Borrow Only What You Need
It can be tempting to borrow more than necessary, but remember that you pay interest on every dollar borrowed. Calculate your actual need and stick to that amount to minimize your total cost of borrowing.
Personal Loan Calculator
Estimate your monthly payment and see how different loan amounts and terms affect your budget before you apply.
Calculate Your Payment
Adjust the sliders to see your estimated monthly payment
$500
$5,000
3 months
72 months
5.99%
35.99%
Estimated Monthly Payment
$91.65
Total Repayment
$3,299.40
Total Interest
$799.40
* This calculator provides estimates only. Actual rates and terms may vary based on your credit profile.
Understanding Your Loan Payment
Your monthly payment is determined by three main factors: the amount you borrow, the length of your repayment term, and your interest rate (APR). A longer term means lower monthly payments but more total interest paid. A shorter term means higher monthly payments but less interest overall.
How APR Affects Your Loan
APR (Annual Percentage Rate) represents the yearly cost of borrowing, including interest and fees. Your actual APR depends on your credit score, income, loan amount, and term length. Better credit typically qualifies for lower rates. Use the slider above to see how different APRs impact your payment.
Payment Examples
Sample Monthly Payments at Different Loan Amounts
Here are example monthly payments for common loan amounts at our average APR of 18.99% with a 36-month term.
$500
Loan Amount
Monthly Payment
$18.33
Total: $659.88
$1,500
Loan Amount
Monthly Payment
$54.99
Total: $1,979.64
$3,000
Loan Amount
Monthly Payment
$109.98
Total: $3,959.28
$5,000
Loan Amount
Monthly Payment
$183.30
Total: $6,598.80
* Examples shown at 18.99% APR with 36-month term. Your actual rate may vary based on creditworthiness.
Smart Borrowing
Tips for Choosing Your Loan Terms
Making the right choice about your loan amount and term can save you money and reduce financial stress.
Consider Your Monthly Budget
Before committing to a loan, ensure the monthly payment fits comfortably in your budget. A good rule of thumb is that all debt payments combined should not exceed 35-40% of your gross monthly income.
Balance Term Length and Cost
Shorter terms mean higher payments but less total interest. Longer terms lower your monthly payment but increase total cost. Find the sweet spot that works for your situation and financial goals.
Improve Your Credit First If Possible
If your need is not urgent, taking a few months to improve your credit score could qualify you for a significantly lower APR. Even a few percentage points can make a big difference over the life of a loan.
Plan for Early Payoff
Sunbit has no prepayment penalties. If you can pay extra or pay off early, you will save on interest. Consider choosing a longer term for lower required payments but making extra payments when you can afford it.
Compare Multiple Scenarios
Use our calculator to explore different combinations of loan amount, term, and APR. Understanding how each variable affects your payment helps you make the most informed decision possible.
Common Questions
Calculator Frequently Asked Questions
How accurate is this loan calculator?
This calculator provides a close estimate of your potential monthly payment based on the inputs you provide. However, your actual loan terms, including APR, may differ based on your credit profile, income verification, and other factors evaluated during the application process. Use this tool to get a general idea of what to expect.
What APR should I use for my calculation?
If you have excellent credit (720+), try the lower end of our range around 5.99-12%. Good credit (680-719) typically falls in the 12-20% range. Fair credit (640-679) may see rates from 20-28%. Below 640, rates may be toward the higher end. These are general guidelines, and your actual rate depends on multiple factors.
Does using this calculator affect my credit score?
No, using this calculator has absolutely no impact on your credit score. This is simply a tool to help you estimate payments. Even when you apply for a loan through Sunbit, we initially use a soft credit check that does not affect your score. A hard inquiry only occurs if you proceed with a loan offer.
Can I change my loan term after I am approved?
During the application process, you can review different term options before accepting your loan. Once you accept and the loan is funded, the term is set. However, since Sunbit has no prepayment penalties, you can effectively shorten your term by making extra payments or paying off early.
What is included in the total repayment amount?
The total repayment amount shown includes your original loan principal plus all interest charges over the life of the loan if you make minimum payments as scheduled. Sunbit does not charge hidden fees, origination fees, or prepayment penalties, so what you see is what you pay.
Ready to See Your Actual Rate?
Apply now to get personalized loan offers based on your actual credit profile. Checking your rate takes just minutes and will not affect your credit score.