🧮 Calculate Your Payment
* This calculator provides estimates only. Your actual rate and terms may vary based on your credit profile and other factors.
Understanding Your Loan Payments
Before taking out a personal loan, it's important to understand how your monthly payments are calculated and what factors affect the total cost of borrowing. Our calculator helps you explore different scenarios so you can make an informed decision about your loan.
The three main factors that determine your monthly payment are the loan amount (how much you borrow), the loan term (how long you have to repay), and the interest rate (expressed as an APR). Adjusting any of these factors changes your payment amount and total interest paid.
💡 Tips for Choosing Your Loan Terms
While shorter loan terms mean higher monthly payments, you'll pay significantly less in total interest over the life of the loan. If you can afford higher payments, this saves you money.
Longer terms spread your payments over more months, making each payment smaller. This is helpful for budgeting, but you'll pay more interest overall.
With Sezzle Pay, there are no prepayment penalties. If you have extra money, paying more than your minimum can save on interest and help you become debt-free faster.
APR (Annual Percentage Rate) represents the yearly cost of your loan, including interest and any fees. It's the most accurate way to compare loan offers. A lower APR means lower borrowing costs. Your actual APR depends on factors like your credit score, income, and loan amount.
📊 Sample Payment Scenarios
| Amount | Term | APR | Payment |
|---|---|---|---|
| $1,000 | 12 mo | 15% | $90/mo |
| $2,000 | 18 mo | 18% | $123/mo |
| $3,000 | 24 mo | 20% | $153/mo |
| $5,000 | 24 mo | 12% | $235/mo |
* Examples for illustration only. Actual rates and payments may vary.
Making the Most of Your Loan
Follow these guidelines to ensure you're borrowing responsibly and getting the best value from your personal loan.
Borrow What You Need
Only borrow the amount you actually need for your purchase. Borrowing more than necessary means paying more interest over time. Be honest with yourself about what you truly need versus what would be nice to have.
Budget for Payments
Before accepting a loan, make sure the monthly payment fits comfortably in your budget. A good rule is that debt payments (excluding mortgage) shouldn't exceed 20% of your take-home pay. Use our calculator to find affordable terms.
Pay On Time
Set up automatic payments or payment reminders to ensure you never miss a due date. On-time payments not only avoid late fees but also help build your credit score over time, potentially qualifying you for better rates in the future.
Pay Extra When Possible
Any extra payments go directly toward your principal, reducing the total interest you pay. Even small additional payments can make a significant difference. With no prepayment penalties, paying off early is always a smart move.
Compare Options
Before committing to any loan, compare offers from multiple lenders. Look at the APR, not just the interest rate, as it includes fees. Our soft credit check lets you see your rate without impacting your credit score.
Read the Fine Print
Always review your loan agreement carefully before signing. Understand all the terms including interest rate, fees, payment schedule, and what happens if you miss a payment. Don't hesitate to ask questions about anything unclear.
Ready to See Your Real Rate?
Apply now to get your personalized rate and terms. Our soft credit check won't affect your score, and there's no obligation to accept.