PERSONAL LOAN PAYOFF CALCULATOR
Estimate your monthly payments on a personal loan
If you’re planning on taking out a personal loan, a loan payoff calculator is a vital part of financial education that helps you know if you’re prepared to responsibly manage the loan. You only need a few pieces of information to use a loan calculator and it can give you a lot of information and allow you to see a realistic perspective of what you’ll be paying regularly throughout the course of your loan term.
Personal loan calculators can be useful before you take out a loan as well as during the length of your loan term. You can use it to help yourself visualize how expensive a loan rate you’re offered will be in the end. You can also use it to help decide if refinancing a loan is a good idea or to see how the total you’ll pay would differ if you made the choice to increase your monthly payment.
How to use our calculator
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How to Use the Personal Loan Payoff Calculator
When you’re ready to use the calculator, you’ll need a few key pieces of information handy:
Your loan amount is the total sum that your lender will be offering you. It’s not necessarily the amount that’s deposited in your account as origination fees would be deducted from that total before the funds get deposited into your bank account.
This is the amount of time you will have to pay your loan back. It’s usually presented to you as a number of months or years that the total amount you’ll need to pay back will be divided by to figure out your monthly payment amount.
You will also need your Annual Percentage Rate to calculate the interest you’ll be paying over time. It’s presented as a percentage and may be known as an interest rate as well. If you are using the calculator before successfully taking out a loan and you only have an estimated rate, use the calculator twice: once with the lower percentage rate and once with the highest. This gives you a realistic idea of the interest you will have to pay.
Estimated Credit Score
If you don’t know what the APR will be, you’ll need your estimated credit score to use the calculator. As your score may vary, you’ll just need to know how your credit score ranks: Excellent, Good, Fair, or Bad.
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Personal Loan Types
Auto Repair Loans
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Fast Personal Loans
Home Improvement Loans
Horse Barn Financing
Family Planning Loans
Land Purchase Financing
Manufactured Home Financing
Cosmetic & Plastic Surgery Financing
Owner Builder Construction Loans
Personal Loans for House Down Payment
Personal Loans for Self Employed
Personal Loans for Furniture Expenses
Debt Consolidation Loans
Vacation & Travel Loans
Emergency Personal Loans
Personal Loans with Co-signers
Home Improvement Financing
Bathroom Remodel Financing
Basement Remodel Financing
Boat Dock Loans
Driveway Paving Financing
Home Addition Financing
Hot Tub Financing
Home Insulation Financing
Interior & Exterior Painting Financing
Kitchen Remodel Financing
Kitchen Cabinet Financing
Pole Barn Financing
Solar Panel Financing
Swimming Pool Financing
Sunroom Addition Loans
Window Replacement Financing
Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.