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If you want to install a custom designed, built-in swimming pool, you’ll probably need financing. And if you do, use this swimming pool loan calculator to crunch the numbers.

The average cost to install a professionally designed inground swimming pool ranges between $36,750 to $66,500. That’s an admittedly wide range, but it takes in different pool styles, as well as cost variations by region and state.

Given the cost, chances are I’m betting you’ll need some financing. Swimming pool loans are one of those middle-ground financing arrangements that sit somewhere between credit cards and mortgages. But if you do need financing, you’ll need to crunch some numbers to make sure the arrangement is a comfortable fit for your budget.

MU30’s Swimming Pool Loan Calculator is here to help you make the right choice!

Swimming Pool Loan Calculator

How the Swimming Pool Loan Calculator works 

The Calculator is designed to help you with two very important financing factors:

  1. The loan term.
  2. The monthly payment.

By entering the loan amount and the expected interest rate, you can determine a comfortable monthly payment. For example, by choosing a longer loan term, the monthly payment will be smaller and more affordable, but with a higher payment, the loan will be paid off in less time.

You can use the calculator to choose which will work best for you, by running various scenarios based on different loan amounts, interest rates, and loan terms.

Enter your desired loan amount

You’ll start by entering the desired loan amount and the expected interest rate in the calculator. You can then choose to calculate the loan, either by the loan term or by the monthly payment.

In the example below, I’m using a $30,000 loan amount, with an expected interest rate of 10.9% APR.

I’ll first “Calculate by Loan Term”.

By selecting 60 months for the loan term, the estimated monthly payment will be $650.78, with $9,046.86 in interest paid over the life of the loan. 

OR calculate by the monthly payment you want

But if you decide the monthly payment is too high, you can choose “Calculate by Monthly Payment”, and enter the desired monthly payment.

I entered the payment of $500 per month. 

When I lower the monthly payment to $500, the loan term goes from 60 months to 87 months, or 7.25 years. That also increases the amount of interest paid over the life of the loan, from $9,046.80 to $13,500.

You can run various scenarios using the calculator to determine which monthly payment and term will be the best fit for you.

Where to get a swimming pool loan

Depending on the cost of the swimming pool you plan to install, you may be offered financing by the provider. Financing isn’t provided by the swimming pool installer directly, but rather by a financing company they have a business relationship with. It’s something of a captive financing arrangement, and it may not offer the best terms for you.

An alternative worth considering is personal loans. They are completely unsecured loans, with a fixed term, interest rate, and monthly payment. They can be used for just about any purpose, including the installation of a swimming pool.

If you need financing for a swimming pool, you definitely should check your options with personal loan sources, rather than relying entirely on the financing provided by the pool contractor.

Two personal loan sources worth checking out are Monevo and Fiona:

  • Monevo is a personal loan aggregator working with more than 30 top lenders and banks. You can get a personal loan through the platform in amounts ranging from a low of $500 to as much as $100,000. They can also accommodate credit scores ranging from fair to excellent.
  • Fiona is another loan aggregator that works very similar to Monevo. Though they offer a smaller number of personal loan lenders, the ones they give you access to are the top names in the industry. Loans are available in amounts ranging from a low of $1,000 to as much as $250,000 and terms range from 24 to 84 months.

What you should know about swimming pool loans 

In looking at the cost to build an inground swimming pool, you’ll need to be aware of the factors that will determine both the terms and your cost of financing.

Factors to consider in financing your swimming pool installation include:

Your credit score

The best rates and terms will go to borrowers who have the best credit scores. Though you may be able to get financing with a score as low as 600, the best financing deals come with a credit score above 700.

If your score isn’t where you need it to be, you may want to delay the pool project and concentrate on improving your credit score first.

Your monthly payment

A swimming pool loan is likely to be comparable to a new car loan. You’ll need to be certain the monthly payment will be a comfortable fit within your budget.  

How long do you plan to live in the home?

The answer to this question will be another important factor in determining your loan term.

If you’re planning to only live in the home for 7-10 years or so, you probably want to pay off the loan rather quickly so you can fully enjoy it before you sell. 

Financing speed

If it’s spring and you want your pool to be installed in time for summer, you’ll need to get the project going right away. That means you’ll need financing in the shortest amount of time possible. Online personal loans, like those available through Monevo and Fiona, can be ready in just a few days.

Getting the swimming pool you want will be a major project. And in the likely event financing is necessary, you’ll need that to happen as quickly as possible, while still being affordable. Personal loans are designed to accomplish exactly those objectives.

Use this Swimming Pool Loan Calculator to help determine the financing you need, then make an application with a personal loan lender today.

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About the author

Kevin Mercadante
Total Articles: 153
Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed “slash worker” – accountant/blogger/freelance web content writer – on Out of Your Rut.com. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides “Alt-retirement strategies” for the vast majority who won’t retire to the beach as millionaires. He also frequently discusses the big-picture trends that are putting the squeeze on the bottom 90%, offering work-arounds and expense cutting tips to help readers carve out more money to save in their budgets – a.k.a., breaking the “savings barrier” and transitioning from debtor to saver. He’s a regular contributor/staff writer for as many as a dozen financial blogs and websites, including Money Under 30, Investor Junkie and The Dough Roller.
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