- Divide your interest rate by the number of installments a year.
- Multiply it by the balance of your loan.
(interest rate / number of payments) х loan principal = interest
The balance always changes. For the first payment, it is the principal of the loan. Then to find out a new balance you need to use the following formula:
Principal – (repayment – interest) = new balance
Doing these calculations yourself may turn rather complicated, so you’d better use the calculator designed by experts.
How to choose a suitable Personal Loan calculator?
Applying for a Personal Loan you should take into account not only the principal amount of the loan and the typical interest but also other additional fees and finance charges. The choice of calculator will depend on which of these payments you need to find out:
- Monthly payment or installment. If you want it to be lower, hoose a Personal Loan with longer terms.
- The APR. It varies from lender to lender and depends on the borrower’s credit score, debt-to-income ratio, etc.
- Total loan amount, or principal. The better your credit score is, the higher the loan amount you can secure.
- The total interest includes all interest payments you’ll make over the term of the loan.
- Origination fee, or application fee, paid for the processing of applications. It usually varies from 1% to 5% of the loan amount.
- Prepayment fee which is charged by some lenders for making repayments ahead of schedule. Luckily, most of our partners don’t have any prepayment penalties.
- Late payment fee, charged for paying too late. It can be flat or assessed as a percentage of the payment, depending on the lender.
What should you do before applying for a Personal Loan?
- Compare the rates from alternative financial institutions: banks, credit unions, direct lenders only, peer-to-peer lenders.
- Investigate the loan terms thoroughly and choose the one you need.
- Make sure there are no hidden or additional fees or penalties which can make the price for the loan much higher.
- Use a Personal Installment Loan calculator to find out the total cost of the loan and make sure you can afford it.
Why use a personal loan calculator?
- To know the cost of the loan
- To make a repayment plan
- To compare different lenders’ prices
- To find the right lender
- To check whether you can afford this loan
A personal loan is a good way to find the necessary funds for a variety of expenses: debt consolidation, car repair, house redecoration, medical bills, etc. It’s repaid at a fixed interest rate over a set period of time in equal installments which makes it easier not to miss any payments or get into debt.
And a free online calculator is an additional helpful tool to ensure the lending process goes smooth.
Average Personal Loan interest rate
The average APR on Personal Loans depends on various factors including your credit score, debt-to-income ratio, creditworthiness, income. Besides, it may vary from lender to lender and be regulated by the state's laws.
Let's start with your credit score.
It's a common fact that the higher the FICO score rating is the lower interest you are going to be charged.
| Average credit score | Personal Loan interest rate |
| Excellent (720 - 850) | 10.3% - 12.5% |
| Good (680 - 719) | 3.5% - 15.5% |
| Average (640 - 679) | 17.8% - 19.9% |
| Poor (300 - 639) | 28.5% - 32.0% |
Average loan interest rate from the best Personal Loan lenders
The APR on unsecured personal loans from direct lenders typically ranges from 5% to 36%.
To find competitive rates, compare online lenders, especially those that offer loans to both good and bad credit borrowers.
Consider a few lending companies our experts recommend:
| PersonalLoans.com | 5.99% - 35.99% |
| Lend You | starting at 4.99% |
| Credible | 3.99% - 35.99% |
| OneMainFinancial | 18.00% - 35.99% |
Free Personal Loan calculator
While choosing a Personal loan, it’s highly recommended to use a loan calculator. It will show which cash advance you can afford and narrow a selection of offers. You’ll be able to compare the lenders and their rates to choose the most suitable one.
Practically every direct lender’s website has a free calculator you can use. Or consider an independent online calculator from the top financial sites or comparing services.
Experts also recommend the following Personal Loan calculators:
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Discover Personal Loan calculator
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Disover personal loan calculator estimates a monthly payment based on the loan amount, term, and the credit score you select. Your actual payments will also be determined by your interest rate, which is based on information contained within your application.
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Wells Fargo Personal Loan calculator
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Wells Fargo on its website offers to calculate interest rates on your Personal Loan and Line of Credit.
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Bank of America Personal Loan calculator
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Bank of America offers to estimate your Personal auto loan, its monthly payment, or determine your loan amount by car price, trade-in value and other factors.
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Chase Personal Loan calculator
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Chase Bank offers Personal Loans for debt consolidation. You can use their Debt Consolidation Calculator to help determine how much you may be able to save by consolidating your debt into a home equity line of credit. Enter information about your current loan payments, balances and interest rates to see your results.
Compare other top Personal Loan companies:
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