David is a Chartered Financial Analyst with 15 years of experience in consumer lending and personal finance planning.
This 4-in-1 Wedding Loan calculator helps you budget for your big day. Enter any three variables—Loan Amount, Annual Rate, Loan Term, or Monthly Payment—to solve for the fourth.
Wedding Loan Calculator
Wedding Loan Amortization Formulas
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Solve for Loan Amount (P):
P = M [ (1 + i)^n – 1 ] / [ i(1 + i)^n ]
Solve for Loan Term (n, in months):
n = -ln(1 – (P*i / M)) / ln(1 + i)
Solve for Rate (i):
*Solved iteratively (no direct formula)
Formula Variables
- (P) Loan Amount (Principal): The total amount you need to borrow for the wedding.
- (R) Annual Rate: The annual interest rate (APR) offered by the lender.
- (T) Loan Term (Years): The length of time you have to repay the loan, in years.
- (M) Monthly Payment: The fixed amount you will pay each month.
- (i): Monthly Interest Rate (R / 12 / 100)
- (n): Total Number of Payments (T * 12)
Related Calculators
- Personal Loan Calculator
- Loan Affordability Calculator
- Debt Consolidation Loan Calculator
- Loan Interest Calculator
What is a Wedding Loan?
A wedding loan is typically just an unsecured **personal loan** that is marketed for the purpose of paying for wedding-related expenses. These expenses can include the venue, catering, photographer, dress, rings, and honeymoon. Because the loan is unsecured, lenders approve you based on your creditworthiness (credit score, income, and debt-to-income ratio) rather than collateral.
While taking out a loan can make your dream wedding a reality, it’s crucial to understand the long-term cost. You will be starting your marriage with debt. This calculator helps you see exactly what that debt will look like. You can determine the monthly payment for a desired loan amount, or you can work backward by deciding on an affordable monthly payment (M) and seeing how much you can (or should) borrow (P).
How to Calculate a Wedding Loan Payment (Example)
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Identify Your Loan Details
You need to borrow $15,000 (P) for your wedding. Your credit union offers you a 3-year (T) loan at a 9.99% (R) annual rate. You want to find your monthly payment (M).
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Find Monthly Rate (i) and Total Payments (n)
Monthly Rate (i) = 9.99% / 12 / 100 = 0.008325
Total Payments (n) = 3 Years * 12 Months = 36 -
Apply the Amortization Formula
The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
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Calculate the Payment
M = $15,000 [ 0.008325 * (1.008325)^36 ] / [ (1.008325)^36 – 1 ]
M = $15,000 [ 0.008325 * 1.3468 ] / [ 1.3468 – 1 ]
M = $15,000 [ 0.011207 ] / [ 0.3468 ]
M = $15,000 * 0.032315 -
Final Result
Your monthly payment (M) will be $484.73 for the next 3 years.
Frequently Asked Questions (FAQ)
It can be a significant financial risk. Financial experts generally advise against starting a marriage with high-interest consumer debt. It’s often better to save up, reduce the wedding budget, or use 0% APR credit cards *if* you can pay them off before the promotional period ends. A loan should be a last resort.
What credit score do I need for a wedding loan?You will typically need a FICO score of 610 or higher to qualify for a personal loan. To get a *good* interest rate (under 10-12%), you will likely need a score of 690 or, ideally, 720+.
Can I use this calculator for a honeymoon loan too?Yes. A honeymoon loan is also a personal loan. This calculator works for any standard amortized loan. Simply enter the amount you want to borrow for the trip, the interest rate, and the term to see the payment.
How much can I afford to borrow?You can use this calculator to find out. Decide on a monthly payment (M) you can comfortably afford (e.g., $300). Enter a typical interest rate (R) (e.g., 10%) and term (T) (e.g., 3 years). Leave the “Loan Amount (P)” field blank and click “Calculate.” The result will show you the total loan principal you can afford with that payment.