Understanding Our Personal Loan Calculator
Our Personal Loan Calculator is designed to help you see what a potential loan option from Marcus could look like, before you fill out the application and enter any personal information. This way, you can get a sense of how much your monthly payment, term and APR could be with a Marcus personal loan.
Below we’ll walk you through what each of these variables mean.
Monthly Payment: Calculate monthly payment for loan
When taking out a personal loan, it’s important to make sure that you can pay it back on time. One of the most crucial factors in being able to do this is to calculate your monthly payment to ensure it’s something that you can afford.
After you’ve entered your desired loan amount, credit score and either desired monthly payment or term length, our Personal Loan Calculator will calculate your monthly payment based on your inputs. If you see that the calculated monthly payment is more than you can afford, then you can either 1. lengthen the term of your loan, or 2. input a lower desired monthly payment.
If the Personal Loan Calculator shows a monthly payment that is manageable for you and you think you can pay your loan off faster (which is great!), then you can reduce the term of your loan or increase your desired monthly payment.
With a Marcus personal loan, your monthly payment is fixed throughout the term of your loan, so you can plan ahead knowing what to expect each month.
Term: Calculate term of loan
The term of a loan is essential in knowing how long you’ll be paying back your loan. At Marcus, our personal loans range from 36 - 72 months.
To calculate the term of a loan, just select the desired term length from the drop down. If whatever term you input spits out a monthly payment or APR that isn’t right for you, simply try a different term until you find a loan option that’s best for your needs.