Installment Loan Calculator

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Installment Calculator for Loans
This installment loan calculator displays the amount and amount for monthly installment loan payments.


The last update was on Jan 10, 2023

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An installment loan is when you borrow money in one lump sum, and pay back in fixed installments over a few months or even years. A installment loan calculator can help you determine how much the monthly payments could be.
Use this installment loan calculator to see your monthly payments based upon the loan's annual percentage rate and term.
How to use this calculator
Amount of loan ($): Input the amount you plan to borrow, before you add the interest.
Terms of the loan (months) Enter the term of repayment for your loan in months.
Estimated Annual APR (%): Enter the APR you expect to receive. This is the loan's interest rate, as well as any fees charged by the lender.
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Installment loan calculator
Find out if you're pre-qualified for an individual loan without impacting your credit score
Just answer a few questions to get an estimate of your personal rate from a variety of lenders.


Loan amount
on NerdWallet








How do loan terms and rates affect the amount of monthly payments
The rate of interest you pay and the loan duration directly impact how you are charged for your loan every month.
Here's how:
Rate A higher rate of interest will mean you'll be paying more every month and in total interest. For personal loans numerous online lenders let you choose the cheapest rate without affecting your credit score.
The term: Adjusting the terms of your loan's repayment can alter the amount of your monthly payments, the number of payments and total interest. A longer repayment timeframe reduces the monthly payment, but it increases the total cost of interest.
Types of installment loans
Any loan you get in a lump sum and repay it in bi-weekly, or monthly payments can be considered an installment loan. The following loans are all an example of these installment loans.
Personal loans
Unsecured personal loans can range from $2,000 to $100,000, and they have rates from 6% to 36 percent. These loans are paid back over twoto seven years periods, usually with monthly payments. Most personal loans don't require collateral in order to guarantee the loan because the lender uses your credit and financial information to determine whether you're eligible.
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Auto loans
Auto loans are typically used to cover the cost of the vehicle you're purchasing, minus your down payment. Rates are generally lower than personal loans and repayment terms can extend to seven years, however NerdWallet recommends a term between three and five years. With an auto loan, the vehicle is collateral for the loan and the lender has the right to take the vehicle if you fail to pay the loan in full.
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Home equity loans
The home equity loan is a type of second mortgage with a fixed rate. Loan amounts are usually between 85% and 85% of the home's value minus what you owe on the first mortgage. The repayment term may be as long as 10 or 15 years. The shorter the period is, the lower amount of interest you'll have to pay. Your home is the collateral for an equity home loan which means the lender is able to take it if you don't make your payments.
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High-interest installment loans
Some installment loans may have triple-digit interest rates, making them expensive and difficult to repay. It could be as little as a couple of hundred dollars, however certain lenders will offer as much as 10,000 or even $15,000. The repayment terms range from 6 months to 5 years.
Most high-interest lenders won't even check your credit score or scrutinize your expenses and income to determine if you're able to pay back the loan. You should think about this type of loan as a last resort when you've exhausted all other options.
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How do I obtain a personal installment loan
The personal installment loans are offered at banks as well as credit unions, and online lenders. The are reserved for borrowers with good or excellent credit, high incomes and a low amount of debt however, you are able to locate installment loans for people with poor credit.
Installment loan lenders
Lender



Loan amount



Est. APR



Repayment terms



The ratings of NerdWallet are based on the opinions of our editorial team. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score, fees and rates as well as the customer's experience and ethical lending practices.

on Upgrade's website






$1,000 - $50,000.


8.49% - 35.97% .


2 - 7 years.


NerdWallet's ratings are determined by the editorial staff. The scoring formula is based on the factors we believe to be a good choice for consumers, such as impact to credit score, rates and fees, customer experience and responsible lending practices.

on the LightStream website






$5,000 - $100,000.


6.99% - 23.99% .


2 - 12 years.


NerdWallet's ratings are determined by the team of editors. The scoring formula is based on factors we consider to be beneficial to consumers, including impact to credit score, rates and fees customers' experience, and ethical lending practices.

on the website of LendingClub.






$1,000 - $40,000.


8.30% - 36.00% .


3 to 5 years old.


NerdWallet's ratings are evaluated by our editorial team. The scoring formula takes into account the factors we believe to be beneficial to consumers, including impact to credit score rates and fees, the customer experience and ethical lending practices.

on the Rocket Loans' website






$2,000 - $45,000.


7.73% - 29.99% .


3 to 5 years old.


The NerdWallet ratings are decided by our editorial team. The scoring formula takes into account aspects we consider to be a good choice for consumers, such as impact to credit score fees and rates as well as the customer's experience and responsible lending practices.

on NerdWallet's secure site





$500 - $50,000.


6.70% - 18.00% .


2 - 7 years.


The ratings of NerdWallet are based on the opinions of our editorial team. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score, fees and rates as well as the customer's experience and ethical lending practices.

on the OneMain Financial website.






1,500 - $20,000.


18.00% - 35.99% .


2 - 5 years.










About the writer: Annie Millerbernd is an individual loans writer. Her work has appeared in The Associated Press and USA Today.







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