How to Use a Personal Loan Calculator to Plan Out Your Loan

Whether you have a loan or you’re looking at your current loan options, a personal loan calculator can absolutely come in handy for your finances. Are you using it to its full potential? We cover how you can make the most of it for your loans in this article.

A calculator sitting atop loan documents.

Make Sure Your Information is Accurate

One thing to remember upfront about personal loan calculators is that, in most cases, the only person who will see it is you. It’s important, to be honest about your finances, the loan, and your credit score. This will help you get the most accurate picture of your finances to date and what the loan will mean for your budget in the coming years.

Personal loan calculators generally ask for

  • The loan amount
  • Loan purpose
  • Interest rate
  • Loan term
  • Zipcode
  • Annual Income
  • Credit Score

Different personal loans may require different calculators, so make sure you’re selecting the correct loan purpose (or using the right calculator) to get the correct picture for your repayment. Some types may also not ask for the interest rate, but rather show you what your interest rate may be after you fill out the form.

College Ave company logo.

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Variable rates as low as 0.99% - 11.98% APR with auto-debit

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Use A Personal Loan Calculator to Get an Idea of Your Options

Personal loan calculators are there to give you an idea of your options – the results are not set in stone and you may not get those exact offers from lenders (especially if any of your initial information was inaccurate). However, starting here can give you a starting point to plan ahead for your budget and see what type of loan would be best for your needs.

Always shop around when choosing a loan. Many calculators will give you options right after you hit submit, but be sure to compare several before deciding on one that is right for you.

Use it to Figure Out Your Repayment Schedule on New Loans

In some cases, you may allow the personal loan to determine the repayment schedule. However, in other cases, you can play around with the payment options to see which best fits your budget and needs.

You first need to ask yourself how much can you afford each month when paying off the loan? Then you also need to consider how fast you want to pay it off. If you’re wanting to completely pay it back in two years, your monthly payments may be high, so always review your budget to ensure you can make those payments on time. Failing to do so can hurt your credit score and rake in fees.

Use it to Figure Out Your Repayment Schedule on Existing Loans

Say you already have a loan, but you’ve come into more money. In most cases, you can pay above the minimum amount and start working towards paying that loan off faster. A personal loan calculator allows you to determine how long it would take to pay off with the new, larger amount, giving you more insight into your budget and finances.

A personal loan calculator is a valuable resource that shouldn’t be ignored, especially if you’re looking for a new loan or need to recalculate your current finances. They can absolutely get you on the right path when you need a personal loan.


Lender Rates (APR) Eligibility
Sallie Mae logo.
1.13% - 11.23% Variable
3.50%- 12.60% Fixed
Undergraduate and Graduate
Credibe company logo.
0.99% - 11.99% Variable
2.94% - 12.99% Fixed
Undergraduate and Graduate
Lendkey company logo.
1.13% - 11.23% Variable
3.50% - 12.60% Fixed
Undergraduate and Graduate
Ascent company logo.
1.51% - 9.09% Variable
3.24% - 11.33% Fixed
Undergraduate and Graduate
College Ave company logo.
0.99% - 11.98% Variable
2.94% - 12.99% Fixed
Undergraduate and Graduate
2.93% - 5.67% Variable
4.35% - 7.15% Fixed
Undergraduate and Graduate
Earnest company logo.
0.99% - 11.44% Variable
2.94% - 12.78% Fixed
Undergraduate and Graduate
1.20% - 11.52% Variable
3.20% - 11.99% Fixed
Undergraduate and Graduate
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.

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