Average price estimates for installing an in-ground pool range from $35,000 to $55,000.

So unless you happen to be, shall we say, swimming in money, chances are you’ll need financing to make such a major home improvement happen. And whether your dream pool is closer to the lower or higher end of the average price range, you’ll definitely want to crunch some numbers to make sure a potential loan is a comfortable fit for your budget.

This pool loan calculator is here to help you forecast the influence a new pool will have on your finances.

Swimming Pool Loan Calculator

How the Pool Loan Calculator Works 

The calculator is designed to help you determine three very important financing factors:

1. The monthly payment you’ll make.
2. The term length for repaying your loan in full.
3. The total interest you’ll pay over the life of your loan.

Below are the steps for using the calculator and getting the loan insights you need.

1. Enter Your Loan Amount

You’ll start by entering your desired loan amount in the calculator. If you’re not sure yet how much your pool will cost, $45,000 might be a good middle-ground number to play around with.

2. Enter Your APR

Next, enter the interest rate you expect to get for your loan. If you’re not sure which rate you’ll get, 10% is a good ballpark APR for a personal loan borrower with a strong credit score.

You can anticipate a far lower rate on a HELOC — around 5% or so, though that will vary depending on your credit score, loan-to-value ratio, and the state of the economy.

3. Choose Your Calculation Method

You can then choose to calculate by either the monthly payment or the loan term.

In the examples below, I’m using a $45,000 loan amount, with an expected interest rate of 10% APR.

Monthly Payment

If you’ve taken a look at your budget, you should have a good idea of how much you can afford to pay each month for your pool.

I entered a payment of $700 per month. This worked out to a rather lengthy term of 92 months (7.67 years) and a gargantuan $19,400 in total interest paid over the life of the loan.

I won’t be able to sleep at night paying that much interest over such a long period of time, so let’s see what happens when I change the calculation method and adjust the loan details a bit.

Loan Term

If I instead choose “Calculate by loan term” and enter a term of 60 months, my estimated monthly payment increases to $956.12, but my total interest paid drops to a more digestible $12,367.2. A savings of $7,000+ in interest will definitely be worth the higher monthly payment in the long run.

Read more:

• Home Improvement Loan Calculator
• How to Apply for Personal Loans (and the Difference Between Each Type)