Wedding Loan

Plug in the amount, rate and term of a wedding loan and see your fixed monthly payment plus how much interest the big day will really cost.

How the calculation works

Wedding loans are usually unsecured personal loans repaid in equal monthly installments. The calculator uses the standard amortization formula: payment = P × i / (1 − (1 + i)^−n), where P is the loan amount, i is the monthly rate (annual rate ÷ 12) and n is the number of months. Early payments are mostly interest; later ones mostly principal.

Inputs: loan amount, interest rate per year in percent, and loan term in months (up to 360). The page opens with sample values — replace them with the figures from your loan offer. Results show the monthly payment, total of all payments (payment × months) and overpayment, which is the total interest you pay.

The result covers interest only. Origination fees and add-on products are not included; under the Truth in Lending Act, lenders must disclose the APR, which folds in most fees. Compare offers by APR and total cost, not by monthly payment alone.

Worked example

Say you borrow $20,000 at 11% for 36 months. The monthly rate is 0.9167%, so the payment is 20,000 × 0.009167 / (1 − 1.009167^−36) ≈ $655. Over three years you repay about $23,572, of which roughly $3,572 is interest.

Things to keep in mind

• Borrow only the gap between your budget and what savings and gifts will cover — interest scales with the balance.
• A longer term lowers the payment but raises total interest. Check both numbers before choosing.
• Your credit score drives the rate you are offered. Prequalifying with a soft credit check lets you compare without hurting your score.
• If a lender deducts an origination fee, you receive less than you borrow; size the loan so the net amount still covers the bills.
• Paying extra early in the term saves the most interest, since that is when interest makes up most of each payment.