Wedding Loan Calculator
Calculate monthly payments, total interest, and total cost if you finance part or all of your wedding with a personal loan.
Results
Visualization
How It Works
Wedding loans are unsecured personal loans typically ranging from $5,000-$35,000 with terms of 2-5 years. Average interest rates are 7-15% depending on credit score.
The Formula
Monthly Payment = P x r x (1+r)^n / ((1+r)^n - 1)
Where P = principal, r = monthly rate, n = number of months
Where P = principal, r = monthly rate, n = number of months
Variables
- P — Loan principal (amount borrowed)
- r — Monthly interest rate (annual rate / 12)
- n — Total number of monthly payments
Example
A $15,000 loan at 10% APR for 36 months: Monthly payment = $484. Total interest = $2,420. Total repaid = $17,420.
Tips
- Compare rates from multiple lenders — credit unions often have lower rates
- A 0% APR credit card (12-18 month promo) can be cheaper than a loan
- Consider extending your engagement to save more and borrow less
- Never borrow more than you can comfortably repay within 3 years
- Check if your credit score qualifies for better rates before applying