Personal loan calculator: Test how much you can afford to borrow

Is there something you’re looking to buy or do, but you’re struggling to find the cash needed? If this is a situation you are facing, or have faced in the past, you are not alone. If you decide to proceed and need money to fund your project, your options include taking out a personal loan (whether from a credit union, or another financial institution). 

Taking out a personal loan is a big decision, and one that most adults will consider multiple times in their lives. And while a personal loan can absolutely provide a stream of cash to fund a project, an experience, or something of a different kind, taking one out can be a good or bad call, depending on what you’re using it for and whether you can truly afford it. 

Considering taking out a personal loan? Add your numbers up

A personal loan from a credit union, even if it’s for a small amount, is no different. It’s a decision you’ll want to consider carefully. Don’t get us wrong—taking out a loan can absolutely be a great decision! It can help you afford big-ticket items, fund a new project, or help consolidate other debts with higher interest rates. 

A loan can also save you from dipping into savings that you don’t want to touch. So how do you know if taking out a personal loan is the right decision?

Key to understanding whether taking out a loan is the right decision for you is defining how much you want to borrow and a repayment structure that you can afford. Each loan comes with terms (or rules) in an agreement you are signing, so it’s important to ask and answer questions early. 

That means figuring things out before signing on the dotted line, which can feel challenging when financial terms sound confusing. Check out our financial terms glossary to understand them better as you’re reading.

Use our personal loan credit union calculator

A great way to get informed on how much loan you can afford is through using our personal loan calculator below. This tool can help find what payment amount fits your budget.

It’s important to note that these calculations are based on the accuracy and completeness of the data you have entered. This info is intended for illustrative and general information purposes only. Actual payment amounts may differ and are determined when you are being approved for a loan. 

We always recommend using this tool for information purposes only, and consult a financial expert before making financial decisions. We recommend as well that you connect with your credit union, and chat through personal loan options that best fit you and your finances. 

Your loan payments are one of many factors to consider

Calculating a rough idea of the amount of loan you can afford to borrow is simply a first step to learning more about borrowing, and how taking out a loan works. There are a number of other basic steps you’ll want to walk through before finalizing your decision, including what interest rate you may qualify for. And if you’re a student, you may want to look into a student loan vs line of credit.

Our guide to borrowing is another tool that can help you understand how loans work, how your own credit rating factors in, different kinds of loans and which ultimately is the best fit for you.