Installment Calculator for Loans

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Installment Calculator for Loans
Its installment loan calculator shows the number and the amount for monthly installment loan payments.


Last updated on Jan 10 2023.

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An is money you borrow in a lump sum and repay in fixed payments over a few months or even years. A installment loan calculator can help estimate how much your monthly payments could be.
Make use of the installment loan calculator to calculate your monthly payments based on the loan's annual percentage rate and duration.
How to use this calculator
The amount of the loan ($): Input the amount of money you plan to borrow, before you add interest.
The loan term (months) Enter the term of repayment for your loan in months.
Expected APR (%): Enter the APR you expect to receive. This is the interest rate, plus any charges the lender may charge.
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Installment loan calculator
Check if you are pre-qualified for a personal loan without impacting your credit score
Just answer a few questions to receive customized rate estimates from several lenders.


Loan amount
on NerdWallet








How do loan terms and rates affect monthly payments
The rate of interest you pay and the loan duration directly impact how you will pay for your loan every month.
Here's how:
Rate Higher interest rates means that you'll have to be paying more every month and in total interest. With personal loans, many online lenders will allow you find the lowest rate, without impacting the credit rating.
The term: Adjusting the loan's repayment term will change your monthly payment, number of payments and total interest. A longer repayment term lowers the monthly payment, but it increases the total cost of interest.
The types of installment loans
Any loan that you receive in a lump sum that you repay it in bi-weekly, or monthly installments can be considered an installment loan. These loans are instances of installment loans.
Personal loans
Unsecured personal loans range from $1000 to $100,000 and have rates that range from between 6% and 36%. These loans are repaid over twoto seven-year terms, often by monthly instalments. Most personal loans don't require collateral to ensure the loan since the lender will use your credit and financial information to decide whether you qualify.
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Auto loans
Auto loans typically cover the cost of the vehicle you're buying, less your down amount. Rates are generally lower than personal loans and the repayment period can be as long as seven years. However, NerdWallet recommends a term in between 3 to 5 years. With an auto loan, the vehicle is collateral for the loan and the lender has the right to take the car if you don't make payments.
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Home equity loans
An equity home loan is a type of second mortgage that has a fixed interest rate. The loan amount is usually between 85% and 85% of your home's value minus what you owe on the original mortgage. Repayment terms may be as long as 10 or 15 years. The shorter the timeframe, the less interest you pay. Your home is the collateral for an equity home loan, meaning the lender is able to take the loan if you fail to make payments.
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High-interest installment loans
Certain installment loans could have triple-digit rate of interest rates, making them expensive and difficult to pay back. These can be a few hundred dollars, however some lenders offer as much as 10,000 or even $15,000. The repayment terms range from six months to five years.
The majority of high-interest lenders don't look at your credit score or scrutinize your income and expenses to determine if you're able to repay 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 an installment loan for personal use? loan
Personal installment loans are offered at banks, credit unions and online lenders. These loans are available only to those with excellent or excellent credit, high earnings and little existing debt however, you are able to find installment loans for bad credit.
Installment loan lenders
Lender



Loan amount



Est. APR



Repayment terms



NerdWallet's ratings are determined by the editorial staff. The scoring formula is based on aspects we believe are consumer-friendly, including impact to credit score, rates and fees customers' experience, and responsible lending practices.

on Upgrade's website






$1,000 - $50,000.


8.49% - 35.97% .


2 - 7 years.


NerdWallet's ratings are evaluated by our editorial team. The scoring formula considers factors we consider to be consumer-friendly, including the impact on credit scores rates and fees, the customer experience and ethical lending practices.

on LightStream's website






$5,000 - $100,000.


6.99% - 23.99% .


2 - 12 years.


NerdWallet's ratings are evaluated by the editorial staff. The scoring formula is based on the factors we believe to be beneficial to consumers, including impact to credit score fees and rates as well as the customer's experience and responsible lending practices.

on the LendingClub website.






$1,000 - $40,000.


8.30% - 36.00% .


3 or 5 years.


NerdWallet's ratings are determined by our editorial team. The scoring formula is based on the factors we believe to be beneficial to consumers, including the impact on credit scores, rates and fees, customer experience and ethical lending practices.

on Rocket Loans' website






$2,000 - $45,000.


7.73% - 29.99% .


3 to 5 years old.


The ratings of NerdWallet are based on the opinions of our editorial team. The scoring formula takes into account factors we consider to be beneficial to consumers, such as impact to credit score fees and rates as well as the customer's experience and ethical lending practices.

on NerdWallet's secure website





$500 - $50,000.


6.70% - 18.00% .


2 - 7 years.


NerdWallet's ratings are evaluated by our team of editors. The scoring formula considers aspects we believe are beneficial to the consumer, such as impact on credit score, rates and fees 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 author Annie Millerbernd is an individual loans writer. Her work has appeared on The Associated Press and USA Today.







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